# EDGAR Filing Document

**Accession Number:** 0001537140
**File Stem:** 0001580642-25-006762
**Filing Date:** 2025-10
**Character Count:** 563844
**Document Hash:** d80b753456e24cf6706d920703e3467f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-006762.hdr.sgml**: 20251027

**ACCESSION NUMBER**: 0001580642-25-006762

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 33

**FILED AS OF DATE**: 20251027

**DATE AS OF CHANGE**: 20251027

**EFFECTIVENESS DATE**: 20251101

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NORTHERN LIGHTS FUND TRUST III
- **CENTRAL INDEX KEY:** 0001537140

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22655
- **FILM NUMBER:** 251420534

**BUSINESS ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246
- **BUSINESS PHONE:** 631-470-2621

**MAIL ADDRESS:**
- **STREET 1:** 17605 WRIGHT STREET
- **CITY:** OMAHA
- **STATE:** NE
- **ZIP:** 68130
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NORTHERN LIGHTS FUND TRUST III
- **CENTRAL INDEX KEY:** 0001537140

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-178833
- **FILM NUMBER:** 251420533

**BUSINESS ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246
- **BUSINESS PHONE:** 631-470-2621

**MAIL ADDRESS:**
- **STREET 1:** 17605 WRIGHT STREET
- **CITY:** OMAHA
- **STATE:** NE
- **ZIP:** 68130

## Series and Classes Contracts Data

### HCM Tactical Plus Fund (Series ID: S000045942)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000143207 | HCM Tactical Plus Fund Class A Shares  | HCMGX           |
| C000143208 | HCM Tactical Plus Fund Investor Shares | HCMDX           |
| C000143209 | HCM Tactical Plus Fund Class I Shares  | HCMIX           |

### HCM Sector Plus Fund (Series ID: S000048332)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000152642 | HCM Sector Plus Fund Class A Shares        | HCMNX           |
| C000152643 | HCM Sector Plus Fund Class A1 Shares       | HCMWX           |
| C000152644 | HCM Sector Plus Fund Investor Class Shares | HCMPX           |
| C000152645 | HCM Sector Plus Fund Class I Shares        | HCMQX           |

### HCM Multi-Asset Plus Fund (Series ID: S000055429)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000174412 | HCM Multi-Asset Plus Fund Class A Shares        | HCMEX           |
| C000174413 | HCM Multi-Asset Plus Fund Investor Class Shares | HCMKX           |
| C000213465 | HCM Multi-Asset Plus Fund Class I Shares        | HCMLX           |

### HCM Dynamic Income Fund (Series ID: S000076537)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000236510 | HCM Dynamic Income Fund Investor Class Shares | HCMFX           |
| C000236511 | HCM Dynamic Income Fund Class A Shares        | HCMBX           |
| C000236512 | HCM Dynamic Income Fund Class I Shares        | HCMUX           |

?xml version='1.0' encoding='ASCII'?

Securities Act Registration No. 333-178833

Investment Company Act Registration No. 811-22655

As filed with the Securities and Exchange Commission on October 27, 2025

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ⌧

□ Pre-Effective
 Amendment No.

⌧ Post-Effective
 Amendment No. 634

and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 ⌧

⌧ Amendment
 No. 637

(Check appropriate box or boxes.)

**Northern Lights Fund Trust III** (Exact Name of Registrant as Specified in Charter)

**225 Pictoria Drive, Suite 450, Cincinnati, OH 45246** (Address of Principal Executive Offices) (Zip Code)

Registrant's Telephone Number, including Area Code: **(631) 490-4300**

**The Corporation Trust Company 1209 Orange Street Wilmington, DE 19801** (Name and Address of Agent for Service)

With copy to:

---

| | |
|:---|:---|
| &nbsp;&nbsp;JoAnn M. Strasser, Esq.<br> Thompson Hine LLP<br> 41 South High Street, Suite 1700<br> Columbus, Ohio 43215<br> 614-469-3265 (phone)<br> 614-469-3361 (fax) | &nbsp;&nbsp;Brian Curley<br> Ultimus Fund Solutions, LLC<br> 225 Pictoria Drive, Suite 450<br> Cincinnati, Ohio 45246<br> (631) 470-2688 |

---

Approximate date of proposed public offering: As soon as practicable after the effective date of the Registration Statement.

It is proposed that this filing will become effective:

□ Immediately
 upon filing pursuant to paragraph (b)

⌧ On November 1, 2025 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.

If appropriate, check the following box:

□ This
 post-effective amendment designates a new effective date for a previously filed post-effective
 amendment.

---

| | |
|:---|:---|
| **HCM Sector Plus Fund** *formerly "HCM Dividend Sector Plus Fund"* Class A Shares HCMNX<br> Class A1 Shares HCMWX<br> Class I Shares HCMQX<br> Investor Class Shares HCMPX | **HCM Sector Plus Fund** *formerly "HCM Dividend Sector Plus Fund"* Class A Shares HCMNX<br> Class A1 Shares HCMWX<br> Class I Shares HCMQX<br> Investor Class Shares HCMPX |
| **HCM Tactical Plus Fund** *formerly "HCM Tactical Growth Fund"* | **HCM Multi-Asset Plus Fund** *formerly "HCM Income Plus Fund"* |
| Class A Shares HCMGX<br> Class I Shares HCMIX<br> Investor Class Shares HCMDX | Class A Shares HCMEX<br> Class I Shares HCMLX<br> Investor Class Shares HCMKX |

---

**HCM Dynamic Income Fund**

Class A Shares HCMBX

Class I Shares HCMUX

Investor Class Shares HCMFX

**PROSPECTUS**

**November 1, 2025**

---

| |
|:---|
| *Adviser:* |
| ![(HOWARD LOGO)](hc001_v1.jpg) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1145 Hembree Road, |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roswell, Georgia 30076 |

---

---

| | |
|:---|:---|
| **<u>www.howardcmfunds.com</u>** | **1-855-969-8464** |

---

This Prospectus provides important information about the Funds that you should know before investing. Please read it carefully and keep it for future reference.

These securities have not been approved or disapproved by the Securities and Exchange Commission nor has the Securities and Exchange Commission passed upon the accuracy or adequacy of this Prospectus. Any representation to the contrary is a criminal offense.

**<u>**Table of Contents**</u>**

**<u>Page</u>**

---

| | |
|:---|:---|
| **FUND SUMMARY – HCM SECTOR PLUS FUND** | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Objective | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fees and Expenses of the Fund | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Principal Investment Strategies | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Principal Investment Risks | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Performance | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase and Sale of Fund Shares | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax Information | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments to Broker-Dealers and Other Financial Intermediaries | 6 |
| **FUND SUMMARY – HCM TACTICAL PLUS FUND** | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Objective | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fees and Expenses of the Fund | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Principal Investment Strategies | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Principal Investment Risks | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Performance | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase and Sale of Fund Shares | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax Information | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments to Broker-Dealers and Other Financial Intermediaries | 12 |
| **FUND SUMMARY – HCM MULTI-ASSET PLUS FUND** | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Objective | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fees and Expenses of the Fund | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Principal Investment Strategies | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Principal Investment Risks | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Performance | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase and Sale of Fund Shares | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax Information | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments to Broker-Dealers and Other Financial Intermediaries | 19 |
| **FUND SUMMARY – HCM DYNAMIC INCOME FUND** | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Objective | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fees and Expenses of the Fund | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Principal Investment Strategies | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;Principal Investment Risks | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;Performance | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase and Sale of Fund Shares | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax Information | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments to Broker-Dealers and Other Financial Intermediaries | 27 |
| **ADDITIONAL INFORMATION ABOUT PRINCIPAL INVESTMENT STRATEGIES AND RELATED RISKS** | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Objectives | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;Principal Investment Strategies | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;Principal Investment Risks | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;Temporary Investments | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio Holdings Disclosure | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cybersecurity | 40 |
| **MANAGEMENT** | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Adviser | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio Manager | 41 |
| **HOW SHARES ARE PRICED** | 42 |
| **HOW TO PURCHASE SHARES** | 43 |
| **HOW TO REDEEM SHARES** | 51 |
| **FREQUENT PURCHASES AND REDEMPTIONS OF FUND SHARES** | 54 |
| **TAX STATUS, DIVIDENDS AND DISTRIBUTIONS** | 55 |
| **DISTRIBUTION OF SHARES** | **56** |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributor | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution fees | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional Compensation to Financial Intermediaries | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;Householding | 57 |
| **FINANCIAL HIGHLIGHTS** | **58** |
| **PRIVACY NOTICE** | **71** |
| **Appendix A: Intermediary-Specific Sales Charge Waivers and Discounts** | **A-1** |

---

**<u>FUND SUMMARY – HCM SECTOR PLUS FUND</u>**

**(formerly, "HCM Dividend Sector Plus Fund")**

**Investment Objective:**

Long-term capital appreciation.

**Fees and Expenses of the Fund:**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the HCM Sector Plus Fund (the "Fund"). **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** You may qualify for sales charge discounts on purchases of Class A and Class A1 shares if you and your family invest, or agree to invest in the future, at least $25,000 in the Fund. More information about these and other discounts is available from your financial professional and under the heading "**How to Purchase Shares"** on page 43 of this Prospectus. In addition, descriptions of the sales load waivers and/or discounts for Class A and Class A1 shares with respect to certain financial intermediaries are reproduced in "Appendix A: Intermediary-Specific Sales Charge Waivers and Discounts" to this Prospectus based on information provided by the financial intermediary.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shareholder Fees <br> (fees paid directly from your investment)** | **Class<br> A** | **Class<br> A1** | **Class<br> I** | **Investor<br> Class** |
| Maximum Sales Charge (Load) Imposed on Purchases<br> (as a % of offering price) | 5.75% | 5.75% |  |  |
| Maximum Deferred Sales Charge (Load) |  |  |  |  |
| Redemption Fee<br> (as a % of amount redeemed if held less than 30 days) |  |  |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Annual Fund Operating Expenses <br> (expenses that you pay each year as a <br> percentage of the value of your investment)** | | | | |
| Management Fees | 1.25% | 1.25% | 1.25% | 1.25% |
| Distribution and Service (12b-1) Fees | 0.25% | 0.40% |  | 1.00% |
| Other Expenses | 0.11% | 0.11% | 0.11% | 0.11% |
| Acquired Fund Fees and Expenses<sup>(1)</sup> | 0.36% | 0.36% | 0.36% | 0.36% |
| Total Annual Fund Operating Expenses | 1.97% | 2.12% | 1.72% | 2.72% |

---

(1) Acquired
 Fund Fees and Expenses are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund's
 financial highlights because the financial statements include only the direct operating expenses
 incurred by the Fund.

***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 all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Class</u>** | **<u>1 Year</u>** | **<u>3 Years</u>** | **<u>5 Years</u>** | **<u>10 Years</u>** |
| A | $763 | $1158 | $1576 | $2739 |
| A1 | $778 | $1201 | $1649 | $2886 |
| I | $175 | $542 | $933 | $2030 |
| Investor | $275 | $844 | $1440 | $3051 |

---

**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 may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. For the fiscal year ended June 30, 2025, the Fund's portfolio turnover rate was 226% of the average value of its portfolio.

**Principal Investment Strategies:**

The Fund seeks to achieve its investment objective through investments in: (i) dividend paying equity securities of companies included in the S&P 500; (ii) "plus" other investment companies (mutual funds, closed-end funds and ETFs), sometimes referred to in this Prospectus as "Underlying Funds," including investment companies that use leverage; and (iii) cash and cash equivalents and put and call options. Unlike typical dividend funds, the Fund may use leverage through investment companies that use leverage.

The Adviser (as defined below) uses the HCM – BuyLine<sup>®</sup> ("HCM-BuyLine<sup>®</sup>"), its proprietary quantitative investment model, to determine when the Fund should be in or out of the market. The HCM-BuyLine<sup>®</sup> uses trend analysis to help identify the broad trend in the equity market. When the trend is down, the Adviser reduces the Fund's exposure to equities, and, when the trend is up, the Adviser increases the Fund's exposure to equities. When the Fund is out of the market, it invests in cash and cash equivalents and/or put options. Put options generally have an inverse relationship to the underlying security on which the option is held. When the Fund is in the market, it invests in equity securities and/or call options. Call options generally have a direct relationship to the underlying security on which the option is held. The Fund is designed to maximize returns through tactical allocations and investing in any combination of sectors, asset classes, and sub-sectors as determined by the HCM-BuyLine<sup>®</sup>. To respond to adverse market, economic, political or other conditions, the Adviser may temporarily hold more cash and cash equivalents than indicated by the HCM-BuyLine<sup>®</sup>.

**Principal Investment Risks:**

As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. The Fund is not intended to be a complete investment program and you should consider it just one part of your total investment program. Many factors affect the Fund's net asset value and performance.

● *Cash and Cash Equivalents Risk:* When the Fund is out of the market and invests in cash and cash equivalents, there is a risk that the market will begin to rise rapidly, and the Fund will not be able to reinvest its cash positions into areas of the advancing market quickly enough to capture the initial returns of changing market conditions.

● *Dividend-Paying Stock Risk:* While the Fund may hold securities of companies that have historically paid a high dividend yield, those companies may reduce or discontinue their dividends, reducing the yield of the Fund. Low priced securities in the Fund may be more susceptible to these risks. Past dividend payments are not a guarantee of future dividend payments. Also, the market return of high dividend yield securities, in certain market conditions, may perform worse than other investment strategies or the overall stock market. The Fund's emphasis on dividend-paying stocks involves the risk that such stocks may fall out of favor with investors and underperform the market. Also, a company may reduce or eliminate its dividend.

● *Equity Securities Risk:* The net asset value of the Fund will fluctuate based on changes in the value of the equity securities held by the Fund. Equity prices can fall rapidly in response to developments affecting a specific company or industry, or to changing economic, political or market conditions.

● *Investment Model Risk:* Like all quantitative analysis, the Adviser's investment model carries a risk that the mathematical model used might be based on one or more incorrect assumptions. No assurance can be given that the Fund will be successful under all or any market conditions.

● *Large Capitalization Stock Risk:* Large-capitalization companies may be less able than smaller capitalization companies to adapt to changing market conditions. Large-capitalization companies may be more mature and subject to more limited growth potential compared with smaller capitalization companies. During different market cycles, the performance of large capitalization companies has trailed the overall performance of the broader securities markets.

● *Leverage Risk:* The Underlying Funds in which the Fund may invest may use leverage including through use of a line of credit through a bank. Using leverage can magnify a mutual fund's potential for gain or loss and therefore, amplify the effects of market volatility on a mutual fund's share price.

● *Management Risk:* The Adviser's reliance on its strategy and judgments about the attractiveness, value and potential appreciation of particular securities and the tactical allocation among the Fund's investments may prove to be incorrect and may not produce the desired results.

● *Market and Geopolitical Risk:* The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund's portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate change and climate-related events, pandemics, epidemics, terrorism, international conflicts, tariffs and trade wars, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on both the U.S. and global financial markets.

● *Options Risk:* When the Fund purchases a put option on a security or index it may lose the entire premium paid if the underlying security or index does not decrease in value. When the Fund purchases a call option on a security or index it may lose the entire premium paid if the underlying security or index does not increase in value. The Fund is also exposed to default by the option writer who may be unwilling or unable to perform its contractual obligations to the Fund.

● *Sector Risk:* The Fund may be subject to the risk that its assets are invested in a particular sector or group of sectors in the economy and as a result, the value of the Fund may be adversely impacted by events or developments in a sector or group of sectors.

● *Small and Medium Capitalization Stock Risk:* The price of small or medium capitalization company stocks may be subject to more abrupt or erratic market movements than larger, more established companies or the market averages in general.

● *Turnover Risk:* A higher portfolio turnover will result in higher transactional and brokerage costs and may result in higher taxes when Fund shares are held in a taxable account.

● *Underlying Funds Risk:* ETFs and mutual funds are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. As a result, the cost of investing in the Fund will be higher than the cost of investing directly in other investment companies and may be higher than other mutual funds that invest directly in securities. The market value of ETFs and mutual fund shares may differ from their net asset value. Each investment company and ETF is subject to specific risks, depending on the nature of the fund.

**Performance:**

The bar chart and performance table show the variability of the Fund's returns over time, which is some indication of the risks of investing in the Fund. The bar chart shows performance of the Fund's Class A shares for each full calendar year since the Fund's inception. Although Class A1, Class I and Investor Class shares would have similar returns to Class A shares because the classes are invested in the same portfolio of securities, the returns for Class A1, Class I and Investor Class shares would be different from Class A shares because Class A1, Class I and Investor Class shares have different expenses than Class A shares. The performance table compares the performance of the Fund over time to the performance of a broad-based market index. You should be aware that the Fund's past performance (before and after taxes) may not be an indication of how the Fund will perform in the future. Updated performance information is available at no cost by visiting <u>www.howardcmfunds.com</u> or by calling 1-855-969-8464.

**Class A Performance Bar Chart For Calendar Years Ended December 31**

(Returns do not reflect sales loads and would be lower if they did)

![(BAR GRAPH)](hc002_v1.jpg)

---

| | | |
|:---|:---|:---|
| Best Quarter: | 12/31/2020 | 18.24% |
| Worst Quarter: | 3/31/2020 | -16.87% |

---

The year-to-date return as of the most recent calendar quarter, which ended September 30, 2025, was 13.75%.

**Performance Table**

**Average Annual Total Returns**

*(For periods ended December 31, 2024)*

---

| | | | |
|:---|:---|:---|:---|
|  | **One <br> Year** | **Five<br> Years** | **Since<br> Inception<br> (3-11-15)** |
| **Class A shares** |  |  |  |
| &nbsp;&nbsp;&nbsp;Return before taxes | 16.19% | 13.46% | 12.59% |
| &nbsp;&nbsp;&nbsp;Return after taxes on distributions | 11.17% | 11.65% | 10.61% |
| &nbsp;&nbsp;&nbsp;Return after taxes on distributions and sale of Fund shares | 10.34% | 10.16% | 9.55% |
| **Class A1 shares** |  |  |  |
| &nbsp;&nbsp;&nbsp;Return before taxes | 16.08% | 13.27% | 12.45% |
| **Class I shares** |  |  |  |
| &nbsp;&nbsp;&nbsp;Return before taxes | 23.64% | 15.11% | 13.45% |
| **Investor Class shares** |  |  |  |
| &nbsp;&nbsp;&nbsp;Return before taxes | 22.38% | 13.96% | 12.46% |
| **S&P 500 TR Index**<sup>(1)</sup> (reflects no deduction for fees, expenses or taxes) | 25.02% | 14.53% | 13.43% |

---

(1) The
 S&P 500 TR Index is a widely accepted, unmanaged index of U.S. stock market performance
 which does not take into account charges, fees and other expenses. Investors cannot invest
 directly in an index or benchmark.

After-tax returns were 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 after-tax returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After tax returns for the share classes which are not presented will vary from the after-tax returns of Class A shares.

**Investment Adviser:** Howard Capital Management, Inc. (the "Adviser").

**Portfolio Manager:** Vance Howard, President, CEO, Chairman of the Board and founder of the Adviser, has served the Fund as its portfolio manager since it commenced operations in 2015.

**Purchase and Sale of Fund Shares:** The investment minimums for the Fund are:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Initial Investment** | **Initial Investment** | **Subsequent Investment** | **Subsequent Investment** |
| <br>**Class** | **Regular <br> Account** | **Retirement<br> Account** | **Regular <br> Account** | **Retirement<br> Account** |
| A | $2500 | $1000 | $500 | $250 |
| A1 | $2500 | $1000 | $500 | $250 |
| I | $50000 | $1000 | $500 | $250 |
| Investor | $2500 | $1000 | $500 | $250 |

---

The Fund reserves the right to waive any investment minimum. You may purchase and redeem shares of the Fund on any day that the New York Stock Exchange is open. Redemption requests may be made in writing or through a financial intermediary and will be paid by ACH, check or wire transfer.

**Tax Information:** Dividends and capital gain distributions you receive from the Fund, whether you reinvest your distributions in additional Fund shares or receive them in cash, are taxable to you at either ordinary income or capital gains tax rates unless you are investing through a tax-deferred plan such as an IRA or 401(k) plan. However, these dividend and capital gain distributions may be taxable upon their eventual withdrawal from tax-deferred plans.

**Payments to Broker-Dealers and Other Financial Intermediaries:** If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

**<u>FUND SUMMARY – HCM TACTICAL PLUS FUND</u>**

(formerly, "HCM Tactical Growth Fund")

**Investment Objective:**

Long-term capital appreciation.

**Fees and Expenses of the Fund:**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the HCM Tactical Plus Fund (the "Fund"). **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $25,000 in the Fund. More information about these and other discounts is available from your financial professional and under the heading "**How to Purchase Shares"** on page 43 of this Prospectus. In addition, descriptions of the sales load waivers and/or discounts for Class A shares with respect to certain financial intermediaries are reproduced in "Appendix A: Intermediary-Specific Sales Charge Waivers and Discounts" to this Prospectus based on information provided by the financial intermediary.

---

| | | | |
|:---|:---|:---|:---|
| **Shareholder Fees <br> (fees paid directly from your investment)** | **Class<br> A** | **Class<br> I** | **Investor<br> Class** |
| Maximum Sales Charge (Load) Imposed on Purchases<br> (as a % of offering price) | 5.75% |  |  |
| Maximum Deferred Sales Charge (Load) |  |  |  |
| Redemption Fee<br> (as a % of amount redeemed if held less than 30 days) |  |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Annual Fund Operating Expenses <br> (expenses that you pay each year as a <br> percentage of the value of your investment)** | | | |
| Management Fees | 1.25% | 1.25% | 1.25% |
| Distribution and Service (12b-1) Fees | 0.25% |  | 1.00% |
| Other Expenses | 0.11% | 0.11% | 0.11% |
| Acquired Fund Fees and Expenses<sup>(1)</sup> | 0.37% | 0.37% | 0.37% |
| Total Annual Fund Operating Expenses | 1.98% | 1.73% | 2.73% |

---

(1) Acquired
 Fund Fees and Expenses are the indirect costs of investing in other investment companies,
 including exchange traded funds ("ETFs"). The operating expenses in this fee table
 will not correlate to the expense ratio in the Fund's financial highlights because the
 financial statements include only the direct operating expenses incurred by the Fund.

***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 all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Class</u>** | **<u>1 Year</u>** | **<u>3 Years</u>** | **<u>5 Years</u>** | **<u>10 Years</u>** |
| A | $764 | $1161 | $1581 | $2749 |
| I | $176 | $545 | $939 | $2041 |
| Investor | $276 | $847 | $1445 | $3061 |

---

***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 may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. For the fiscal year ended June 30, 2025, the Fund's portfolio turnover rate was 264% of the average value of its portfolio.

**Principal Investment Strategies:**

The Fund seeks to achieve its investment objective through investments in: (i) domestic equity securities of any market capitalization; (ii) investment companies (mutual funds, closed-end funds and ETFs), sometimes referred to in this Prospectus as "Underlying Funds;" including investment companies that use leverage and (iii) cash and cash equivalents and put and call options.

The Adviser (as defined below) uses the HCM – BuyLine<sup>®</sup> ("HCM-BuyLine<sup>®</sup>"), its proprietary quantitative investment model, to determine when the Fund should be in or out of the market. The HCM-BuyLine<sup>®</sup> uses trend analysis to help identify the broad trend in the equity market. When the trend is down, the Adviser reduces the Fund's exposure to equities, and, when the trend is up, the Adviser increases the Fund's exposure to equities. The Adviser uses its discretion to make tactical allocations and determine how much the Fund will be in or out of the market based on the strength of the trend identified by the HCM-BuyLine<sup>®</sup>. When the Fund is out of the market, it invests in cash and cash equivalents and/or put options to hedge the portfolio's equity securities and to reduce volatility. Put options generally have an inverse relationship to the underlying security on which the option is held. When the Fund in in the market, it invests in equity securities and/or call options. Call options generally have a direct relationship to the underlying security on which the option is held. The Fund may be invested from 0-100% in cash and cash equivalents and/or put and call options and 0-100% in equities depending on the strength of the trend identified by the HCM-BuyLine<sup>®</sup>. To respond to adverse market, economic, political or other conditions, the Adviser may temporarily hold more cash and cash equivalents than indicated by the HCM-BuyLine<sup>®</sup>.

The Fund invests in equity securities of companies in sectors selected by the HCM-BuyLine<sup>®</sup>, which indicates which sectors are outperforming other sectors at any given time based on the Adviser's proprietary strength criteria. The Fund is heavily growth oriented and designed to maximize returns through investing in any combination of sectors, asset classes, and sub-sectors as determined by the HCM-BuyLine<sup>®</sup>.

**Principal Investment Risks:**

As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. The Fund is not intended to be a complete investment program. Many factors affect the Fund's net asset value and performance.

● *Cash and Cash Equivalents Risk:* When the Fund is out of the market and invests in cash and cash equivalents, there is a risk that the market will begin to rise rapidly, and the Fund will not be able to reinvest its cash positions into areas of the advancing market quickly enough to capture the initial returns of changing market conditions.

● *Equity Securities Risk:* The net asset value of the Fund will fluctuate based on changes in the value of the equity securities held by the Fund. Equity prices can fall rapidly in response to developments affecting a specific company or industry, or to changing economic, political or market conditions.

● *Investment Model Risk:* Like all quantitative analysis, the Adviser's investment model carries a risk that the mathematical model used might be based on one or more incorrect assumptions. No assurance can be given that the Fund will be successful under all or any market conditions.

● *Large Capitalization Stock Risk:* Large-capitalization companies may be less able than smaller capitalization companies to adapt to changing market conditions. Large-capitalization companies may be more mature and subject to more limited growth potential compared with smaller capitalization companies. During different market cycles, the performance of large capitalization companies has trailed the overall performance of the broader securities markets.

● *Leverage Risk:* The Underlying Funds in which the Fund may invest may use leverage including through use of a line of credit through a bank. Using leverage can magnify a mutual fund's potential for gain or loss and therefore, amplify the effects of market volatility on a mutual fund's share price.

● *Management Risk:* The Adviser's reliance on its strategy and judgments about the attractiveness, value and potential appreciation of particular securities and the tactical allocation among the Fund's investments may prove to be incorrect and may not produce the desired results.

● *Market and Geopolitical Risk:* The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund's portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate change and climate-related events, pandemics, epidemics, terrorism, international conflicts, tariffs and trade wars, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on both the U.S. and global financial markets.

● *Options Risk:* When the Fund purchases a put option on a security or index it may lose the entire premium paid if the underlying security or index does not decrease in value. When the Fund purchases a call option on a security or index it may lose the entire premium paid if the underlying security or index does not increase in value. The Fund is also exposed to default by the option writer who may be unwilling or unable to perform its contractual obligations to the Fund.

● *Sector Risk:* The Fund may be subject to the risk that its assets are invested in a particular sector or group of sectors in the economy and as a result, the value of the Fund may be adversely impacted by events or developments in a sector or group of sectors.

● *Small and Medium Capitalization Stock Risk:* The price of small or medium capitalization company stocks may be subject to more abrupt or erratic market movements than larger, more established companies or the market averages in general.

● *Turnover Risk:* A higher portfolio turnover will result in higher transactional and brokerage costs and may result in higher taxes when Fund shares are held in a taxable account.

● *Underlying Funds Risk:* ETFs and mutual funds are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. As a result, the cost of investing in the Fund will be higher than the cost of investing directly in other investment companies and may be higher than other mutual funds that invest directly in securities. The market value of ETFs and mutual fund shares may differ from their net asset value. Each investment company and ETF is subject to specific risks, depending on the nature of the fund.

**Performance:**

The bar chart and performance table below show the variability of the Fund's returns over time, which is some indication of the risks of investing in the Fund. The bar chart shows performance of the Fund's Class A shares for each full calendar year since the Fund's inception. Although Class I and Investor Class shares would have similar returns to Class A shares because the classes are invested in the same portfolio of securities, the returns for Class I and Investor Class shares would be different from Class A shares because Class I and Investor Class shares have different expenses than Class A shares. The performance table compares the performance of the Fund over time to the performance of a broad-based market index and a supplemental index. You should be aware that the Fund's past performance (before and after taxes) may not be an indication of how the Fund will perform in the future. Updated performance information is available at no cost by visiting <u>www.howardcmfunds.com</u> or by calling 1-855-969-8464.

**Class A Performance Bar Chart For Calendar Years Ended December 31**

(Returns do not reflect sales loads and would be lower if they did)

![(BAR GRAPH)](hc003_v1.jpg)

---

| | | |
|:---|:---|:---|
| Best Quarter: | 6/30/2020 | 26.81% |
| Worst Quarter: | 12/31/2018 | -22.06% |

---

The year-to-date return as of the most recent calendar quarter, which ended September 30, 2025, was 14.57%.

**Performance Table**

**Average Annual Total Returns**

*(For periods ended December 31, 2024)*

---

| | | | |
|:---|:---|:---|:---|
|  | **One<br> Year** | **Five<br> Years** | **10 Years** |
| **Class A shares** |  |  |  |
| &nbsp;&nbsp;&nbsp;Return before taxes | 26.15% | 17.17% | 13.76% |
| &nbsp;&nbsp;&nbsp;Return after taxes on distributions | 21.41% | 16.02% | 13.02% |
| &nbsp;&nbsp;&nbsp;Return after taxes on distributions and sale of Fund shares | 15.70% | 13.49% | 11.28% |
| **Class I shares** |  |  |  |
| &nbsp;&nbsp;&nbsp;Return before taxes | 34.16% | 18.84% | 14.56% |
| **Investor Class shares** |  |  |  |
| &nbsp;&nbsp;&nbsp;Return before taxes | 32.86% | 17.68% | 13.62% |
| **S&P 500 TR Index**<sup>(1)</sup><br> (reflects no deduction for fees, expenses or taxes) | 25.02% | 14.53% | 13.10% |
| **HFRX Equity Hedge Index**<sup>(2)</sup><br> (reflects no deduction for fees, expenses or taxes) | 6.90% | 6.09% | 2.99% |

---

(1) The
 S&P 500 TR Index is a widely accepted, unmanaged index of U.S. stock market performance
 which does not take into account charges, fees and other expenses. Investors cannot invest
 directly in an index or benchmark.

(2) The
 HFRX Equity Hedge Index is an unmanaged index designed to measure daily performance representative
 of long-short equity hedge funds. Indices are adjusted for the reinvestment of capital gains
 and income dividends. Investors cannot invest directly in an index or benchmark.

After-tax returns were 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 after-tax returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After tax returns for the share classes which are not presented will vary from the after-tax returns of Class A shares.

**Investment Adviser:** Howard Capital Management, Inc. (the "Adviser").

**Portfolio Manager:** Vance Howard, President, CEO, Chairman of the Board and founder of the Adviser, has served the Fund as its portfolio manager since it commenced operations in 2014.

**Purchase and Sale of Fund Shares:** The investment minimums for the Fund are:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Initial Investment** | &nbsp;&nbsp;**Initial Investment** | &nbsp;&nbsp;**Subsequent Investment** | &nbsp;&nbsp;**Subsequent Investment** |
| <br>&nbsp;&nbsp;**Class** | &nbsp;&nbsp;**Regular<br> Account** | &nbsp;&nbsp;**Retirement<br> Account** | &nbsp;&nbsp;**Regular<br> Account** | &nbsp;&nbsp;**Retirement<br> Account** |
| &nbsp;&nbsp;A | &nbsp;&nbsp;$2500 | &nbsp;&nbsp;$1000 | &nbsp;&nbsp;$500 | &nbsp;&nbsp;$250 |
| &nbsp;&nbsp;I | &nbsp;&nbsp;$50000 | &nbsp;&nbsp;$1000 | &nbsp;&nbsp;$500 | &nbsp;&nbsp;$250 |
| &nbsp;&nbsp;Investor | &nbsp;&nbsp;$2500 | &nbsp;&nbsp;$1000 | &nbsp;&nbsp;$500 | &nbsp;&nbsp;$250 |

---

The Fund reserves the right to waive any investment minimum. You may purchase and redeem shares of the Fund on any day that the New York Stock Exchange is open. Redemption requests may be made in writing, or through a financial intermediary and will be paid by ACH, check or wire transfer.

**Tax Information:** Dividends and capital gain distributions you receive from the Fund, whether you reinvest your distributions in additional Fund shares or receive them in cash, are taxable to you at either ordinary income or capital gains tax rates unless you are investing through a tax-deferred plan such as an IRA or 401(k) plan. However, these dividend and capital gain distributions may be taxable upon their eventual withdrawal from tax-deferred plans.

**Payments to Broker-Dealers and Other Financial Intermediaries:** If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

**<u>FUND SUMMARY – HCM MULTI-ASSET PLUS FUND</u>**

(formerly, "HCM Income Plus Fund")

**Investment Objective:**

Total return.

**Fees and Expenses of the Fund:**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the HCM Multi-Asset Plus Fund (the "Fund"). **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $25,000 in the Fund. More information about these and other discounts is available from your financial professional and under the heading "**How to Purchase Shares"** on page 43 of this Prospectus. In addition, descriptions of the sales load waivers and/or discounts for Class A shares with respect to certain financial intermediaries are reproduced in "Appendix A: Intermediary-Specific Sales Charge Waivers and Discounts" to this Prospectus based on information provided by the financial intermediary.

---

| | | | |
|:---|:---|:---|:---|
| **Shareholder Fees <br> (fees paid directly from your investment)** | **Class<br> A** | **Class<br> I** | **Investor<br> Class** |
| Maximum Sales Charge (Load) Imposed on Purchases<br> (as a % of offering price) | 5.75% |  |  |
| Maximum Deferred Sales Charge (Load) |  |  |  |
| Redemption Fee<br> (as a % of amount redeemed if held less than 30 days) |  |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Annual Fund Operating Expenses <br> (expenses that you pay each year as a <br> percentage of the value of your investment)** | | | |
| Management Fees | 0.95% | 0.95% | 0.95% |
| Distribution and Service (12b-1) Fees | 0.25% |  | 1.00% |
| Other Expenses | 0.13% | 0.13% | 0.13% |
| Acquired Fund Fees and Expenses<sup>(1)</sup> | 0.31% | 0.31% | 0.31% |
| Total Annual Fund Operating Expenses | 1.64% | 1.39% | 2.39% |

---

(1) Acquired
 Fund Fees and Expenses are the indirect costs of investing in other investment companies,
 including exchange traded funds ("ETFs"). The operating expenses in this fee table
 will not correlate to the expense ratio in the Fund's financial highlights because the
 financial statements include only the direct operating expenses incurred by the Fund.

***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 all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Class</u>** | **<u>1 Year</u>** | **<u>3 Years</u>** | **<u>5 Years</u>** | **<u>10 Years</u>** |
| A | $732 | $1063 | $1415 | $2407 |
| I | $142 | $440 | $761 | $1669 |
| Investor | $242 | $745 | $1275 | $2726 |

---

***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 may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. For the fiscal year ended June 30, 2025, the Fund's portfolio turnover rate was 187% of the average value of its portfolio.

**Principal Investment Strategies:**

The Fund seeks to achieve its investment objective through investments in ETFs that invest in foreign (including emerging markets) and domestic: (i) equity securities of any market capitalization; (ii) fixed income securities of any maturity, duration and credit quality (including "junk bonds"), "plus" (iii) investment companies (mutual funds, closed-end funds and ETFs), sometimes referred to in this Prospectus as "Underlying Funds," including investment companies that use leverage; and (iv) cash and cash equivalents and put and call options.

The Adviser (as defined below) uses the HCM – BuyLine<sup>®</sup> ("HCM-BuyLine<sup>®</sup>"), its proprietary quantitative model, to assist in determining when and which asset classes are bought and sold. The HCM-BuyLine<sup>®</sup> mathematically attempts to keep the Fund in the strongest sector or sectors at any given time as measured by the model. If a sector weakens, the HCM-BuyLine<sup>®</sup> suggests a stronger sector into which the Fund should allocate its assets. The model's calculations are updated daily and evaluated weekly to determine whether the Fund's holdings require a reallocation. If a reallocation is required, weaker holdings are replaced with stronger assets as determined by the model.

The Adviser uses HCM-BuyLine<sup>®</sup> to determine when the Fund should be in or out of the market. HCM-BuyLine<sup>®</sup> uses trend analysis to help identify the broad trend in the equity market. When the trend is down, the Adviser reduces the Fund's exposure to equities, and, when the trend is up, the Adviser increases the Fund's exposure to equities. The Adviser uses its discretion to make tactical allocations and determine how much the Fund will be in or out of the market based on the strength of the trend identified by HCM-BuyLine<sup>®</sup>. When the Fund is out of the market, it invests in cash and cash equivalents and/or put options to hedge the portfolio's equity securities and to reduce volatility. Put options generally have an inverse relationship to the underlying security on which the option is held. When the Fund is in the market, it invests in equity securities and/or call options. Call options generally have a direct relationship to the underlying security on which the option is held. The Fund may be invested from 0-100% in cash and cash equivalents and/or put and call options and 0-100% in equities depending on the strength of the trend identified by HCM-BuyLine<sup>®</sup>. To respond to adverse market, economic, political or other conditions, the Adviser may temporarily hold more cash and cash equivalents than indicated by the HCM-BuyLine<sup>®</sup>.

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

**Principal Investment Risks:**

As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. The Fund is not intended to be a complete investment program. Many factors affect the Fund's net asset value and performance.

● *Cash and Cash Equivalents Risk:* When the Fund is out of the market and invests in cash and cash equivalents, there is a risk that the market will begin to rise rapidly, and the Fund will not be able to reinvest its cash positions into areas of the advancing market quickly enough to capture the initial returns of changing market conditions.

● *Duration Risk:* Longer-term securities may be more sensitive to interest rate changes. A heightened risk is posed by rising interest rates to a fund whose portfolios include longer-term fixed income securities. Effective duration estimates price changes for relatively small changes in rates. If rates rise significantly, effective duration may tend to understate the drop in a security's price. If rates drop significantly, effective duration may tend to overstate the rise in a security's price.

● *Emerging Markets Risk:* Emerging market countries may have relatively unstable governments, weaker economies, and less-developed legal systems with fewer security holder rights. Emerging market economies may be based on only a few industries and security issuers may be more susceptible to economic weakness and more likely to default. Emerging market securities also tend to be less liquid. There may also be less reliable or publicly-available information about emerging markets due to non-uniform regulatory, auditing or financial recordkeeping standards, which could cause errors in the implementation of the Fund's investment strategy. The Fund's performance may depend on issues other than those that affect U.S. companies and may be adversely affected by different rights and remedies associated with emerging market investments, or the lack thereof, compared to those associated with U.S. companies.

● *Equity Securities Risk:* Equity securities are susceptible to general stock market fluctuations and to volatile increases and decreases in value. The equity securities held by the Fund may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors affecting securities markets generally, the equity securities of a particular sector, or a particular company.

● *Fixed Income Risk:* When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund's share price and total return to be reduced and fluctuate more than other types of investments. A rise in interest rates may result in a decline in the value of the bond investments held by the Fund.

● *Foreign Securities Risk:* Because the Fund's investments may include foreign securities, the Fund is subject to risks beyond those associated with investing in domestic securities. Foreign companies are generally not subject to the same regulatory requirements of U.S. companies thereby resulting in less publicly available information about these companies. In addition, foreign accounting, auditing and financial reporting standards generally differ from those applicable to U.S. companies.

● *Investment Model Risk:* Like all quantitative analysis, the Adviser's investment model carries a risk that the mathematical model used might be based on one or more incorrect assumptions. No assurance can be given that the Fund will be successful under all or any market conditions.

● *Junk Bonds Risk:* Lower-quality bonds, known as "high yield" or "junk" bonds, present greater risk than bonds of higher quality, including an increased risk of default. An economic downturn or period of rising interest rates could adversely affect the market for these bonds and reduce the Fund's ability to sell its bonds. The lack of a liquid market for these bonds could decrease the Fund's share price.

● *Large Capitalization Stock Risk:* Large-capitalization companies may be less able than smaller capitalization companies to adapt to changing market conditions. Large-capitalization companies may be more mature and subject to more limited growth potential compared with smaller capitalization companies. During different market cycles, the performance of large capitalization companies has trailed the overall performance of the broader securities markets.

● *Leverage Risk:* The Underlying Funds in which the Fund may invest may use leverage including through use of a line of credit through a bank. Using leverage can magnify a mutual fund's potential for gain or loss and therefore, amplify the effects of market volatility on a mutual fund's share price.

● *Management Risk:* The Adviser's reliance on its strategy and judgments about the attractiveness, value and potential appreciation of particular securities and the tactical allocation among the Fund's investments may prove to be incorrect and may not produce the desired results.

● *Market and Geopolitical Risk:* The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund's portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate change and climate-related events, pandemics, epidemics, terrorism, international conflicts, tariffs and trade wars, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on both the U.S. and global financial markets.

● *Options Risk:* When the Fund purchases a put option on a security or index it may lose the entire premium paid if the underlying security or index does not decrease in value. When the Fund purchases a call option on a security or index it may lose the entire premium paid if the underlying security or index does not increase in value. The Fund is also exposed to default by the option writer who may be unwilling or unable to perform its contractual obligations to the Fund.

● *Sector Risk:* The Fund may be subject to the risk that its assets are invested in a particular sector or group of sectors in the economy and as a result, the value of the Fund may be adversely impacted by events or developments in a sector or group of sectors.

● *Small and Medium Capitalization Stock Risk:* The price of small or medium capitalization company stocks may be subject to more abrupt or erratic market movements than larger, more established companies or the market averages in general.

● *Turnover Risk:* A higher portfolio turnover will result in higher transactional and brokerage costs and may result in higher taxes when Fund shares are held in a taxable account.

● *Underlying Funds Risk:* ETFs are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. As a result, the cost of investing in the Fund will be higher than the cost of investing directly in other investment companies and may be higher than other mutual funds that invest directly in securities. The market value of ETF shares may differ from their net asset value. Each investment company is subject to specific risks, depending on the nature of the fund.

**Performance:**

The bar chart and performance table below show the variability of the Fund's returns over time, which is some indication of the risks of investing in the Fund. The bar chart shows performance of the Fund's Class A shares for each full calendar year since the Fund's inception. Although Investor Class and Class I shares would have similar returns to Class A shares because the classes are invested in the same portfolio of securities, the returns for Investor Class and Class I shares would be different from Class A shares because Investor Class and Class I shares have different expenses than Class A shares. The performance table compares the performance of the Fund over time to the performance of a broad-based market index. You should be aware that the Fund's past performance (before and after taxes) may not be an indication of how the Fund will perform in the future. Updated performance information is available at no cost by visiting <u>www.howardcmfunds.com</u> or by calling 1-855-969-8464.

**Class A Performance Bar Chart For Calendar Years Ended December 31**

(Returns do not reflect sales loads and would be lower if they did)

![(BAR GRAPH)](hc004_v1.jpg)

---

| | | |
|:---|:---|:---|
| Best Quarter: | 6/30/2020 | 19.42% |
| Worst Quarter: | 6/30/2022 | -12.10% |

---

The year-to-date return as of the most recent calendar quarter, which ended September 30, 2025, was 13.37%.

**Performance Table**

**Average Annual Total Returns**

*(For periods ended December 31, 2024)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **One<br> Year** | **Five<br> Years** | **Since<br> Inception<sup>(1)</sup>** | **Since<br> Inception<sup>(2)</sup>** |
| **Class A shares** | | | | |
| &nbsp;&nbsp;&nbsp;Return before taxes | 13.48% | 9.97% | 8.48% |  |
| &nbsp;&nbsp;&nbsp;Return after taxes on distributions | 11.00% | 9.38% | 7.64% |  |
| &nbsp;&nbsp;&nbsp;Return after taxes on distributions and sale of Fund shares | 9.73% | 7.88% | 6.54% |  |
| **Investor Class shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Return before taxes | 19.45% | 10.44% | 8.47% |  |
| **Class I shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Return before taxes | 20.71% | 11.53% |  | 12.21% |
| **Bloomberg US Aggregate Bond Index**<sup>(3)</sup> (reflects no deduction for fees, expenses or taxes) | 1.25% | -0.33% | 1.12% | 0.18% |

---

(1) The
 Fund's Class A and Investor Class shares commenced operations on November 9, 2016 .

(2) The
 Fund's Class I shares commenced operations on September 11, 2019 .

(3) The
 Bloomberg US Aggregate Bond Index is a market capitalization-weighted index, meaning the
 securities in the index are weighted according to the market size of each bond type. The
 index includes treasury securities, government agency bonds, mortgage-backed bonds, corporate
 bonds, and a small amount of foreign bonds traded in the U.S. Investors cannot invest directly
 in an index or benchmark.

After-tax returns were 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 after-tax returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After tax returns for the share classes which are not presented will vary from the after-tax returns of Class A shares.

**Investment Adviser:** Howard Capital Management, Inc. (the "Adviser").

**Portfolio Manager:** Vance Howard, President, CEO, Chairman of the Board and founder of the Adviser, has served the Fund as its Portfolio manager since it commenced operations in 2016.

**Purchase and Sale of Fund Shares:** The investment minimums for the Fund are:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Initial Investment** | &nbsp;&nbsp;**Initial Investment** | &nbsp;&nbsp;**Subsequent Investment** | &nbsp;&nbsp;**Subsequent Investment** |
| <br>&nbsp;&nbsp;**Class** | &nbsp;&nbsp;**Regular<br> Account** | &nbsp;&nbsp;**Retirement<br> Account** | &nbsp;&nbsp;**Regular<br> Account** | &nbsp;&nbsp;**Retirement<br> Account** |
| &nbsp;&nbsp;A | &nbsp;&nbsp;$2500 | &nbsp;&nbsp;$1000 | &nbsp;&nbsp;$500 | &nbsp;&nbsp;$250 |
| &nbsp;&nbsp;I | &nbsp;&nbsp;$50000 | &nbsp;&nbsp;$1000 | &nbsp;&nbsp;$500 | &nbsp;&nbsp;$250 |
| &nbsp;&nbsp;Investor | &nbsp;&nbsp;$2500 | &nbsp;&nbsp;$1000 | &nbsp;&nbsp;$500 | &nbsp;&nbsp;$250 |

---

The Fund reserves the right to waive any investment minimum. You may purchase and redeem shares of the Fund on any day that the New York Stock Exchange is open. Redemption requests may be made in writing, or through a financial intermediary and will be paid by ACH, check or wire transfer.

**Tax Information:** Dividends and capital gain distributions you receive from the Fund, whether you reinvest your distributions in additional Fund shares or receive them in cash, are taxable to you at either ordinary income or capital gains tax rates unless you are investing through a tax-deferred plan such as an IRA or 401(k) plan. However, these dividend and capital gain distributions may be taxable upon their eventual withdrawal from tax-deferred plans.

**Payments to Broker-Dealers and Other Financial Intermediaries:** If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

**<u>FUND SUMMARY – HCM DYNAMIC INCOME FUND</u>**

**Investment Objective:**

Total return.

**Fees and Expenses of the Fund:**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the HCM Dynamic Income Fund (the "Fund"). **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $25,000 in the Fund. More information about these and other discounts is available from your financial professional and in **How to Purchase Shares** on page 43 of the Prospectus. In addition, descriptions of the sales load waivers and/or discounts for Class A shares with respect to certain financial intermediaries are reproduced in "Appendix A: Intermediary-Specific Sales Charge Waivers and Discounts" to this Prospectus based on information provided by the financial intermediary.

---

| | | | |
|:---|:---|:---|:---|
| **Shareholder Fees <br> (fees paid directly from your investment)** | **Class<br> A** | **Class<br> I** | **Investor<br> Class** |
| Maximum Sales Charge (Load) Imposed on Purchases<br> (as a % of offering price) | 5.75% |  |  |
| Maximum Deferred Sales Charge (Load) |  |  |  |
| Redemption Fee<br> (as a % of amount redeemed if held less than 30 days) |  |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Annual Fund Operating Expenses <br> (expenses that you pay each year as a <br> percentage of the value of your investment)** | | | |
| Management Fees | 1.25% | 1.25% | 1.25% |
| Distribution and Service (12b-1) Fees | 0.25% |  | 1.00% |
| Other Expenses | 0.36% | 0.36% | 0.36% |
| Acquired Fund Fees and Expenses<sup>(1)</sup> | 0.36% | 0.36% | 0.36% |
| Total Annual Fund Operating Expenses | 2.22% | 1.97% | 2.97% |

---

(1) Acquired
 Fund Fees and Expenses are the indirect costs of investing in other investment companies,
 including exchange traded funds ("ETFs"). The operating expenses in this fee table
 will not correlate to the expense ratio in the Fund's financial highlights because the
 financial statements include only the direct operating expenses incurred by the Fund.

***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 all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Class</u>** | **<u>1 Year</u>** | **<u>3 Years</u>** | **<u>5 Years</u>** | **<u>10 Years</u>** |
| A | $787 | $1229 | $1696 | $2982 |
| I | $200 | $618 | $1062 | $2296 |
| Investor | $300 | $918 | $1562 | $3290 |

---

***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 may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. For the fiscal year ended June 30, 2025, the Fund's portfolio turnover rate was 201% of the average value of its portfolio.

**Principal Investment Strategies:**

The Fund seeks to achieve its investment objective through investments in long and/or short positions in fixed income securities. The Fund defines fixed income securities as (i) bills, (ii) notes, (iii) structured notes, (iv) bonds, (v) convertible bonds, or (vi) any other debt or debt-related securities, whether issued by U.S. or non-U.S. governments, U.S. or non-U.S. agencies or instrumentalities, or corporate entities, and having fixed, variable, floating or inverse floating rates. The Fund may invest in debt securities of any maturity or credit quality, including those rated below investment grade ("high yield securities"). Below investment grade debt securities are those rated below Baa3 by Moody's Investors Service or the equivalent of a nationally recognized statistical rating organization. The Fund invests indirectly in fixed income securities by investing in mutual funds, exchange traded funds or inverse exchange traded funds (sometimes referred to in this Prospectus as "Underlying Funds"), including investment companies that use leverage that invest primarily in fixed income securities. The Fund may also invest in derivatives, including options, financial futures, options on futures and swaps.

The Adviser (as defined below) uses HCM-BuyLine<sup>®</sup> for Income ("HCM-BuyLine<sup>®</sup>"), its proprietary quantitative model, to assist in determining when and which asset classes are bought and sold. The model's calculations are updated daily and evaluated weekly to determine whether the Fund's holdings require a reallocation. If a reallocation is required, weaker holdings are replaced with stronger assets as determined by the model.

The Adviser uses HCM-BuyLine<sup>®</sup> to make tactical allocations and determine when the Fund should be in or out of fixed income securities. HCM-BuyLine<sup>®</sup> uses trend analysis to identify the broad trend in the fixed income market and which fixed income asset class is currently favored by the market. When the trend is up, the Adviser increases the Fund's exposure to fixed income. When the trend is down, the Adviser starts to reduce the Fund's exposure to fixed income. When the Fund is out of the fixed income security market, it invests in (i) put options to hedge the portfolio's fixed income securities and reduce volatility, (ii) equity index futures, and/or (iii) cash and cash equivalents. Put options generally have an inverse relationship to the underlying security on which the option is held (*i.e.,* when the value of the underlying security increases, the value of the put option decreases). When the Fund is in the fixed income security market, it invests in fixed income securities and/or call options. Call options generally have a direct relationship to the underlying security on which the option is held (*i.e.*, when the value of the underlying security increases, the value of the call option increases). The Fund may have 0-100% in direct and indirect investments in fixed income securities depending on the strength of the trend identified by the HCM-BuyLine<sup>®</sup>. To respond to adverse market, economic, political or other conditions, the Adviser may temporarily hold more cash and cash equivalents than indicated by the HCM-BuyLine<sup>®</sup>.

The Adviser maintains the ability to invest a large percentage of the Fund's holdings in one asset class of the market. The overall asset allocation of the Fund is not fixed. It changes dynamically as the Adviser decides to buy and sell any holding of the portfolio in response to changes in the model's quantitative measures as a means to take advantage of changes in U.S. and global market trends. The Adviser may engage in frequent buying and selling of the portfolio securities to achieve the Fund's objective.

**Principal Investment Risks:**

As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. The Fund is not intended to be a complete investment program. Many factors affect the Fund's net asset value and performance.

● *Cash and Cash Equivalents Risk:* When the Fund is out of the market and invests in cash and cash equivalents, there is a risk that the market will begin to rise rapidly, and the Fund will not be able to reinvest its cash positions into areas of the advancing market quickly enough to capture the initial returns of changing market conditions.

● *Convertible Bond Risk:* Convertible bonds are hybrid securities that have characteristics of both bonds and common stocks and are subject to fixed income security risks and conversion value-related equity risk. Convertible bonds are similar to other fixed-income securities because they usually pay a fixed interest rate and are obligated to repay principal on a given date in the future.

● *Debt Instrument Risk:* The Fund may invest in, or seek exposure to, debt instruments. Debt instruments may have varying levels of sensitivity to changes in interest rates, credit risk and other factors. Many types of debt instruments are subject to prepayment risk, which is the risk that the issuer of the security will repay principal prior to the maturity date.

● *Duration Risk:* Longer-term securities may be more sensitive to interest rate changes. A heightened risk is posed by rising interest rates to a fund whose portfolios include longer-term fixed income securities.

● *Equity Securities Risk:* Equity securities are susceptible to general stock market fluctuations and to volatile increases and decreases in value. The equity securities held by the Fund may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors affecting securities markets generally, the equity securities of a particular sector, or a particular company.

● *Fixed Income Risk:* When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund's share price and total return to be reduced and fluctuate more than other types of investments. A rise in interest rates may result in a decline in the value of the bond investments held by the Fund.

● *Foreign Securities Risk:* Because the Fund's investments may include foreign securities, the Fund is subject to risks beyond those associated with investing in domestic securities. Foreign companies are generally not subject to the same regulatory requirements of U.S. companies thereby resulting in less publicly available information about these companies. In addition, foreign accounting, auditing and financial reporting standards generally differ from those applicable to U.S. companies.

● *Futures Risk:* The Fund's use of futures contracts involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) leverage risk; (ii) correlation or tracking risk and (iii) liquidity risk. Because futures require only a small initial investment in the form of a deposit or margin, they involve a high degree of leverage.

● *Government-Sponsored Entities Risk:* The Fund invests in securities issued or guaranteed by government-sponsored entities, but these securities may not be guaranteed or insured by the U.S. government and may only be supported by the credit of the issuing agency.

● *Hedging Risk:* When the Adviser believes market conditions are unfavorable, the Adviser may attempt to "hedge" with defensive positions and strategies including, for example, holding substantial positions in lower-yield fixed-income securities and/or cash equivalents, which may limit potential gains when compared to unhedged funds. There can be no assurance that the Fund's hedging strategy will reduce the risk of the Fund's investments.

● *Interest Rate Risk:* The value of the Fund may fluctuate based on changes in interest rates and market conditions. As interest rates rise, the value of income producing instruments may decrease. This risk increases as the term of the note increases.

● *Inverse ETF Risk:* Investing in inverse ETFs may result in increased volatility and will magnify the Fund's losses or gains. Inverse ETFs will prevent the Fund from participating in market-wide or sector-wide gains. Inverse ETFs may be ineffective hedging vehicles because their price changes may not be highly correlated to the Fund's assets they are intended to hedge. Inverse ETFs are funds designed to rise in price when stock prices are falling. Inverse funds seek daily investment results, before fees and expenses, which correspond to the inverse (opposite) of the daily performance of a specific benchmark. Most inverse ETFs reset daily (meaning they aim to achieve their stated objective daily). Accordingly, their performance over longer terms can perform very differently than underlying assets and benchmarks, and volatile markets can amplify this effect. During periods of market volatility, inverse ETFs may not perform as expected.

● *Investment Model Risk:* Like all quantitative analysis, the Adviser's investment model carries a risk that the mathematical model used might be based on one or more incorrect assumptions. No assurance can be given that the Fund will be successful under all or any market conditions.

● *Junk Bonds Risk:* Lower-quality bonds, known as "high yield" or "junk" bonds, present greater risk than bonds of higher quality, including an increased risk of default. An economic downturn or period of rising interest rates could adversely affect the market for these bonds and reduce the Fund's ability to sell its bonds. The lack of a liquid market for these bonds could decrease the Fund's share price.

● *Large Capitalization Stock Risk:* Large-capitalization companies may be less able than smaller capitalization companies to adapt to changing market conditions. Large-capitalization companies may be more mature and subject to more limited growth potential compared with smaller capitalization companies. During different market cycles, the performance of large capitalization companies has trailed the overall performance of the broader securities markets.

● *Leverage Risk:* The use of leverage by the Fund, such as borrowing money to purchase securities or the use of options, will cause the Fund to incur additional expenses and magnify the Fund's gains or losses.

● *Management Risk:* The Adviser's reliance on its strategy and judgments about the attractiveness, value and potential appreciation of particular securities and the tactical allocation among the Fund's investments may prove to be incorrect and may not produce the desired results.

● *Market and Geopolitical Risk:* The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund's portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate change and climate-related events, pandemics, epidemics, terrorism, international conflicts, tariffs and trade wars, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on both the U.S. and global financial markets.

● *Options Risk:* When the Fund purchases a put option on a security or index it may lose the entire premium paid if the underlying security or index does not decrease in value. When the Fund purchases a call option on a security or index it may lose the entire premium paid if the underlying security or index does not increase in value. The Fund is also exposed to default by the option writer who may be unwilling or unable to perform its contractual obligations to the Fund.

● *Options on Futures Contracts Risk:* The Fund may enter into options on futures contracts. An option on a futures contract gives the buyer, in return for the premium paid, the right (but not the obligation) to either buy or sell the underlying futures contract during a certain period of time for a fixed price. The writing of a put or call option on a futures contract involves risks similar to the risks applicable to the purchase or sale of futures contracts.

● *Short Position Risk:* The Fund's short positions may result in a loss if the price of the short position instruments rises and it costs more to replace the short positions. In contrast to the Fund's long positions, for which the risk of loss is typically limited to the amount invested, the potential loss on the Fund's short positions is potentially large. Market factors may prevent the Fund from closing out a short position at the most desirable time or at a favorable price.

● *Small and Medium Capitalization Stock Risk:* The price of small or medium capitalization company stocks may be subject to more abrupt or erratic market movements than larger, more established companies or the market averages in general.

● *Structured Notes Risk:* Structured notes are typically issued by banks or brokerage firms, and have interest and/or principal payments which are linked to changes in the price level of certain assets or to the price performance of certain indices. The value of a structured note will be influenced by time to maturity, level of supply and demand for this type of note, interest rate and market volatility, changes in the issuer's credit quality rating, and economic, legal, or political events that affect the industry. Structured notes may involve leverage risk, tracking risk and issuer default risk. In addition, there may be a lag between a change in the value of the underlying reference asset and the value of the structured note. Structured notes may also be subject to counterparty risk. The Fund may also be exposed to increased transaction costs when it seeks to sell such notes in the secondary market.

● *Swaps Risk:* Swap agreements are subject to the risk that the counterparty to the swap will default on its obligation to pay the Fund and the risk that the Fund will not be able to meet its obligations to pay the counterparty to the swap. Swap agreements may also involve fees, commissions or other costs that may reduce the Fund's gains from a swap agreement or may cause the Fund to lose money.

● *Turnover Risk:* A higher portfolio turnover will result in higher transactional and brokerage costs and may result in higher taxes when Fund shares are held in a taxable account.

● *Underlying Funds Risk:* ETFs are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. As a result, the cost of investing in the Fund will be higher than the cost of investing directly in other investment companies and may be higher than other mutual funds that invest directly in securities. The market value of ETF shares may differ from their net asset value. Each investment company is subject to specific risks, depending on the nature of the fund.

**Performance:**

The bar chart and performance table below show the variability of the Fund's returns over time, which is some indication of the risks of investing in the Fund. The bar chart shows performance of the Fund's Class A shares for each full calendar year since the Fund's inception. Although Investor Class and Class I shares would have similar returns to Class A shares because the classes are invested in the same portfolio of securities, the returns for Investor Class and Class I shares would be different from Class A shares because Investor Class and Class I shares have different expenses than Class A shares. The performance table compares the performance of the Fund over time to the performance of a broad-based market index. You should be aware that the Fund's past performance (before and after taxes) may not be an indication of how the Fund will perform in the future. Updated performance information is available at no cost by visiting <u>www.howardcmfunds.com</u> or by calling 1-855-969-8464.

**Class A Performance Bar Chart For Calendar Years Ended December 31**

(Returns do not reflect sales loads and would be lower if they did)

![(BAR GRAPH)](hc005_v1.jpg)

---

| | | |
|:---|:---|:---|
| Best Quarter: | 12/31/2023 | 8.37% |
| Worst Quarter: | 9/30/2023 | -2.26% |

---

The year-to-date return as of the most recent calendar quarter, which ended September 30, 2025, was 8.63%.

**Performance Table**

**Average Annual Total Returns**

*(For periods ended December 31, 2024)*

---

| | | |
|:---|:---|:---|
|  | **One<br> Year** | **Since Inception<br> (6-30-2022)** |
| **Class A shares** | | |
| &nbsp;&nbsp;&nbsp;Return before taxes | -5.69% | -0.92% |
| &nbsp;&nbsp;&nbsp;Return after taxes on distributions | -6.48% | -1.72% |
| &nbsp;&nbsp;&nbsp;Return after taxes on distributions and sale of Fund shares | -3.34% | -1.02% |
| **Investor Class shares** |  |  |
| &nbsp;&nbsp;&nbsp;Return before taxes | -0.67% | 1.19% |
| **Class I shares** |  |  |
| &nbsp;&nbsp;&nbsp;Return before taxes | 0.19% | 1.62% |
| **Bloomberg US Aggregate Bond Index**<sup>(1)</sup> (reflects no deduction for fees, expenses or taxes) | 1.25% | 1.45% |

---

(1) The
 Bloomberg US Aggregate Bond Index is a market capitalization-weighted index, meaning the
 securities in the index are weighted according to the market size of each bond type. The
 index includes treasury securities, government agency bonds, mortgage-backed bonds, corporate
 bonds, and a small amount of foreign bonds traded in the U.S. Investors cannot invest directly
 in an index or benchmark.

**Investment Adviser:** Howard Capital Management, Inc. (the "Adviser").

**Portfolio manager:** Vance Howard, President, CEO, Chairman of the Board and founder of the Adviser, has served the Fund as its Portfolio manager since it commenced operations in 2022.

**Purchase and Sale of Fund Shares:** The investment minimums for the Fund are:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Initial Investment** | &nbsp;&nbsp;**Initial Investment** | &nbsp;&nbsp;**Subsequent Investment** | &nbsp;&nbsp;**Subsequent Investment** |
| <br>&nbsp;&nbsp;**Class** | &nbsp;&nbsp;**Regular<br> Account** | &nbsp;&nbsp;**Retirement<br> Account** | &nbsp;&nbsp;**Regular<br> Account** | &nbsp;&nbsp;**Retirement<br> Account** |
| &nbsp;&nbsp;A | &nbsp;&nbsp;$2500 | &nbsp;&nbsp;$1000 | &nbsp;&nbsp;$500 | &nbsp;&nbsp;$250 |
| &nbsp;&nbsp;I | &nbsp;&nbsp;$50000 | &nbsp;&nbsp;$1000 | &nbsp;&nbsp;$500 | &nbsp;&nbsp;$250 |
| &nbsp;&nbsp;Investor | &nbsp;&nbsp;$2500 | &nbsp;&nbsp;$1000 | &nbsp;&nbsp;$500 | &nbsp;&nbsp;$250 |

---

The Fund reserves the right to waive any investment minimum. You may purchase and redeem shares of the Fund on any day that the New York Stock Exchange is open. Redemption requests may be made in writing, or through a financial intermediary and will be paid by ACH, check or wire transfer.

**Tax Information:** Dividends and capital gain distributions you receive from the Fund, whether you reinvest your distributions in additional Fund shares or receive them in cash, are taxable to you at either ordinary income or capital gains tax rates unless you are investing through a tax-deferred plan such as an IRA or 401(k) plan. However, these dividend and capital gain distributions may be taxable upon their eventual withdrawal from tax-deferred plans.

**Payments to Broker-Dealers and Other Financial Intermediaries:** If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

**<u>ADDITIONAL INFORMATION ABOUT PRINCIPAL INVESTMENT STRATEGIES AND RELATED RISKS</u>**

**Investment Objectives:**

**HCM Sector Plus Fund**

The Fund seeks long-term capital appreciation.

**HCM Tactical Plus Fund**

The Fund seeks long-term capital appreciation.

**HCM Multi-Asset Plus Fund**

The Fund seeks total return.

**HCM Dynamic Income Fund**

The Fund seeks total return.

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

**Principal Investment Strategies:**

**HCM Sector Plus Fund**

The Fund seeks to achieve its investment objective through investments in: (i) dividend paying equity securities of companies included in the S&P 500 TR Index; (ii) "plus" other investment companies (mutual funds, closed-end funds and ETFs) sometimes referred to in this Prospectus as "Underlying Funds," including investment companies that use leverage; and (iii) cash and cash equivalents and put and call options. Unlike typical dividend funds, the Fund may use leverage through investment companies that use leverage.

The Adviser uses the HCM – BuyLine<sup>®</sup> ("HCM-BuyLine<sup>®</sup>"), its proprietary quantitative investment model, to determine when the Fund should be in or out of the market. The HCM-BuyLine<sup>®</sup> uses trend analysis to help identify the broad trend in the equity market. When the trend is down, the Adviser reduces the Fund's exposure to equities, and, when the trend is up, the Adviser increases the Fund's exposure to equities. The Adviser uses its discretion to determine how much the Fund will be in or out of the market based on the strength of the trend identified by the HCM-BuyLine<sup>®</sup>. When the Fund is out of the market, it invests in cash and cash equivalents and/or put options to hedge the portfolio's equity securities and to reduce volatility. Put options generally have an inverse relationship to the underlying security on which the option is held. When the Fund is in the market, it invests in equity securities and/or call options. Call options generally have a direct relationship to the underlying security on which the option is held. The Fund may be invested from 0-100% in cash and cash equivalents and/or put call options and 0-100% in equities and/or call options depending on the strength of the trend identified by the HCM-BuyLine<sup>®</sup>. The Fund is designed to maximize returns through tactical allocations and investing in any combination of sectors, asset classes, and sub-sectors as determined by the HCM-BuyLine<sup>®</sup>. To respond to adverse market, economic, political or other conditions, the Adviser may temporarily hold more cash and cash equivalents than indicated by the HCM-BuyLine<sup>®</sup>.

**HCM Tactical Plus Fund**

The Fund seeks to achieve its investment objective through investments in: (i) domestic equity securities of any market capitalization; (ii) investment companies (mutual funds, closed-end funds and ETFs) sometimes referred to in this Prospectus as "Underlying Funds," including investment companies that use leverage; and (iii) cash and cash equivalents and put and call options.

The Adviser uses HCM-BuyLine<sup>®</sup>, to determine when the Fund should be in or out of the market. HCM-BuyLine<sup>®</sup> uses trend analysis to help identify the broad trend in the equity market. When the trend is down, the Adviser reduces the Fund's exposure to equities, and, when the trend is up, the Adviser increases the Fund's exposure to equities. The Adviser uses its discretion to make tactical allocations and determine how much the Fund will be in or out of the market based on the strength of the trend identified by HCM-BuyLine<sup>®</sup>. When the Fund is out of the market, it invests in cash and cash equivalents and/or put options to hedge the portfolio's equity securities and to reduce volatility. Put options generally have an inverse relationship to the underlying security on which the option is held. When the Fund is in the market, it invests in equity securities and/or call options. Call options generally have a direct relationship to the underlying security on which the option is held. When the Fund is in the market, it invests in equity securities. The Fund may be invested from 0-100% in cash and cash equivalents and/or put options and 0-100% in equities and/or call options depending on the strength of the trend identified by HCM-BuyLine<sup>®</sup>. To respond to adverse market, economic, political or other conditions, the Adviser may temporarily hold more cash and cash equivalents than indicated by the HCM-BuyLine<sup>®</sup>.

The Fund invests in equity securities of companies in sectors selected by the HCM-BuyLine<sup>®</sup>, which indicates which sectors are outperforming other sectors at any given time based on the Adviser's proprietary strength criteria. The Fund is heavily growth oriented and designed to maximize returns through investing in any combination of sectors, asset classes, and sub-sectors as determined by the HCM-BuyLine<sup>®</sup>.

**HCM Multi-Asset Plus Fund**

The Fund seeks to achieve its investment objective through investments in unaffiliated ETFs that invest in foreign (including emerging markets) and domestic: (i) equity securities of any market capitalization (ii) fixed income securities of any maturity, duration, and credit quality (including "junk bonds"), "plus" (iii) investment companies (mutual funds, closed-end funds and ETFs), sometimes referred to in this Prospectus as "Underlying Funds," including investment companies that use leverage; and (iv) cash and cash equivalents and put and call options.

The Adviser uses the HCM-BuyLine<sup>®</sup>, its proprietary quantitative model, to assist in determining when and which asset classes are bought and sold. The HCM-BuyLine<sup>®</sup> mathematically attempts to keep the Fund in the strongest sector or sectors at any given

time as measured by the model. The HCM-BuyLine<sup>®</sup> evaluates indicators relating to momentum and relative strength in determining the strongest sectors. If a sector weakens, the HCM-BuyLine<sup>®</sup> suggests a stronger sector into which the Fund should allocate its assets. The model's calculations are updated daily and evaluated weekly to determine whether the Fund's holdings require a reallocation. If a reallocation is required, weaker holdings are replaced with stronger assets as determined by the model.

The Adviser uses HCM-BuyLine<sup>®</sup> to determine when the Fund should be in or out of the market. HCM-BuyLine<sup>®</sup> uses trend analysis to help identify the broad trend in the equity market. When the trend is down, the Adviser reduces the Fund's exposure to equities, and, when the trend is up, the Adviser increases the Fund's exposure to equities. The Adviser uses its discretion to make tactical allocations and determine how much the Fund will be in or out of the market based on the strength of the trend identified by HCM-BuyLine<sup>®</sup>. When the Fund is out of the market, it invests in cash and cash equivalents and/or put options to hedge the portfolio's equity securities and to reduce volatility. Put options generally have an inverse relationship to the underlying security on which the option is held. When the Fund is in the market, it invests in equity securities and/or call options. Call options generally have a direct relationship to the underlying security on which the option is held. The Fund may be invested from 0-100% in cash and cash equivalents and/or put options and 0-100% in equities and/or call options depending on the strength of the trend identified by HCM-BuyLine<sup>®</sup>. To respond to adverse market, economic, political or other conditions, the Adviser may temporarily hold more cash and cash equivalents than indicated by the HCM-BuyLine<sup>®</sup>.

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

**HCM Dynamic Income Fund**

The Fund seeks to achieve its investment objective through investments in long and/or short positions in fixed income securities. The Fund defines fixed income securities as (i) bills, (ii) notes, (iii) structured notes, (iv) bonds, (v) convertible bonds, or (vi) any other debt or debt-related securities, whether issued by U.S. or non-U.S. governments, U.S. or non-U.S. agencies or instrumentalities, or corporate entities, and having fixed, variable, floating or inverse floating rates. The Fund may invest in debt securities of any maturity or credit quality, including those rated below investment grade ("high yield securities"). Below investment grade debt securities are those rated below Baa3 by Moody's Investors Service or the equivalent of a nationally recognized statistical rating organization. The Fund invests indirectly in fixed income securities by investing in mutual funds, exchange traded funds or inverse exchange traded funds (sometimes referred to in this Prospectus as "Underlying Funds"), including investment companies that use leverage that invest primarily in fixed income securities. The Fund may also invest in derivatives, including options, financial futures, options on futures and swaps.

The Adviser uses HCM-BuyLine<sup>®</sup> for Income ("HCM-BuyLine<sup>®</sup>"), its proprietary quantitative model, to assist in determining when and which asset classes are bought and sold. The model's calculations are updated daily and evaluated weekly to determine whether the Fund's holdings require a reallocation. If a reallocation is required, weaker holdings are replaced with stronger assets as determined by the model.

The Adviser uses HCM-BuyLine<sup>®</sup> to make tactical allocations and determine when the Fund should be in or out of fixed income securities. HCM-BuyLine<sup>®</sup> uses trend analysis to identify the broad trend in the fixed income market and which fixed income asset class is currently favored by the market. When the trend is up, the Adviser increases the Fund's exposure to fixed income. When the trend is down, the Adviser starts to reduce the Fund's exposure to fixed income.

When the Fund is out of the fixed income security market, it invests in (i) put options to hedge the portfolio's fixed income securities and reduce volatility, (ii) equity index futures, and/or (iii) cash and cash equivalents. Put options generally have an inverse relationship to the underlying security on which the option is held (*i.e.*, when the value of the underlying security increases, the value of the put option decreases). Equity index futures are utilized by the Fund when the Adviser believes that doing so provides greater efficiency and lower cost than investing directly in equity securities and when such futures are attractively priced.

When the Fund is in the fixed income security market, it invests in fixed income securities and/or call options. Call options generally have a direct relationship to the underlying security on which the option is held (*i.e.*, when the value of the underlying security increases, the value of the call option increases). The Fund may have 0-100% in direct and indirect investments in fixed income securities and call options or 0-100% in cash and cash equivalents and put options depending on the strength of the trend identified by the HCM-BuyLine<sup>®</sup>. Cash and cash equivalents are highly liquid assets including coin, currency and short-term investments that typically mature in 30-90 days. To respond to adverse market, economic, political or other conditions, the Adviser may temporarily hold more cash and cash equivalents than indicated by the HCM-BuyLine<sup>®</sup>.

The Adviser maintains the ability to invest a large percentage of the Fund's holdings in one asset class of the market. The overall asset allocation of the Fund is not fixed. It changes dynamically as the Adviser decides to buy and sell any holding of the portfolio in response to changes in the model's quantitative measures as a means to take advantage of changes in U.S. and global market trends. The Adviser may engage in frequent buying and selling of the portfolio securities to achieve the Fund's objective.

**Principal Investment Risks:**

The following risks may apply to each Fund's direct investments as well as a Fund's indirect risks through investing in investment companies as noted below:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **HCM<br> Sector Plus<br> Fund** | **HCM<br> Tactical<br> Plus Fund** | **HCM<br> Multi-Asset<br> Plus Fund** | **HCM<br> Dynamic<br> Income<br> Fund** |
| Cash and Cash Equivalents Risk | X | X | X | X |
| Convertible Bond Risk | | | | X |
| Debt Instrument Risk | | | | X |
| Dividend Paying Stock Risk | X | | | |
| Duration Risk | | | X | X |
| Emerging Markets Risk | | | X | |
| Equity Securities Risk | X | X | X | X |
| Fixed Income Risk | | | X | X |
| Foreign Securities Risk | | | X | X |
| Futures Risk | | | | X |
| Government-Sponsored Entities Risk | | | | X |
| Hedging Risk | | | | X |
| Interest Rate Risk | | | | X |
| Inverse ETF Risk | | | | X |
| Investment Model Risk | X | X | X | X |
| Junk Bonds Risk | | | X | X |
| Large Capitalization Stock Risk | X | X | X | X |
| Leverage Risk | X | X | X | X |
| Management Risk | X | X | X | X |
| Market and Geopolitical Risk | X | X | X | X |
| Options Risk | X | X | X | X |
| Options on Futures Contracts Risk | | | | X |
| Short Position Risk | | | | X |
| Sector Risk | X | X | X | |
| Small and Medium Capitalization Stock Risk | X | X | X | X |
| Structured Notes Risk | | | | X |
| Swaps Risk | | | | X |
| Turnover Risk | X | X | X | X |
| Underlying Funds Risk | X | X | X | X |

---

● *Cash and Cash Equivalents Risk:* When the Fund is out of the market and invests in cash and cash equivalents, there is a risk that the market will begin to rise rapidly, and the Fund will not be able to reinvest its cash positions into areas of the advancing market quickly enough to capture the initial returns of changing market conditions.

● *Convertible Bond Risk:* Convertible bonds are hybrid securities that have characteristics of both bonds and common stocks and are subject to fixed income security risks and conversion value-related equity risk. Convertible bonds are similar to other fixed-income securities because they usually pay a fixed interest rate and are obligated to repay principal on a given date in the future. The market value of fixed-income securities tends to decline as interest rates increase. Convertible bonds are particularly sensitive to changes in interest rates when their conversion to equity feature is small relative to the interest and principal value of the bond. Convertible issuers may not be able to make principal and interest payments on the bond as they become due. Convertible bonds may also be subject to prepayment or redemption risk.

● *Debt Instrument Risk:* The Fund may invest in, or seek exposure to, debt instruments. Debt instruments may have varying levels of sensitivity to changes in interest rates, credit risk and other factors. Many types of debt instruments are subject to prepayment risk, which is the risk that the issuer of the security will repay principal prior to the maturity date. In addition, changes in the credit quality of the issuer of a debt instrument can also affect the price of a debt instrument, as can an issuer's default on its payment obligations. Such factors may cause the value of an investment in the Fund to decrease.

● *Dividend Paying Stock Risk:* While the Fund may hold securities of companies that have historically paid a high dividend yield, those companies may reduce or discontinue their dividends, reducing the yield of the Fund. Low priced securities in the Fund may be more susceptible to these risks. Past dividend payments are not a guarantee of future dividend payments. Also, the market return of high dividend yield securities, in certain market conditions, may perform worse than other investment strategies or the overall stock market. The Fund's emphasis on dividend-paying stocks involves the risk that such stocks may fall out of favor with investors and underperform the market. Also, a company may reduce or eliminate its dividend.

● *Duration Risk:* Longer-term securities may be more sensitive to interest rate changes. A heightened risk is posed by rising interest rates to a fund whose portfolios include longer-term fixed income securities. Effective duration estimates price changes for relatively small changes in rates. If rates rise significantly, effective duration may tend to understate the drop in a security's price. If rates drop significantly, effective duration may tend to overstate the rise in a security's price.

● *Emerging Markets Risk:* The Fund may invest in countries with newly organized or less developed securities markets. There are typically greater risks involved in investing in emerging markets securities. Generally, economic structures in these countries are less diverse and mature than those in developed countries and their political systems tend to be less stable. There may also be less reliable or publicly-available information about emerging markets due to non-uniform regulatory, auditing or financial recordkeeping standards (including material limits on PCAOB inspection, investigation and enforcement), which could cause errors in the implementation of a Fund's investment strategy. Emerging market economies may be based on only a few industries, therefore security issuers, including governments, may be more susceptible to economic weakness and more likely to default. Emerging market countries also may have relatively unstable governments, weaker economies, and less-developed legal systems with fewer security holder rights. The Fund's performance may depend on issues other than those that affect U.S. companies and may be adversely affected by different rights and remedies associated with emerging market investments, or the lack thereof, compared to those associated with U.S. companies. Investments in emerging markets countries may be affected by government policies that restrict foreign investment in certain issuers or industries. The potentially smaller size of their securities markets and lower trading volumes can make investments relatively illiquid and potentially more volatile than investments in developed countries, and such securities may be subject to abrupt and severe price declines. Due to this relative lack of liquidity, the Fund may have to accept a lower price or may not be able to sell a portfolio security at all. An inability to sell a portfolio position can adversely affect the Fund's value or prevent the Fund from being able to meet cash obligations or take advantage of other investment opportunities.

● *Equity Securities Risk:* Equity securities are susceptible to general stock market fluctuations and to volatile increases and decreases in value. The equity securities held by the Fund may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors affecting securities markets generally, the equity securities of a particular sector, or a particular company.

● *Fixed Income Risk:* Fixed income risk factors include credit risk (the debtor may default) and prepayment risk (the debtor may pay its obligation early or later than expected, potentially reducing the amount of interest payments or extending time to principal repayment). These risks could affect the value of a particular investment possibly causing the Fund's share price and total return to be reduced and fluctuate more than other types of investments. When the Fund invests in fixed income securities the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities. In general, the market price of debt securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. However, the magnitude of rate changes across maturities and borrower sectors is uncertain. Rising rates may decrease liquidity and increase volatility, which may make portfolio management more difficult and costly to the Fund and its shareholders. Additionally, default risk increases if issuers must borrow at higher rates. Generally, changing market conditions may cause the Fund's share price to fluctuate or decline more than other types of equity investments.

● *Foreign Securities Risk:* To the extent the Fund invest in foreign securities, the Fund could be subject to greater risks because the Fund's performance may depend on issues other than the performance of a particular company or U.S. market sector. Changes in foreign economies and political climates are more likely to affect the Fund than a mutual fund that invests exclusively in U.S. companies. The value of foreign securities is also affected by the value of the local currency relative to the U.S. dollar. There may also be less government supervision of foreign markets, resulting in non-uniform accounting practices and less publicly available information. The values of foreign investments may be affected by changes in exchange control regulations, application of foreign tax laws (including withholding tax), changes in governmental administration or economic or monetary policy (in this country or abroad) or changed circumstances in dealings between nations. In addition, foreign brokerage commissions, custody fees and other costs of investing in foreign securities are generally higher than in the United States. 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. As a result, the Fund may be exposed to greater risk and will be more dependent on the Adviser's ability to assess such risk than if the Fund invested solely in more developed countries.

● *Futures Risk:* The Fund's use of futures contracts involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) leverage risk; (ii) correlation or tracking risk and (iii) liquidity risk. Because futures require only a small initial investment in the form of a deposit or margin, they involve a high degree of leverage. Accordingly, the fluctuation of the value of futures in relation to the underlying assets upon which they are based is magnified. Thus, the Fund may experience losses that exceed losses experienced by funds that do not use futures contracts.

● *Government-Sponsored Entities Risk:* The Fund invests in securities issued or guaranteed by government-sponsored entities, but these securities may not be guaranteed or insured by the U.S. government and may only be supported by the credit of the issuing agency.

● *Hedging Risk:* When the Adviser believes market conditions are unfavorable, the Adviser may attempt to "hedge" with defensive positions and strategies including, for example, holding substantial positions in lower-yield fixed-income securities and/or cash equivalents, which may limit potential gains when compared to unhedged funds. There can be no assurance that the Fund's hedging strategy will reduce the risk of the Fund's investments.

● *Interest Rate Risk:* The value of the Fund may fluctuate based on changes in interest rates and market conditions. As interest rates rise, the value of income producing instruments may decrease. This risk increases as the term of the note increases.

● *Inverse ETF Risk:* Investing in inverse ETFs may result in increased volatility and will magnify the Fund's losses or gains. Inverse ETFs will prevent the Fund from participating in market-wide or sector-wide gains. Inverse ETFs may be ineffective hedging vehicles because their price changes may not be highly correlated to the Fund's assets they are intended to hedge. Inverse ETFs are funds designed to rise in price when stock prices are falling. Inverse funds seek daily investment results, before fees and expenses, which correspond to the inverse (opposite) of the daily performance of a specific benchmark. Most inverse ETFs reset daily (meaning they aim to achieve their stated objective daily). Accordingly, their performance over longer terms can perform very differently than underlying assets and benchmarks, and volatile markets can amplify this effect. During periods of market volatility, inverse ETFs may not perform as expected.

● *Investment Model Risk:* Like all quantitative analysis, the Adviser's investment model carries a risk that the mathematical model used might be based on one or more incorrect assumptions. No assurance can be given that the Fund will be successful under all or any market conditions.

● *Junk Bonds Risk:* Lower-quality bonds, known as "high yield" or "junk" bonds, present a significant risk for loss of principal and interest. These bonds offer the potential for higher return, but also involve greater risk than bonds of higher quality, including an increased possibility that the bond's issuer, obligor or guarantor may not be able to make its payments of interest and principal (credit quality risk). If that happens, the value of the bond may decrease, and the Fund's share price may decrease and its income distribution may be reduced. An economic downturn or period of rising interest rates (interest rate risk) could adversely affect the market for these bonds and reduce the Fund's ability to sell its bonds (liquidity risk). Such securities may also include "Rule 144A" securities, which are subject to resale restrictions. The lack of a liquid market for these bonds could decrease the Fund's share price.

● *Large Capitalization Stock Risk:* Large-capitalization companies may be less able than smaller capitalization companies to adapt to changing market conditions. Large-capitalization companies may be more mature and subject to more limited growth potential compared with smaller capitalization companies. During different market cycles, the performance of large capitalization companies has trailed the overall performance of the broader securities markets.

● *Leverage Risk:* The Underlying Funds in which the Fund may invest may use leverage, including through use of a line of credit through a bank, which can amplify the effects of market volatility on a mutual fund's share price and make a mutual fund's returns more volatile. The use of leverage may cause the mutual funds to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations. The use of leverage may also cause the Fund to have higher expenses than those of mutual funds that do not use such techniques.

● *Management Risk:* The Adviser's reliance on its strategy and its judgments about the value and potential appreciation securities in which the Fund invests may prove to be incorrect, including the Adviser's tactical allocation of the Fund's portfolio among its investments. The ability of the Fund to meet its investment objective is directly related to the Adviser's proprietary investment process. The Adviser's assessment of the relative value of securities, their attractiveness and potential appreciation of particular investments in which the Fund invests may prove to be incorrect and there is no guarantee that the Adviser's investment strategy will produce the desired results.

● *Market and Geopolitical Risk:* The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund's portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate change and climate-related events, pandemics, epidemics, terrorism, international conflicts, tariffs and trade wars, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund's portfolio. For example, the COVID-19 global pandemic and the aggressive responses taken by many governments had negative impacts, and in many cases severe negative impacts, on markets worldwide. It is not known how long the impacts of events described above would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. During a general market downturn, multiple asset classes may be negatively affected. Changes in

market conditions and interest rates can have the same impact on all types of securities and instruments. In times of severe market disruptions, you could lose your entire investment.

● *Options Risk:* When the Fund purchases a put option on a security or index it may lose the entire premium paid if the underlying security or index does not decrease in value. When the Fund purchases a call option on a security or index it may lose the entire premium paid if the underlying security or index does not increase in value. The Fund is also exposed to default by the option writer who may be unwilling or unable to perform its contractual obligations to the Fund.

● *Options on Futures Contracts Risk:* The Fund may enter into options on futures contracts. An option on a futures contract gives the buyer, in return for the premium paid, the right (but not the obligation) to either buy or sell the underlying futures contract during a certain period of time for a fixed price. The writing of a put or call option on a futures contract involves risks similar to the risks applicable to the purchase or sale of futures contracts. However, the difficulty of predicting changes in the value of the underlying futures contract may expose the Fund to a somewhat different set of risks. To the extent that the Fund enters into options on futures contracts for hedging purposes, an imperfect correlation between this derivative position and the value of the instrument underlying such a position could lead to losses.

● *Short Position Risk:* The Fund's short positions may result in a loss if the price of the short position instruments rises and it costs more to replace the short positions. In contrast to the Fund's long positions, for which the risk of loss is typically limited to the amount invested, the potential loss on the Fund's short positions is potentially large. Market factors may prevent the Fund from closing out a short position at the most desirable time or at a favorable price.

● *Sector Risk:* The Fund may be subject to the risk that its assets are invested in a particular sector or group of sectors in the economy and as a result, the value of the Fund may be adversely impacted by events or developments in a sector or group of sectors. These events or developments might include additional governmental regulation, resource shortages or surpluses, changes in consumer demands or improvements in technology that make products or services of a particular sector less desirable.

● *Small and Medium Capitalization Stock Risk:* The earnings and prospects of small and medium-capitalization companies are more volatile than larger companies. Smaller-sized companies may experience higher failure rates than larger companies. Smaller-sized companies normally have a lower trading volume than larger companies, which may tend to make their market price fall more disproportionately than larger companies in response to selling pressures. Smaller-sized companies may have limited markets, product lines or financial resources and may lack management experience.

● *Structured Notes Risk:* Structured notes are typically issued by banks or brokerage firms, and have interest and/or principal payments which are linked to changes in the price level of certain assets or to the price performance of certain indices. The value of a structured note will be influenced by time to maturity, level of supply and demand for this type of note, interest rate and market volatility changes in the issuer's credit quality rating, and economic, legal or political events affect the industry. Structured notes may involve leverage risk, tracking risk and issuer default risk. In addition, there may be a lag between a change in the value of the underlying reference asset and the value of the structured note. Structured notes may also be subject to counterparty risk. The Fund may also be exposed to increased transaction costs when it seeks to sell such notes in the secondary market.

● *Swaps Risk:* Swap agreements are subject to the risk that the counterparty to the swap will default on its obligation to pay the Fund and the risk that the Fund will not be able to meet its obligations to pay the counterparty to the swap. Swap agreements may also involve fees, commissions or other costs that may reduce the Fund's gains from a swap agreement or may cause the Fund to lose money.

● *Turnover Risk:* A higher portfolio turnover will result in higher transactional and brokerage costs and may result in higher taxes when Fund shares are held in a taxable account.

● *Underlying Funds Risk:* The Fund invests in investment companies ("Underlying Funds"). As a result, your cost of investing in the Fund will be higher than the cost of investing directly in investment companies and may be higher than other investment companies that invest directly in stocks and bonds. You will indirectly bear fees and expenses charged by the Underlying Funds in addition to the Fund's direct fees and expenses. When the Fund invests in Underlying Funds that use margin, leverage, short sales and other forms of financial derivatives, such as options and futures, an investment in the Fund may be more volatile than investments in other mutual funds. Short sales are speculative investments and will cause the Fund to lose money if the value of a security sold short by the Underlying Fund in which the Fund invests, does not go down as the Underlying Fund manager expects. Additional risks of investing in investment companies are described below:

○ *ETF Tracking Risk:* Investment in the Fund should be made with the understanding that the passive ETFs in which the Fund invests will not be able to replicate exactly the performance of the indices they track because the total return generated by the securities will be reduced by transaction costs incurred in adjusting the actual balance of the securities. In addition, the passive ETFs in which the Fund invests will incur expenses not incurred by their applicable indices. Certain securities comprising the indices tracked by the passive ETFs may, from time to time, temporarily be unavailable, which may further impede the passive ETFs' abilities to track their applicable indices.

○ *Expense Risk:* The Fund invests in Underlying Funds. As a result, your cost of investing in the Fund will be higher than the cost of investing directly in an investment company and may be higher than other mutual funds that invest directly in stocks and bonds. You will indirectly bear fees and expenses charged by the Underlying Funds in addition to the Fund's direct fees and expenses.

○ *Management Risk:* When the Fund invests in Underlying Funds there is a risk that the investment advisers of those Underlying Funds may make investment decisions that are detrimental to the performance of the Fund.

○ *Mutual Fund Risk (HCM Tactical Plus Fund & HCM Sector Plus Fund only):* The strategy of investing in Underlying Funds that are mutual funds could affect the timing, amount and character of distributions to you and therefore may increase the amount of taxes you pay. In addition, certain prohibitions on the acquisition of mutual fund shares by the Fund may prevent the Fund from allocating its investments in the manner the Adviser considers optimal. The Fund intends to purchase mutual funds that are either no-load or waive the sales load for purchases made by the Fund. The Fund will not purchase mutual funds that charge a sales load upon redemption. In the event that a mutual fund charges a redemption fee, then you will indirectly bear the expense by investing in the Fund. Mutual funds whose shares are purchased by the Fund will be obligated to redeem shares held by the Fund only in an amount up to 1% of the mutual fund's outstanding shares during any period of less than 30 days. Shares held by the Fund in excess of 1% of a mutual fund's outstanding shares therefore, may be considered not readily marketable securities, which together with other such securities, may not exceed 15% of the Fund's total assets. When the Fund focuses its investments in certain mutual funds, the Fund's portfolio will have a risk profile for such investments that will correspond to that of such mutual funds and Management Risk, described above, increases proportionately.

○ *Net Asset Value and Market Price Risk:* The market value of the closed-end shares may differ from their net asset value. This difference in price may be due to the fact that the supply and demand in the market for fund shares at any point in time is not always identical to the supply and demand in the market for the underlying basket of securities. Accordingly, there may be times when shares trades at a premium or discount to net asset value.

○ *Strategies Risk:* Each Underlying Fund is subject to specific risks, depending on the nature of the fund. These risks could include liquidity risk, sector risk, and foreign currency risk, as well as risks associated with fixed income securities and commodities.

**Temporary Investments:** To respond to adverse market, economic, political or other conditions, each Fund may invest 100% of its total assets, without limitation, in high-quality short-term debt securities and money market instruments. These short-term debt securities and money market instruments include: shares of money market mutual funds, commercial paper, certificates of deposit, bankers' acceptances, U.S. government securities and repurchase agreements. While a Fund is in a defensive position, the opportunity to achieve its investment objective will be limited. Furthermore, to the extent that a Fund invests in money market mutual funds for cash positions, there will be some duplication of expenses because shareholders will pay the fees and expenses of the Fund and, indirectly, the fees and expenses of the underlying money market funds. A Fund may also invest a substantial portion of its assets in such instruments at any time to maintain liquidity or pending selection of investments in accordance with its policies.

**Portfolio Holdings Disclosure:** A description of the Funds' policies regarding the release of portfolio holdings information is available in the Funds' Statement of Additional Information ("SAI").

**Cybersecurity:** The computer systems, networks and devices used by the Funds and their service providers to carry out routine business operations employ a variety of protections designed to prevent damage or interruption from computer viruses, network failures, computer and telecommunication failures, infiltration by unauthorized persons and security breaches. Despite the various protections utilized by the Funds and their service providers, systems, networks, or devices potentially can be breached. The Funds and their shareholders could be negatively impacted as a result of a cybersecurity breach.

Cybersecurity breaches can include unauthorized access to systems, networks, or devices; infection from computer viruses or other malicious software code; and attacks that shut down, disable, slow, or otherwise disrupt operations, business processes, or website access or functionality. Cybersecurity breaches may cause disruptions and impact a Fund's business operations, potentially resulting in financial losses; interference with a Fund's ability to calculate its net asset value; impediments to trading; the inability of a Fund, the Adviser, and other service providers to transact business; violations of applicable privacy and other laws; regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs; as well as the inadvertent release of confidential information.

Similar adverse consequences could result from cybersecurity breaches affecting issuers of securities in which the Funds invest; counterparties with which the Funds engage in transactions; governmental and other regulatory authorities; exchange and other financial market operators, banks, brokers, dealers, insurance companies, and other financial institutions (including financial intermediaries and service providers for a Fund's shareholders); and other parties. In addition, substantial costs may be incurred by these entities in order to prevent any cybersecurity breaches in the future.

**<u>MANAGEMENT</u>**

**Investment Adviser:** Howard Capital Management, Inc. (the "Adviser"), 1145 Hembree Road, Roswell GA 30076, serves as investment adviser to the Funds. Subject to the oversight of the Board, the Adviser is responsible for management of each Fund's investment portfolios. The Adviser is responsible for selecting the Funds' investments according to the Fund's investment objectives, policies and restrictions. The Adviser was established in 1999 to provide, develop, and implement various proprietary trading systems. As of June 30, 2025, it had approximately $7.5 billion in assets under management.

Pursuant to advisory agreements between the Adviser and the Trust, on behalf of the Funds, the Adviser is entitled to receive, on a monthly basis, an annual advisory fee listed in the table below as a percentage of each Fund's average daily net assets.

Each Fund's advisory fees are as shown below:

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| | |
|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Advisory Fee** |
| &nbsp;&nbsp;HCM Sector Plus Fund | &nbsp;&nbsp;1.25% |
| &nbsp;&nbsp;HCM Tactical Plus Fund | &nbsp;&nbsp;1.25% |
| &nbsp;&nbsp;HCM Multi-Asset Plus Fund | &nbsp;&nbsp;0.95% |
| &nbsp;&nbsp;HCM Dynamic Income Fund | &nbsp;&nbsp;1.25% |

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During the fiscal year ended June 30, 2025, the Funds paid an aggregate of the percentages shown below of its average net assets to the Adviser:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Advisory Fee<br> Paid to Adviser** |
| &nbsp;&nbsp;HCM Sector Plus Fund | &nbsp;&nbsp;1.25% |
| &nbsp;&nbsp;HCM Tactical Plus Fund | &nbsp;&nbsp;1.25% |
| &nbsp;&nbsp;HCM Multi-Asset Plus Fund | &nbsp;&nbsp;0.95% |
| &nbsp;&nbsp;HCM Dynamic Income Fund | &nbsp;&nbsp;1.25% |

---

A discussion regarding the basis for the Board's renewal of the advisory agreements is available in the Funds' Form N-CSR for the fiscal year ended June 30, 2025.

**Portfolio Manager:** The Funds are managed on a day-to-day basis by Vance Howard. The SAI provides additional information about the portfolio manager's compensation, other accounts managed by the portfolio manager, and the portfolio manager's ownership in the Funds.

Mr. Howard has been the President, CEO, Chairman of the Board and founder of the Adviser since 1999. Prior to forming the Adviser, Mr. Howard was the President, CEO, Chairman and founder of Chartered Financial Services, Inc., an investment advisory firm.

**<u>HOW SHARES ARE PRICED</u>**

Shares of each Fund are sold at net asset value ("NAV"). The NAV of each Fund is determined at close of regular trading (normally 4:00 p.m. Eastern Time) on each day the NYSE is open for business. NAV is computed by determining, on a per class basis, the aggregate market value of all assets of a Fund, less its liabilities, divided by the total number of shares outstanding ((assets-liabilities)/number of shares = NAV). The NYSE is closed on weekends and New Year's Day, Martin Luther King, Jr. Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day. The NAV takes into account, on a per class basis, the expenses and fees of a Fund, including management, administration, and distribution fees, which are accrued daily. The determination of NAV for a share class for a particular day is applicable to all applications for the purchase of shares, as well as all requests for the redemption of shares, received by the Fund (or an authorized broker or agent, or its authorized designee) before the close of trading on the NYSE on that day.

Generally, each Fund's securities are valued each day at the last quoted sales price on each security's primary exchange. Securities traded or dealt in upon one or more securities exchanges (whether domestic or foreign) for which market quotations are readily available and not subject to restrictions against resale shall be valued at the last quoted sales price on the primary exchange or, in the absence of a sale on the primary exchange, at the mean between the current bid ask prices on such exchanges. Securities primarily traded in the National Association of Securities Dealers' Automated Quotation System ("NASDAQ") National Market System for which market quotations are readily available shall be valued using the NASDAQ Official Closing Price. Securities that are not traded or dealt in any securities exchange (whether domestic or foreign) and for which over-the-counter market quotations are readily available generally shall be valued at the last sale price or, in the absence of a sale, at the mean between the current bid and ask price on such over-the-counter market. Debt securities not traded on an exchange may be valued at prices supplied by a pricing agent(s) based on broker or dealer supplied valuations or matrix pricing, a method of valuing securities by reference to the value of other securities with similar characteristics, such as rating, interest rate and maturity.

If market quotations are not readily available, securities will be valued at their fair market value as determined using the "fair value" procedures approved by the Board. Fair value pricing involves subjective judgments and it is possible that the fair value determined for a security may be materially different from the value that could be realized upon the sale of that security. The fair value prices can differ from market prices when they become available or when a price becomes available. The Board has designated the Adviser as its "Valuation Designee" to execute these procedures. The Adviser may also enlist third party consultants such as an audit firm or financial officer of a security issuer on an as-needed basis to assist in determining a security-specific fair value. The Board reviews the execution of this process and the resultant fair value prices at least quarterly to ensure the process produces reliable results.

Each Fund may use independent pricing services to assist in calculating the value of its securities. In addition, market prices for foreign securities are not determined at the same time of day as the NAV for each Fund. Because the Funds may invest in underlying ETFs which hold portfolio securities primarily listed on foreign exchanges, and these exchanges may trade on weekends or other days when the underlying ETFs do not price their shares, the value of some of the Funds' portfolio securities may change on days when you may not be able to buy or sell Fund shares.

In computing NAV, each Fund values its foreign securities at the latest closing price on the exchange in which they are traded immediately prior to closing of the NYSE. Prices of foreign securities quoted in foreign currencies are translated into U.S. dollars at current rates. If events materially affecting the value of a security in each Fund's portfolio, particularly foreign securities, occur after the close of trading on a foreign market but before each Fund prices its shares, the security may be priced using alternative market prices provided by a pricing service. For example, if trading in a portfolio security is halted and does not resume before the Funds calculate their NAV, alternative market prices may be used to value the security. Without a fair value price, short-term traders could take advantage of the arbitrage opportunity and dilute the NAV of long-term investors. Fair valuation of each Fund's portfolio securities can serve to reduce arbitrage opportunities available to short-term traders, but there is no assurance that fair value pricing policies will prevent dilution of each Fund's NAV by short term traders. The determination of fair value involves subjective judgments. As a result, using fair value to price a security may result in a price materially different from the prices used by other mutual funds to determine NAV, or from the price that may be realized upon the actual sale of the security.

With respect to any portion of each Fund's assets that are invested in one or more open-end management investment companies registered under the Investment Company Act of 1940, as amended (the "1940 Act"), each Fund's NAV is calculated based upon the NAVs of those open-end management investment companies, and the prospectuses for these companies explain the circumstances under which those companies will use fair value pricing and the effects of using fair value pricing.

**<u>HOW TO PURCHASE SHARES</u>**

**Share Classes**

This Prospectus describes four classes of shares offered by the HCM Sector Plus Fund: Class A, Class AI, Class I and Investor Class, and three classes of shares offered by the HCM Tactical Plus Fund, HCM Multi-Asset Plus Fund and HCM Dynamic Income Fund: Class A, Class I and Investor Class. The Funds offer these classes of shares so that you can choose the class that best suits your investment needs. Refer to the information below so that you can choose the class that best suits your investment needs. The main differences between each class are sales charges, ongoing fees and minimum investment. For information on ongoing distribution fees, see **Distribution Fees** section of this Prospectus. Each class of shares in each Fund represents interest in the same portfolio of investments within the Funds. There is no investment minimum on reinvested distributions and the Funds may change investment minimums at any time. The Funds reserve the right to waive sales charges, as described below. The Funds and the Adviser may each waive investment minimums at their individual discretion. Not all share classes may be available for purchase in all states.

**Factors to Consider When Choosing a Share Class** 

When deciding which class of shares of the Funds to purchase, you should consider your investment goals, present and future amounts you may invest in the Funds, and the length of time you intend to hold your shares. To help you make a determination as to which class of shares to buy, please refer back to the examples of the Funds' expenses over time in the **Fees and Expenses of the Funds** section for the Funds in this Prospectus. You also may wish to consult with your financial adviser for advice with regard to which share class would be most appropriate for you.

**Class A Shares and Class A1 Shares**

Class A and Class A1 shares are offered at the public offering price, which is NAV per share plus the applicable sales charge. Class A shares pay up to 0.25% and Class A1 shares pay up to 0.40% on an annualized basis of the average daily net assets as reimbursement or compensation for service and distribution-related activities with respect to the Funds and/or shareholder services. Over time, fees paid under this distribution and service plan will increase the cost of a Class A or Class A1 shareholder's investment and may cost more than other types of sales charges. The sales charge varies, depending on how much you invest. There are no sales charges on reinvested distributions. You can also qualify for a sales charge reduction or waiver through a right of accumulation or a letter of intent if you are a U.S. resident. See the discussions of "Right of Accumulation" and "Letter of Intent" below. The Funds and the Adviser each reserve the right to waive any load as described below. In addition, **a financial intermediary may offer Class A and Class A1 shares subject to variations in or elimination of a Fund's sales charges ("variations"), provided such variations are described in Appendix A. All variations described in Appendix A are applied by the identified financial intermediary.** Sales charge variations may apply to purchases, sales, exchanges and reinvestments of Fund shares and a shareholder transacting in Class A of Class A1 shares through an intermediary identified on Appendix A should read the terms and conditions of Appendix A carefully. A variation that is specific to a particular financial intermediary is not applicable to shares held directly with a Fund or through another intermediary. Please consult your financial intermediary with respect to any variations listed in Appendix A.

The following sales charges apply to your purchases of Class A or Class A1 shares of the Funds.

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| | | | |
|:---|:---|:---|:---|
| **Amount <br> Invested** | **Sales Charge <br> as a % of<br> Offering Price<sup>(1)</sup>** | **Sales Charge <br> as a % of<br> Amount Invested** | **Dealer<br> Reallowance** |
| Under $25,000 | 5.75% | 6.10% | 5.00% |
| $25,000 to $49,999 | 5.00% | 5.26% | 4.25% |
| $50,000 to $99,999 | 4.75% | 4.99% | 4.00% |
| $100,000 to $249,999 | 3.75% | 3.83% | 3.25% |
| $250,000 to $499,999 | 2.50% | 2.56% | 2.00% |
| $500,000 to $999,999 | 2.00% | 2.04% | 1.75% |
| $1,000,000 and above | 0.00% | 0.00% | 0.00% |

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(1) Offering
price includes the front-end sales load. The sales charge you pay may differ slightly from the amount set forth above because of rounding
that occurs in the calculations used to determine your sales charge.

*How to Reduce Your Sales Charge*

You may be eligible to purchase Class A or Class A1 shares at a reduced sales charge. To qualify for these reductions, you must notify the Funds' distributor, Northern Lights Distributors, LLC (the "Distributor"), in writing of the reduction for which you are eligible and supply your account number at the time of purchase. You may combine your purchase with those of your "immediate family" (your spouse and your children under the age of 21) for purposes of determining eligibility. If applicable, you will need to provide the account numbers of your spouse and your minor children as well as the ages of your minor children.

<u>Rights of Accumulation</u>: To qualify for the lower sales charge rates that apply to larger purchases of Class A or Class A1 shares, you may combine your new purchases of Class A shares with Class A shares of the Funds that you already own, or Class A1 shares with the Class A1 shares of HCM Sector Plus Fund that you already own. The applicable initial sales charge for the new purchase is based on the total of your current purchase and the current value of all other Class A or Class A1 shares that you own. The reduced sales charge will apply only to current purchases and must be requested in writing when you buy your shares.

Shares of the Funds held as follows cannot be combined with your current purchase for purposes of reduced sales charges:

● Shares held indirectly through financial intermediaries other than your current purchase broker-dealer (for example, a different broker-dealer, a bank, a separate insurance company account or an investment adviser);

● Shares held through an administrator or trustee/custodian of an Employer Sponsored Retirement Plan (for example, a 401(k) plan) other than employer-sponsored IRAs; and

● Shares held directly in the Funds account on which the broker-dealer (financial adviser) of record is different than your current purchase broker-dealer.

<u>Letters of Intent</u>: Under a Letter of Intent ("LOI"), you commit to purchase a specified dollar amount of Class A or Class A1 shares of a Fund, with a minimum of $25,000, during a 13-month period. The 13-month period begins upon the date of the LOI. At your written request, Class A or Class A1 share purchases made during the 90 days prior to the LOI may be included. The amount you agree to purchase determines the initial sales charge you pay. If the full-face amount of the LOI is not invested by the end of the 13-month period, your account will be adjusted to the higher initial sales charge level for the amount actually invested. You are not legally bound by the terms of your LOI to purchase the amount of your shares stated in the LOI. The LOI does, however, authorize the Funds to hold in escrow 5% of the total amount you intend to purchase. If you do not complete the total intended purchase at the end of the 13-month period, the Funds' transfer agent will redeem the necessary portion of the escrowed shares to make up the difference between the reduced rate sales charge (based on the amount you intended to purchase) and the sales charge that would normally apply (based on the actual amount you purchased).

<u>Repurchase of Class A or Class A1 Shares</u>: If you have redeemed Class A or Class A1 shares of the Funds within the past 120 days, you may repurchase an equivalent amount of Class A or Class A1 shares of the Funds at NAV, without the normal front-end sales charge. In effect, this allows you to reacquire shares that you may have had to redeem, without repaying the front-end sales charge. You may exercise this privilege only once and must notify the Funds that you intend to do so in writing. The Funds must receive your purchase order within 120 days of your redemption. Note that if you reacquire shares through separate installments (e.g., through monthly or quarterly repurchases), the sales charge waiver will only apply to those portions of your repurchase order received within 120 days of your redemption.

*Sales Charge Waivers*

The sales charge on purchases of Class A or Class A1 shares is waived for certain types of investors, including:

● Current and retired Trustees and officers of the funds sponsored by the Adviser or any of its subsidiaries, their immediate families (i.e., spouse, children, mother or father) and any purchases referred through the Adviser.

● Employees of the Adviser and their immediate families, or any full-time employee or registered representative of the Distributor or of broker-dealers having dealer agreements with the Distributor (a "Selling Broker") and their immediate families (or any trust, pension, profit sharing or other benefit plan for the benefit of such persons).

● Any full-time employee of a bank, savings and loan, credit union or other financial institution that utilizes a Selling Broker to clear purchases of the Funds' shares and their immediate families.

● Participants in certain "wrap-fee" or asset allocation programs or other fee-based arrangements sponsored by broker-dealers and other financial institutions that have entered into agreements with the Distributor.

● Clients of financial intermediaries that have entered into arrangements with the Distributor providing for the shares to be used in particular investment products made available to such clients and for which such registered investment advisers may charge a separate fee.

● Institutional investors (which may include bank trust departments and registered investment advisers).

● Any accounts established on behalf of registered investment advisers or their clients by broker-dealers that charge a transaction fee and that have entered into agreements with the Distributor.

● Separate accounts used to fund certain unregistered variable annuity contracts or Section 403(b) or 401(a) or (k) accounts.

● Employer-sponsored retirement or benefit plans with total plan assets in excess of $5 million where the plan's investments in the Funds are part of an omnibus account. A minimum initial investment of $1 million in the Funds is required. The Distributor in its sole discretion may waive these minimum dollar requirements.

The Funds do not waive sales charges for the reinvestment of proceeds from the sale of shares of a different fund where those shares were subject to a front-end sales charge (sometimes called a "NAV transfer"). Whether a sales charge waiver is available for your retirement plan or charitable account depends upon the policies and procedures of your intermediary. Please consult your financial adviser for further information.

**Class I Shares**

Class I shares of the Funds are offered at their NAV without an initial sales charge. This means that 100% of your initial investment is placed into shares of the Funds. Class I shares are not subject to distribution fees.

**Investor Class Shares**

Investor Class shares of the Funds are offered at their NAV without an initial sales charge. This means that 100% of your initial investment is placed into shares of the Funds. Investor Class shares pay up to 1.00% on an annualized basis of the average daily net assets as reimbursement or compensation for service and distribution-related activities with respect to the Funds and/or shareholder services. Over time, fees paid under this distribution and service plan will increase the cost of an Investor Class shareholder's investment and may cost more than other types of sales charges.

**Exchange Privilege**

The Adviser allows investors in the Funds to make non-taxable share class conversions. For advisors who wish to convert from a higher fee share class, to a lower fee share class (for example, from an Investor Class-share to an I-share) within a Fund, non-taxable share class conversions are permitted by the Adviser as long as they are moving to a lower expense ratio fund, and the Investor shares are free of any CDSC. An exchange of shares of any Fund for shares of another class within that Fund will not be treated as a sale for federal income tax purposes.

**Minimum Initial and Subsequent Investment Amounts**

HCM Sector Plus Fund - Minimum and Additional Investment Amounts: The minimum initial and subsequent investment by class of shares is:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Class** | **Initial Investment** | **Initial Investment** | **Subsequent Investment** | **Subsequent Investment** |
| **Class** | **Regular<br> Account** | **Retirement<br> Account** | **Regular<br> Account** | **Retirement<br> Account** |
| A | $2500 | $1000 | $500 | $250 |
| A1 | $2500 | $1000 | $500 | $250 |
| I | $50000 | $1000 | $500 | $250 |
| Investor | $2500 | $1000 | $500 | $250 |

---

HCM Tactical Plus Fund, HCM Multi-Asset Plus Fund and HCM Dynamic Income Fund - Minimum and Additional Investment Amounts: The minimum initial and subsequent investment by class of shares is:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Class** | &nbsp;&nbsp;**Initial Investment** | &nbsp;&nbsp;**Initial Investment** | &nbsp;&nbsp;**Subsequent Investment** | &nbsp;&nbsp;**Subsequent Investment** |
| &nbsp;&nbsp;**Class** | &nbsp;&nbsp;**Regular<br> Account** | &nbsp;&nbsp;**Retirement<br> Account** | &nbsp;&nbsp;**Regular<br> Account** | &nbsp;&nbsp;**Retirement<br> Account** |
| &nbsp;&nbsp;A | &nbsp;&nbsp;$2500 | &nbsp;&nbsp;$1000 | &nbsp;&nbsp;$500 | &nbsp;&nbsp;$250 |
| &nbsp;&nbsp;I | &nbsp;&nbsp;$50000 | &nbsp;&nbsp;$1000 | &nbsp;&nbsp;$500 | &nbsp;&nbsp;$250 |
| &nbsp;&nbsp;Investor | &nbsp;&nbsp;$2500 | &nbsp;&nbsp;$1000 | &nbsp;&nbsp;$500 | &nbsp;&nbsp;$250 |

---

The Funds reserve the right to waive any minimum. There is no minimum investment requirement when you are buying shares by reinvesting dividends and distributions from the Funds.

You may purchase shares of the Funds by sending a completed application form to the following address:

---

| | |
|:---|:---|
| ***Regular Mail*<br> HCM Sector Plus Fund<br> HCM Tactical Plus Fund<br> HCM Multi-Asset Plus Fund<br> HCM Dynamic Income Fund**<br> c/o Ultimus Fund Solutions, LLC<br> P.O. Box 46707<br> Cincinnati, OH 45246 | ***Express/Overnight Mail*<br> HCM Sector Plus Fund<br> HCM Tactical Plus Fund<br> HCM Multi-Asset Plus Fund<br> HCM Dynamic Income Fund**<br> c/o Ultimus Fund Solutions, LLC<br> 225 Pictoria Dr, Suite 450<br> Cincinnati, OH 45246 |

---

The USA PATRIOT Act requires financial institutions, including the Funds, to adopt certain policies and programs to prevent money-laundering activities, including procedures to verify the identity of customers opening new accounts. As requested on the application, you should supply your full name, date of birth, social security number and permanent street address. Mailing addresses containing a P.O. Box will not be accepted. This information will assist the Funds in verifying your identity. Until such verification is made, the Funds may temporarily limit additional share purchases. In addition, the Funds may limit additional share purchases or close an account if it is unable to verify a shareholder's identity. As required by law, the Funds may employ various procedures, such as comparing the information to fraud databases or requesting additional information or documentation from you, to ensure that the information supplied by you is correct.

*Purchase through Brokers:* You may invest in the Funds through brokers or agents who have entered into selling agreements with the Distributor. The brokers and agents are authorized to receive purchase and redemption orders on behalf of the Funds. Such brokers are authorized to designate other intermediaries to receive purchase and redemption orders on the Funds' behalf. The Funds will be deemed to have received a purchase or redemption order when an authorized broker or, if applicable, a brokers authorized designee receives the order. The broker or agent may set their own initial and subsequent investment minimums. You may be charged a fee if you use a broker or agent to buy or redeem shares of the Funds. Finally, various servicing agents use procedures and impose restrictions that may be in addition to, or different from those applicable to investors purchasing shares directly from the Funds. You should carefully read the program materials provided to you by your servicing agent.

*Purchase by Wire:* If you wish to wire money to make an investment in the Funds, please call the Funds at 1-855-969-8464 for wiring instructions and to notify the Funds that a wire transfer is coming. Any commercial bank can transfer same-day funds via wire. The Funds normally accept wired funds for investment on the day received if they are received by the Funds' designated bank before the close of regular trading on the NYSE. Your bank may charge you a fee for wiring same-day funds.

*Automated Clearing House (ACH) Purchase:* Current shareholders may purchase additional shares via Automated Clearing House ("ACH"). To have this option added to your account, please send a letter to the Funds requesting this option and supply a voided check for the bank account. Only bank accounts held at domestic institutions that are ACH members may be used for these transactions.

You may not use ACH transactions for your initial purchase of shares of the Funds. ACH purchases will be effective at the closing price per share on the business day after the order is placed. The Funds may alter, modify or terminate this purchase option at any time.

Shares purchased by ACH will not be available for redemption until the transactions have cleared. Shares purchased via ACH transfer may take up to 15 days to clear.

*Transactions through the Website:* You may purchase a Fund's shares and redeem a Fund's shares through the Funds' website <u>www.howardcmfunds.com</u>. To establish internet transaction privileges, you must enroll through the website. You automatically have the ability to establish internet transaction privileges unless you decline the privileges on your New Account Application or IRA Application. You will be required to enter into a user's agreement through the website in order to enroll in these privileges. To purchase shares through the website, you must also have ACH instructions on your account. Redemption proceeds may be sent to you by check to the address or record, or if your account has existing bank information, by wire or ACH. Only bank accounts held at domestic financial institutions that are ACH members can be used for transactions through the Funds' website. Transactions through the website are subject to the same minimums and maximums as other transaction methods. Please call 1-855-969-8464 for assistance in establishing online access.

You should be aware that the internet is an unsecured, unstable, unregulated and unpredictable environment. Your ability to use the website for transactions is dependent upon the internet and equipment, software, systems, data and services provided by various vendors and third parties. While the Funds and their service providers have established certain security procedures, the Funds, the Distributor and their transfer agent cannot assure you that trading information will be completely secure.

There may also be delays, malfunctions, or other inconveniences generally associated with this medium. There also may be times when the website is unavailable for Fund transactions or other purposes. Should this happen, you should consider purchasing or redeeming shares by another method. Neither the Funds, their transfer agent, the Distributor nor the Adviser will be liable for any such delays or malfunctions or

unauthorized interception or access to communications or account information.

*Automatic Investment Plan:* You may participate in the Funds' Automatic Investment Plan, an investment plan that automatically moves money from your bank account and invests it in the Funds through the use of electronic funds transfers or automatic bank drafts. You may elect to make subsequent investments by transfers of a minimum of $100 on specified days of each month into your established Fund account. Please contact the Funds at 1-855-969-8464 for more information about the Funds' Automatic Investment Plan.

Each Fund, however, reserves the right, in its sole discretion, to reject any application to purchase shares. Applications will not be accepted unless they are accompanied by a check drawn on a U.S. bank, thrift institutions, or credit union in U.S. funds for the full amount of the shares to be purchased. After you open an account, you may purchase additional shares by sending a check together with written instructions stating the name(s) on the account and the account number, to the above address. Cash, third party checks (except for properly endorsed IRA rollover checks), counter checks, starter checks, traveler's checks, money orders, credit card checks, and checks drawn on non-U.S. financial institutions will not be accepted. Cashier's checks, bank official checks, and bank money orders are reviewed on a case-by-case basis and may be accepted under certain circumstances. In such cases, a 15-business day hold will be applied to the Funds (which means that you may not redeem your shares until the holding period has expired).

*Note:* Ultimus Fund Solutions, LLC, the Funds' transfer agent (the "Transfer Agent"), will charge a $25 fee against a shareholder's account, in addition to any loss sustained by the Fund, for any returned and uncleared electronic payment or check or electronic payment returned to the Transfer Agent for insufficient funds.

**When Order is Processed:** All shares will be purchased at the NAV per share (plus applicable sales charges, if any) next determined after the Funds receive your application or request in good order. All requests received in good order by a Fund before 4:00 p.m. (Eastern Time) on a day the NYSE is open for business will be processed on that same day. Requests received after 4:00 p.m. will be processed on the next day that the NYSE is open for business.

&nbsp;&nbsp;&nbsp;**Good Order:** When making a purchase request, make sure your request is in good order. "Good order" means your purchase request includes:<br>&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp; the name of the relevant Fund and share class;<br>&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp; the dollar amount of shares to be purchased; and<br>&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp; a completed purchase application or investment stub check payable to the "HCM Sector Plus Fund," "HCM Tactical Plus Fund," "HCM Multi-Asset Plus Fund," or "HCM Dynamic Income Fund" as applicable.<br>

**Retirement Plans:** You may purchase shares of the Funds for your individual retirement plans. Please call the Funds at 1-855-969-8464 for the most current listing and appropriate disclosure documentation on how to open a retirement account.

**<u>HOW TO REDEEM SHARES</u>**

**Redeeming Shares**: The Funds typically expect that it will take up to three business days following receipt of your redemption request to pay out redemption proceeds by check or electronic transfer. The Funds typically expect to pay redemptions from cash, cash equivalents, proceeds from the sale of Fund shares, any lines of credit, and then from the sale of portfolio securities. These redemption payment methods will be used in regular and stressed market conditions.

---

| | |
|:---|:---|
| ***Regular Mail*<br> HCM Sector Plus Fund<br> HCM Tactical Plus Fund<br> HCM Multi-Asset Plus Fund<br> HCM Dynamic Income Fund**<br> c/o Ultimus Fund Solutions, LLC<br> P.O. Box 46707<br> Cincinnati, OH 45246 | ***Express/Overnight Mail*<br> HCM Sector Plus Fund<br> HCM Tactical Plus Fund<br> HCM Multi-Asset Plus Fund<br> HCM Dynamic Income Fund**<br> c/o Ultimus Fund Solutions, LLC<br> 225 Pictoria Dr, Suite 450<br> Cincinnati, OH 45246 |

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*Redemptions by Telephone*: The telephone redemption privilege is automatically available to all new accounts. If you do not want the telephone redemption privilege, you must indicate this in the appropriate area on your account application or you must write to the Funds and instruct it to remove this privilege from your account. If you own an IRA account and wish to redeem by telephone, you will be asked whether or not the Funds should withhold federal income tax.

The proceeds will be sent by mail to the address designated on your account or wired directly to your existing account in a bank or brokerage firm in the United States as designated on your application. To redeem by telephone, call 1-855-969-8464. The redemption proceeds normally will be sent by mail or by wire within three business days after receipt of your telephone instructions. You may redeem shares up to $50,000. If you own an IRA, you will be asked whether or not the Fund(s) should withhold federal income tax.

During periods of high market activity, you may encounter higher than usual wait times. Please allow sufficient time to ensure that you will be able to complete your telephone transaction prior to market close. Neither the Funds nor the Transfer Agent will be held liable if you are unable to place your trade due to high call volume.

The Funds reserve the right to suspend the telephone redemption privileges with respect to your account if the name(s) or the address on the account has been changed within the previous 30 days. None of the Funds, the Transfer Agent, or their respective affiliates will be liable for complying with telephone instructions they reasonably believe to be genuine or for any such loss. The Funds or the Transfer Agent, or both, will employ reasonable procedures to determine that telephone instructions are genuine. If the Funds and/or the Transfer Agent, or both, will employ reasonable procedures to determine that telephone instructions are genuine. If the Funds and/or the Transfer Agent do not employ these procedures, they may be liable to you for losses due to unauthorized or fraudulent instructions. These procedures may include, among others, requiring forms of personal identification prior to acting upon telephone instructions, providing written confirmation of the transactions and/or recording telephone instructions.

*Redemptions through Broker:* If shares of the Funds are held by a broker-dealer, financial institution or other servicing agent, you must contact that servicing agent to redeem shares of the Funds. The servicing agent may charge a fee for this service.

*Redemptions by Wire:* You may request that your redemption proceeds be wired directly to your bank account. The Transfer Agent imposes a $15 fee for each wire redemption and deducts the fee directly from your account. Your bank may also impose a fee for the incoming wire.

*Systematic Withdrawal Plan:* If your individual accounts, IRA or other qualified plan account have a current account value of at least $10,000, you may participate in the Funds' Systematic Withdrawal Plan, an investment plan that automatically moves money to your bank account from a Fund through the use of electronic funds transfers. You may elect to make subsequent withdrawals by transfers of a minimum of $250 on specified days of each month into your established bank account. Please contact the Funds at 1-855-969-8464 for more information about the Funds' Systematic Withdrawal Plan.

**Redemptions in Kind:** The Funds reserve the right to honor requests for redemption or repurchase orders by making payment in whole or in part in readily marketable securities ("redemption in kind") if the amount is greater than the lesser of $250,000 or 1% of the Funds' assets. The securities will be chosen by the Funds and valued under the Funds' NAV procedures. A shareholder will be exposed to market risk until these securities are converted to cash and may incur transaction expenses in converting these securities to cash.

**When Redemptions are Sent:** Once a Fund receives your redemption request in "good order" as described below, it will issue a check based on the next determined NAV following your redemption request. If you purchase shares using a check and soon after request a redemption, your redemption proceeds, which are payable at the next determined NAV following your redemption request in "good order," as described below, will not be sent until the check used for your purchase has cleared your bank.

&nbsp;&nbsp;&nbsp;**Good Order:** Your redemption request will be processed if it is in "good order." To be in good order, the following conditions must be satisfied:<br>&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp; The request should be in writing, indicating the number of shares or dollar amount to be redeemed;<br>&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp; The request must identify your account number;<br>&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp; The request should be signed by you and any other person listed on the account, exactly as the shares are registered; and<br>&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp; If you request that the redemption proceeds be sent to a person, bank or an address other than that of record or paid to someone other than the record owner(s), or if the address was changed within the last 30 days, or if the proceeds of a requested redemption exceed $50,000, the signature(s) on the request must be medallion signature guaranteed by an eligible signature guarantor.<br>

**Exchanging Shares:** Shares of a Fund may be exchanged without payment of any exchange fee for shares of another Fund of the same class at their respective NAV, given that the accounts have the same registration. Minimums to establish or subsequent purchase minimums apply.

**Suspension of Redemptions:** Under the 1940 Act, a shareholder's right to redeem shares and to receive payment therefore may be suspended at times: (a) when the NYSE is closed, other than customary weekend and holiday closings; (b) when trading on that exchange is restricted for any reason; (c) when an emergency exists as a result of which disposal by the Funds of securities owned is not reasonably practicable or it is not reasonably practicable for the Funds to fairly determine the value of net assets, provided that applicable rules and regulations of the Securities and Exchange Commission (or any succeeding governmental authority) will govern as to whether the conditions prescribed in (b) or (c) exist; or (d) when the Securities and Exchange Commission by order permits a suspension of the right to redemption or a postponement of the date of payment on redemption. In case of suspension of the right of redemption, payment of a redemption request will be made based on the NAV next determined after the termination of the suspension.

**When You Need Medallion Signature Guarantees:** If you wish to change the bank or brokerage account that you have designated on your account, you may do so at any time by writing to the Funds with your signature guaranteed. A medallion signature guarantee assures that a signature is genuine and protects you from unauthorized account transfers. You will need your signature guaranteed if:

● you request a redemption to be made payable to a person not on record with the Trust, on behalf of the Funds;

● you request that a redemption be mailed to an address other than that on record with the Trust, on behalf of the Funds;

● the proceeds of a requested redemption exceed $50,000;

● any redemption is transmitted to a bank other than the bank of record; or

● your address was changed within 30 days of your redemption request.

Signatures may be guaranteed by any eligible guarantor institution (including banks, brokers and dealers, credit unions, national securities exchanges, registered securities associations, clearing agencies and savings associations). Further documentation will be required to change the designated account if shares are held by a corporation, fiduciary or other organization. *A notary public cannot guarantee signatures.* 

**Retirement Plans:** If you own an IRA or other retirement plan, you must indicate on your redemption request whether the Funds should withhold federal income tax. Unless you elect in your redemption request that you do not want to have federal tax withheld, the redemption will be subject to withholding.

**Low Balances:** If at any time your account balance in a Fund falls below $2,500, the Fund may notify you that, unless the account is brought up to at least $2,500 within 30 days of the notice; your account could be closed. After the notice period, the Fund may redeem all of your shares and close your account by sending you a check to the address of record. Your account will not be closed if the account balance drops below required minimums due to a decline in NAV.

An account may be turned over as unclaimed property to the investor's last known state of tax residence if the account is deemed "inactive" or "lost" during the time frame specified within the applicable state's unclaimed property laws. Investors who are residents of the state of Texas may designate a representative to receive legislatively required unclaimed property due diligence notifications. A Texas Designation of Representative Form is available for making such an election.

**<u>FREQUENT PURCHASES AND REDEMPTIONS OF FUND SHARES</u>**

The Funds discourage and do not accommodate market timing. Frequent trading into and out of the Fund can harm all Fund shareholders by disrupting the Funds' investment strategies, increasing Fund expenses, decreasing tax efficiency and diluting the value of shares held by long-term shareholders. The Funds are designed for long-term investors and is not intended for market timing or other disruptive trading activities. Accordingly, the Board has approved policies that seek to curb these disruptive activities while recognizing that shareholders may have a legitimate need to adjust their Fund investments as their financial needs or circumstances change. The Funds currently use several methods to reduce the risk of market timing, including:

● Committing staff to review, on a continuing basis, recent trading activity in order to identify trading activity that may be contrary to the Funds' "Market Timing Trading Policy;"

● Rejecting or limiting specific purchase requests; and

● Rejecting purchase requests from certain investors.

Though these methods involve judgments that are inherently subjective and involve some selectivity in their application, the Funds seek to make judgments and applications that are consistent with the interests of the Funds' shareholders.

Based on the frequency of redemptions in your account, the Adviser or the Transfer Agent may in its sole discretion determine that your trading activity is detrimental to the Funds as described in the Funds' Market Timing Trading Policy and elect to reject or limit the amount, number, frequency or method for requesting future purchases or exchanges into the Funds.

The Funds reserve the right to reject or restrict purchase requests for any reason, particularly when the shareholder's trading activity suggests that the shareholder may be engaged in market timing or other disruptive trading activities. Neither the Funds nor the Adviser will be liable for any losses resulting from rejected purchase orders. The Adviser may also bar an investor who has violated these policies (and the investor's financial adviser) from opening new accounts with the Trust, on behalf of the Funds.

Although the Funds attempt to limit disruptive trading activities, some investors use a variety of strategies to hide their identities and their trading practices. There can be no guarantee that the Funds will be able to identify or limit these activities. Omnibus account arrangements are common forms of holding shares of the Funds. While the Funds will encourage financial intermediaries to apply the Funds' Market Timing Trading Policy to their customers who

invest indirectly in the Funds, the Funds are limited in their ability to monitor the trading activity or enforce the Funds' Market Timing Trading Policy with respect to customers of financial intermediaries. For example, should it occur, the Funds may not be able to detect market timing that may be facilitated by financial intermediaries or made difficult to identify in the omnibus accounts used by those intermediaries for aggregated purchases, exchanges and redemptions on behalf of all their customers. More specifically, unless the financial intermediaries have the ability to apply the Funds' Market Timing Trading Policy to their customers through such methods as implementing short-term trading limitations or restrictions and monitoring trading activity for what might be market timing, the Funds may not be able to determine whether trading by customers of financial intermediaries is contrary to the Funds' Market Timing Trading Policy. Brokers maintaining omnibus accounts with the Trust, on behalf of the Funds have agreed to provide shareholder transaction information to the extent known to the broker to the Funds upon request. If the Funds or their Transfer Agent or shareholder servicing agent suspects there is market timing activity in the account, the Funds will seek full cooperation from the service provider maintaining the account to identify the underlying participant. At the request of the Adviser, the service providers may take immediate action to stop any further short-term trading by such participants.

**<u>TAX STATUS, DIVIDENDS AND DISTRIBUTIONS</u>**

Any sale or exchange of the Funds' shares may generate tax liability (unless you are a tax-exempt investor or your investment is in a qualified retirement account). When you redeem your shares you may realize a taxable gain or loss. This is measured by the difference between the proceeds of the sale and the tax basis for the shares you sold. (To aid in computing your tax basis, you generally should retain your account statements for the period that you hold shares in the Funds.)

The Funds intend to distribute substantially all of their net investment income and net capital gains annually in December. Both distributions will be reinvested in shares of each Fund unless you elect to receive cash. Dividends from net investment income (including any excess of net short-term capital gain over net long-term capital loss) are taxable to investors as ordinary income, while distributions of net capital gain (the excess of net long-term capital gain over net short-term capital loss) are generally taxable as long-term capital gain, regardless of your holding period for the shares. Any dividends or capital gain distributions you receive from each Fund will normally be taxable to you when made, regardless of whether you reinvest dividends or capital gain distributions or receive them in cash. Certain dividends or distributions declared in October, November or December will be taxed to shareholders as if received in December if they are paid during the following January. Each year, the Funds will inform you of the amount and type of your distributions. IRAs and other qualified retirement plans are exempt from federal income taxation until retirement proceeds are paid out to the participant.

Your redemptions, including exchanges, may result in a capital gain or loss for federal tax purposes. A capital gain or loss on your investment is the difference between the cost of your shares, including any sales charges, and the amount you receive when you sell them.

The Funds must report to the IRS and furnish to shareholders the cost basis information for shares purchased and sold. The Funds have chosen average cost as their standing (default) tax lot identification method for all shareholders, which means the Funds will use this method to determine which specific shares are deemed to be sold when there are multiple purchases on different dates at differing NAVs, and the entire position is not sold at one time. Shareholders may, however, choose a method other than the Funds' standing method at the time of their purchase or upon sale of covered shares. Shareholders should consult their tax advisors to determine the best IRS-accepted cost basis method for their tax situation and to obtain more information about how cost basis reporting applies to them. Shareholders also should carefully review the cost basis information provided to them by the Funds and make any additional basis, holding period or other adjustments that are required when reporting these amounts on their federal income tax returns.

On the account application, you will be asked to certify that your social security number or taxpayer identification number is correct and that you are not subject to backup withholding for failing to report income to the IRS. If you are subject to backup withholding or you did not certify your taxpayer identification number, the IRS requires the Funds to withhold a percentage of any dividend, redemption or exchange proceeds. The Funds reserve the right to reject any application that does not include a certified social security or taxpayer identification number. If you do not have a social security number, you should indicate on the purchase form that your application to obtain a number is pending. The Funds are required to withhold taxes if a number is not delivered to each Fund within seven days.

This summary is not intended to be and should not be construed to be legal or tax advice. You should consult your own tax advisers to determine the tax consequences of owning the Funds' shares.

**<u>DISTRIBUTION OF SHARES</u>**

**Distributor:** Northern Lights Distributors, LLC, 4221 North 203<sup>rd</sup> Street, Suite 100, Elkhorn, NE 68022, is the distributor for the shares of the Funds. The Distributor is a registered broker-dealer and member of the Financial Industry Regulatory Authority, Inc. ("FINRA"). Shares of the Funds are offered on a continuous basis.

**Distribution fees:** The Trust, on behalf of the Funds, has adopted the Trust's Master Distribution and Shareholder Servicing Plan for Class A shares, Class A1 shares and Investor Class shares of each Fund (each a "Plan" and collectively, the "Plans") under Rule 12b-1, pursuant to which the Funds pay the Distributor an annual fee for distribution and shareholder servicing expenses of 0.25%, 0.40%, and 1.00% of the Funds' average daily net assets attributable to Class A shares, Class A1 shares and Investor Class shares, respectively. There is no plan for Class I shares. Over time, fees paid under each Plan will increase the cost of a shareholder's investment and may cost more than other types of sales charges.

The Distributor and other entities are paid under the Plans for services provided and the expenses borne by the Distributor and others in the distribution of Fund shares, including the payment of commissions for sales of the shares and incentive compensation to and expenses of dealers and others who engage in or support distribution of shares or who service shareholder accounts, including overhead and telephone expenses; printing and distribution of prospectuses and reports used in connection with the offering of the Funds' shares to other than current shareholders; and preparation, printing and distribution of sales literature and advertising materials. In addition, the Distributor or other entities may utilize fees paid pursuant to the Plans to compensate dealers or other entities for their opportunity costs in advancing such amounts, which compensation would be in the form of a carrying charge on any un-reimbursed expenses.

**Additional Compensation to Financial Intermediaries:** The Distributor, its affiliates, and the Adviser and its affiliates may, at their own expense and out of their own assets including their legitimate profits from Fund-related activities, provide additional cash payments to financial intermediaries who sell shares of the Funds or assist in the marketing of the Funds. Financial intermediaries include brokers, financial planners, banks, insurance companies, retirement or 401(k) plan administrators and others. These payments may be in addition to the Rule 12b-1 fees and any sales charges that are disclosed elsewhere in this Prospectus. These payments are generally made to financial intermediaries that provide shareholder or administrative services, or marketing support. Marketing support may include access to sales meetings, sales representatives and financial intermediary management representatives, inclusion of the Funds on a sales list, including a preferred or select sales list, or other sales programs. These payments also may be made as an expense reimbursement in cases where the financial intermediary provides shareholder services to Fund shareholders. The Distributor may, from time to time, provide promotional incentives to certain investment firms. Such incentives may, at the Distributor's discretion, be limited to investment firms who allow their individual selling representatives to participate in such additional compensation.

**Householding:** To reduce expenses, the Funds mail only one copy of the Prospectus and each annual and semi-annual tailored shareholder report to those addresses shared by accounts that have elected to receive paper copies of these documents. If you wish to receive individual copies of these documents, please call the Funds at 1-855-969-8464 on days the Funds are open for business or contact your financial institution. The Funds will begin sending you individual copies thirty days after receiving your request.

**<u>FINANCIAL HIGHLIGHTS</u>**

The financial highlights tables are intended to help you understand each Fund's financial performance for the period of its operations or the past five years. Certain information reflects financial results for a single Fund share. The total returns in each table represent the rate that an investor would have earned (or lost) on an investment in the applicable Fund (assuming reinvestment of all dividends and distributions). This information has been derived from the financial statements audited by RSM US LLP, whose report, along with each Fund's financial statements, are available at no charge upon request.

---

| |
|:---|
| ***HCM Tactical Plus Fund*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout each Year |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Class A** | **Year<br> Ended**<br>**June 30,<br>2025** | **Year<br> Ended**<br>**June 30,<br>2024** | **Year<br> Ended**<br>**June 30,<br>2023** | **Year<br> Ended**<br>**June 30,<br>2022** | **Year<br> Ended**<br>**June 30,<br>2021** |
| Net asset value, beginning of year | $30.23 | $23.47 | $20.26 | $26.15 | $16.32 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss<sup>(1)</sup> | (0.12) | (0.09) | (0.07) | (0.31) | (0.29) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 3.11 | 6.85 | 3.41 | (5.30) | 10.80 |
| Total from investment operations | 2.99 | 6.76 | 3.34 | (5.61) | 10.51 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  | (0.00)<sup>(6)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (3.19) |  | (0.13) | (0.28) | (0.68) |
| Total distributions | (3.19) |  | (0.13) | (0.28) | (0.68) |
| Paid-in-Capital From Redemption Fees |  |  |  | 0.00<sup>(6)</sup> | 0.00<sup>(6)</sup> |
| Net asset value, end of year | $30.03 | $30.23 | $23.47 | $20.26 | $26.15 |
| Total return<sup>(2)</sup> | 9.87% | 28.80% | 16.64% | (21.77)% | 65.30% |
| Net assets, at end of year (000s) | $1085528 | $1050839 | $934122 | $752628 | $626800 |
| Ratio of gross expenses to average net assets<sup>(3)(4)</sup> | 1.61% | 1.61% | 1.63% | 1.64% | 1.65% |
| Ratio of net expenses to average net assets<sup>(4)</sup> | 1.61% | 1.61% | 1.63% | 1.64% | 1.65% |
| Ratio of net investment loss to average net assets<sup>(4)(5)</sup> | (0.42)% | (0.38)% | (0.37)% | (1.20)% | (1.33)% |
| Portfolio Turnover Rate | 264% | 188% | 298% | 107% | 23% |

---

(1) Per
share amounts calculated using the average shares method, which more appropriately presents the per share data for each year.

(2) Total
returns shown are historical in nature and assume changes in share price, reinvestment of dividends and distributions, if any, and exclude
the effect of applicable sales charges and redemption fees.

(3) Represents
the ratio of expenses to average net assets absent fee waivers, expense reimbursements and/or expense recaptures by the adviser.

(4) Does
not include the expenses of other investment companies in which the Fund invests, as these expenses are included in the realized and
unrealized gain/(loss) on investments.

(5) Recognition
of net investment loss by the Fund is affected by the timing of declaration of dividends by the underlying investments in which the Fund
invests as well as timing of subscriptions and redemptions within each share class.

(6) Amount
represents less than $0.005 per share.

---

| |
|:---|
| ***HCM Tactical Plus Fund*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout each Year |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Class I** | **Year<br> Ended**<br>**June 30,<br>2025** | **Year<br> Ended**<br>**June 30,<br>2024** | **Year<br> Ended**<br>**June 30,<br>2023** | **Year<br> Ended**<br>**June 30,<br>2022** | **Year<br> Ended**<br>**June 30,<br>2021** |
| Net asset value, beginning of year | $30.56 | $23.66 | $20.38 | $26.23 | $16.33 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss<sup>(1)</sup> | (0.04) | (0.02) | (0.03) | (0.25) | (0.25) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 3.14 | 6.92 | 3.44 | (5.32) | 10.83 |
| Total from investment operations | 3.10 | 6.90 | 3.41 | (5.57) | 10.58 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  | (0.00)<sup>(6)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (3.19) |  | (0.13) | (0.28) | (0.68) |
| Total distributions | (3.19) |  | (0.13) | (0.28) | (0.68) |
| Paid-in-Capital From Redemption Fees |  |  |  | 0.00<sup>(6)</sup> |  |
| Net asset value, end of year | $30.47 | $30.56 | $23.66 | $20.38 | $26.23 |
| Total return<sup>(2)</sup> | 10.14% | 29.16% | 16.88% | (21.55)% | 65.70% |
| Net assets, at end of year (000s) | $144123 | $100139 | $25235 | $15316 | $7960 |
| Ratio of gross expenses to average net assets<sup>(3)(4)</sup> | 1.36% | 1.36% | 1.37% | 1.39% | 1.40% |
| Ratio of net expenses to average net assets<sup>(4)</sup> | 1.36% | 1.36% | 1.37% | 1.39% | 1.40% |
| Ratio of net investment loss to average net assets<sup>(4)(5)</sup> | (0.14)% | (0.10)% | (0.13)% | (0.95)% | (1.08)% |
| Portfolio Turnover Rate | 264% | 188% | 298% | 107% | 23% |

---

(1) Per
share amounts calculated using the average shares method, which more appropriately presents the per share data for each year.

(2) Total
returns shown are historical in nature and assume changes in share price, reinvestment of dividends and distributions, if any, and exclude
the effect of applicable sales charges and redemption fees.

(3) Represents
the ratio of expenses to average net assets absent fee waivers, expense reimbursements and/or expense recaptures by the adviser.

(4) Does
not include the expenses of other investment companies in which the Fund invests, as these expenses are included in the realized and
unrealized gain/(loss) on investments.

(5) Recognition
of net investment loss by the Fund is affected by the timing of declaration of dividends by the underlying investments in which the Fund
invests as well as timing of subscriptions and redemptions within each share class.

(6) Amount
represents less than $0.005 per share.

---

| |
|:---|
| ***HCM Tactical Plus Fund*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout each Year |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Investor Class** | **Year<br> Ended**<br>**June 30,<br>2025** | **Year<br> Ended**<br>**June 30,<br>2024** | **Year<br> Ended**<br>**June 30,<br>2023** | **Year<br> Ended**<br>**June 30,<br>2022** | **Year<br> Ended**<br>**June 30,<br>2021** |
| Net asset value, beginning of year | $28.19 | $22.04 | $19.18 | $24.96 | $15.71 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss<sup>(1)</sup> | (0.31) | (0.26) | (0.22) | (0.49) | (0.44) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 2.88 | 6.41 | 3.21 | (5.01) | 10.37 |
| Total from investment operations | 2.57 | 6.15 | 2.99 | (5.50) | 9.93 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  | (0.00)<sup>(6)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (3.19) |  | (0.13) | (0.28) | (0.68) |
| Total distributions | (3.19) |  | (0.13) | (0.28) | (0.68) |
| Paid-in-Capital From Redemption Fees |  |  |  | 0.00<sup>(6)</sup> | 0.00<sup>(6)</sup> |
| Net asset value, end of year | $27.57 | $28.19 | $22.04 | $19.18 | $24.96 |
| Total return<sup>(2)</sup> | 9.06% | 27.90% | 15.75% | (22.37)% | 64.13% |
| Net assets, at end of year (000s) | $554861 | $466354 | $311717 | $208464 | $179812 |
| Ratio of gross expenses to average net assets<sup>(3)(4)</sup> | 2.36% | 2.36% | 2.37% | 2.39% | 2.40% |
| Ratio of net expenses to average net assets<sup>(4)</sup> | 2.36% | 2.36% | 2.37% | 2.39% | 2.40% |
| Ratio of net investment loss to average net assets<sup>(4)(5)</sup> | (1.16)% | (1.09)% | (1.14)% | (1.95)% | (2.08)% |
| Portfolio Turnover Rate | 264% | 188% | 298% | 107% | 23% |

---

(1) Per
share amounts calculated using the average shares method, which more appropriately presents the per share data for each year.

(2) Total
returns shown are historical in nature and assume changes in share price, reinvestment of dividends and distributions, if any, and exclude
the effect of applicable sales charges and redemption fees.

(3) Represents
the ratio of expenses to average net assets absent fee waivers, expense reimbursements and/or expense recaptures by the adviser.

(4) Does
not include the expenses of other investment companies in which the Fund invests, as these expenses are included in the realized and
unrealized gain/(loss) on investments.

(5) Recognition
of net investment loss by the Fund is affected by the timing of declaration of dividends by the underlying investments in which the Fund
invests as well as timing of subscriptions and redemptions within each share class.

(6) Amount
represents less than $0.005 per share.

---

| |
|:---|
| ***HCM Sector Plus Fund*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout each Year |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Class A** | **Year<br> Ended**<br>**June 30,<br>2025** | **Year<br> Ended**<br>**June 30,<br>2024** | **Year<br> Ended**<br>**June 30,<br>2023** | **Year<br> Ended**<br>**June 30,<br>2022** | **Year<br> Ended**<br>**June 30,<br>2021** |
| Net asset value, beginning of year | $20.82 | $17.90 | $17.28 | $19.05 | $11.94 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(1)</sup> | 0.09 | 0.01<sup>(7)</sup> | 0.06 | (0.03) | (0.03) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 1.02 | 3.80 | 1.85 | (1.74) | 7.14 |
| Total from investment operations | 1.11 | 3.81 | 1.91 | (1.77) | 7.11 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.03) |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (2.63) | (0.86) | (1.29) |  |  |
| Total distributions | (2.63) | (0.89) | (1.29) |  |  |
| Paid-in-Capital From Redemption Fees |  |  |  | 0.00<sup>(6)</sup> | 0.00<sup>(6)</sup> |
| Net asset value, end of year | $19.30 | $20.82 | $17.90 | $17.28 | $19.05 |
| Total return<sup>(2)</sup> | 5.61% | 22.18% | 12.17% | (9.29)% | 59.55% |
| Net assets, at end of year (000s) | $980802 | $991374 | $949351 | $920476 | $739011 |
| Ratio of gross expenses to average net assets<sup>(3)(5)</sup> | 1.61% | 1.62% | 1.61% | 1.63% | 1.64% |
| Ratio of net expenses to average net assets<sup>(5)</sup> | 1.61% | 1.62% | 1.61% | 1.63% | 1.64% |
| Ratio of net investment income (loss) to average net assets<sup>(4)(5)</sup> | 0.44% | 0.05% | 0.38% | (0.14)% | (0.18)% |
| Portfolio Turnover Rate | 226% | 108% | 178% | 49% | 2% |

---

(1) Per
share amounts calculated using the average shares method, which more appropriately presents the per share data for each year.

(2) Total
returns shown are historical in nature and assume changes in share price, reinvestment of dividends and distributions, if any, and exclude
the effect of applicable sales charges and redemption fees.

(3) Represents
the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the adviser.

(4) Recognition
of net investment income (loss) by the Fund is affected by the timing of declaration of dividends by the underlying investments in which
the Fund invests as well as timing of subscriptions and redemptions within each share class.

(5) Does
not include the expenses of other investment companies in which the Fund invests, as these expenses are included in the realized and
unrealized gain/(loss) on investments.

(6) Amount
represents less than $0.005 per share.

(7) Net
investment income (loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the year,
and may not accord with the aggregate income and loss in the Statements of Operations due to timing of shareholder transactions for the
year.

---

| |
|:---|
| ***HCM Sector Plus Fund*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout each Year |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Class I** | **Year<br> Ended**<br>**June 30,<br>2025** | **Year<br> Ended**<br>**June 30,<br>2024** | **Year<br> Ended**<br>**June 30,<br>2023** | **Year<br> Ended**<br>**June 30,<br>2022** | **Year<br> Ended**<br>**June 30,<br>2021** |
| Net asset value, beginning of year | $21.03 | $18.07 | $17.39 | $19.12 | $11.95 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(1)</sup> | 0.15 | 0.06<sup>(7)</sup> | 0.11 | (0.01) | 0.03 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 1.02 | 3.83 | 1.86 | (1.72) | 7.14 |
| Total from investment operations | 1.17 | 3.89 | 1.97 | (1.73) | 7.17 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.07) |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (2.63) | (0.86) | (1.29) |  |  |
| Total distributions | (2.63) | (0.93) | (1.29) |  |  |
| Paid-in-Capital From Redemption Fees |  |  |  | 0.00<sup>(6)</sup> | 0.00<sup>(6)</sup> |
| Net asset value, end of year | $19.57 | $21.03 | $18.07 | $17.39 | $19.12 |
| Total return<sup>(2)</sup> | 5.85% | 22.51% | 12.45% | (9.05)% | 60.00% |
| Net assets, at end of year (000s) | $136800 | $100145 | $24163 | $17170 | $33183 |
| Ratio of gross expenses to average net assets<sup>(3)(5)</sup> | 1.36% | 1.37% | 1.36% | 1.38% | 1.39% |
| Ratio of net expenses to average net assets<sup>(5)</sup> | 1.36% | 1.37% | 1.36% | 1.38% | 1.39% |
| Ratio of net investment income (loss) to average net assets<sup>(4)(5)</sup> | 0.75% | 0.34% | 0.63% | (0.04)% | 0.18% |
| Portfolio Turnover Rate | 226% | 108% | 178% | 49% | 2% |

---

(1) Per
share amounts calculated using the average shares method, which more appropriately presents the per share data for each year.

(2) Total
returns shown are historical in nature and assume changes in share price, reinvestment of dividends and distributions, if any, and exclude
the effect of applicable sales charges and redemption fees.

(3) Represents
the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the adviser.

(4) Recognition
of net investment income (loss) by the Fund is affected by the timing of declaration of dividends by the underlying investments in which
the Fund invests as well as timing of subscriptions and redemptions within each share class.

(5) Does
not include the expenses of other investment companies in which the Fund invests, as these expenses are included in the realized and
unrealized gain/(loss) on investments.

(6) Amount
represents less than $0.005 per share.

(7) Net
investment income (loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the year,
and may not accord with the aggregate income and loss in the Statements of Operations due to timing of shareholder transactions for the
year.

---

| |
|:---|
| ***HCM Sector Plus Fund*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout each Year |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Class A1** | **Year<br> Ended**<br>**June 30,<br>2025** | **Year<br> Ended**<br>**June 30,<br>2024** | **Year<br> Ended**<br>**June 30,<br>2023** | **Year<br> Ended**<br>**June 30,<br>2022** | **Year<br> Ended**<br>**June 30,<br>2021** |
| Net asset value, beginning of year | $20.88 | $17.95 | $17.35 | $19.16 | $12.04 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(1)</sup> | 0.06 | (0.03) | 0.03 | (0.07) | (0.09) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 1.02 | 3.82 | 1.86 | (1.74) | 7.21 |
| Total from investment operations | 1.08 | 3.79 | 1.89 | (1.81) | 7.12 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (2.63) | (0.86) | (1.29) |  |  |
| Total distributions | (2.63) | (0.86) | (1.29) |  |  |
| Paid-in-Capital From Redemption Fees |  |  |  |  | 0.00<sup>(6)</sup> |
| Net asset value, end of year | $19.33 | $20.88 | $17.95 | $17.35 | $19.16 |
| Total return<sup>(2)</sup> | 5.43% | 22.01% | 11.99% | (9.45)% | 59.14% |
| Net assets, at end of year (000s) | $6 | $6 | $7 | $6 | $5 |
| Ratio of gross expenses to average net assets<sup>(3)(5)</sup> | 1.76% | 1.77% | 1.76% | 1.78% | 1.79% |
| Ratio of net expenses to average net assets<sup>(5)</sup> | 1.76% | 1.77% | 1.76% | 1.78% | 1.79% |
| Ratio of net investment income (loss) to average net assets<sup>(4)(5)</sup> | 0.30% | (0.15)% | 0.20% | (0.33)% | (0.60)% |
| Portfolio Turnover Rate | 226% | 108% | 178% | 49% | 2% |

---

(1) Per
share amounts calculated using the average shares method, which more appropriately presents the per share data for each year.

(2) Total
returns shown are historical in nature and assume changes in share price, reinvestment of dividends and distributions, if any, and exclude
the effect of applicable sales charges and redemption fees.

(3) Represents
the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the adviser.

(4) Recognition
of net investment income (loss) by the Fund is affected by the timing of declaration of dividends by the underlying investments in which
the Fund invests as well as timing of subscriptions and redemptions within each share class.

(5) Does
not include the expenses of other investment companies in which the Fund invests, as these expenses are included in the realized and
unrealized gain/(loss) on investments.

(6) Amount
represents less than $0.005 per share.

---

| |
|:---|
| ***HCM Sector Plus Fund*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout each Year |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Investor Class** | **Year<br> Ended**<br>**June 30,<br>2025** | **Year<br> Ended**<br>**June 30,<br>2024** | **Year<br> Ended**<br>**June 30,<br>2023** | **Year<br> Ended**<br>**June 30,<br>2022** | **Year<br> Ended**<br>**June 30,<br>2021** |
| Net asset value, beginning of year | $19.77 | $17.14 | $16.72 | $18.58 | $11.73 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss<sup>(1)</sup> | (0.05)<sup>(7)</sup> | (0.11) | (0.06) | (0.17) | (0.14) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.96 | 3.60 | 1.77 | (1.69) | 6.99 |
| Total from investment operations | 0.91 | 3.49 | 1.71 | (1.86) | 6.85 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (2.63) | (0.86) | (1.29) |  |  |
| Total distributions | (2.63) | (0.86) | (1.29) |  |  |
| Paid-in-Capital From Redemption Fees |  |  |  | 0.00<sup>(6)</sup> | 0.00<sup>(6)</sup> |
| Net asset value, end of year | $18.05 | $19.77 | $17.14 | $16.72 | $18.58 |
| Total return<sup>(2)</sup> | 4.84% | 21.28% | 11.34% | (10.01)% | 58.40% |
| Net assets, at end of year (000s) | $604450 | $521965 | $369389 | $269388 | $205855 |
| Ratio of gross expenses to average net assets<sup>(3)(5)</sup> | 2.36% | 2.37% | 2.36% | 2.38% | 2.39% |
| Ratio of net expenses to average net assets<sup>(5)</sup> | 2.36% | 2.37% | 2.36% | 2.38% | 2.39% |
| Ratio of net investment loss to average net assets<sup>(4)(5)</sup> | (0.30)% | (0.68)% | (0.41)% | (0.89)% | (0.90)% |
| Portfolio Turnover Rate | 226% | 108% | 178% | 49% | 2% |

---

(1) Per
share amounts calculated using the average shares method, which more appropriately presents the per share data for each year.

(2) Total
returns shown are historical in nature and assume changes in share price, reinvestment of dividends and distributions, if any, and exclude
the effect of applicable sales charges and redemption fees.

(3) Represents
the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the adviser.

(4) Recognition
of net investment loss by the Fund is affected by the timing of declaration of dividends by the underlying investments in which the Fund
invests as well as timing of subscriptions and redemptions within each share class.

(5) Does
not include the expenses of other investment companies in which the Fund invests, as these expenses are included in the realized and
unrealized gain/(loss) on investments.

(6) Amount
represents less than $0.005 per share.

(7) Net
investment loss per share are balancing amounts necessary to reconcile the change in net asset value per share for the year, and may
not accord with the aggregate income and loss in the Statements of Operations due to timing of shareholder transactions for the year.

---

| |
|:---|
| ***HCM Multi-Asset Plus Fund*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout each Year |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Class A** | **Year<br> Ended**<br>**June 30,<br>2025** | **Year<br> Ended**<br>**June 30,<br>2024** | **Year<br> Ended**<br>**June 30,<br>2023** | **Year<br> Ended**<br>**June 30,<br>2022** | **Year<br> Ended**<br>**June 30,<br>2021** |
| Net asset value, beginning of year | $17.63 | $14.52 | $13.22 | $16.25 | $12.30 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(1)</sup> | 0.10 | 0.11 | 0.06 | (0.01) | 0.02 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 1.22 | 3.10 | 1.24 | (2.95) | 4.01 |
| Total from investment operations | 1.32 | 3.21 | 1.30 | (2.96) | 4.03 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.10) | (0.10) |  | (0.04) | (0.04) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  | (0.00)<sup>(6)</sup> |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (1.58) |  |  | (0.03) | (0.04) |
| Total distributions | (1.68) | (0.10) |  | (0.07) | (0.08) |
| Paid-in-Capital From Redemption Fees |  |  |  | 0.00<sup>(6)</sup> | 0.00<sup>(6)</sup> |
| Net asset value, end of year | $17.27 | $17.63 | $14.52 | $13.22 | $16.25 |
| Total return<sup>(2)</sup> | 7.77% | 22.19% | 9.83% | (18.28)% | 32.85% |
| Net assets, at end of year (000s) | $465667 | $468644 | $468047 | $565518 | $416354 |
| Ratio of gross expenses to average net assets<sup>(3)(4)</sup> | 1.33% | 1.34% | 1.35% | 1.35% | 1.38% |
| Ratio of net expenses to average net assets<sup>(4)</sup> | 1.33% | 1.34% | 1.35% | 1.35% | 1.38% |
| Ratio of net investment income (loss) to average net assets<sup>(4)(5)</sup> | 0.58% | 0.69% | 0.43% | (0.05)% | 0.19% |
| Portfolio Turnover Rate | 187% | 106% | 232% | 128% | 5% |

---

(1) Per
share amounts calculated using the average shares method, which more appropriately presents the per share data for each year.

(2) Total
returns shown are historical in nature and assume changes in share price, reinvestment of dividends and distributions, if any, and exclude
the effect of applicable sales charges and redemption fees.

(3) Represents
the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the adviser.

(4) Does
not include the expenses of other investment companies in which the Fund invests, as these expenses are included in the realized and
unrealized gain on investments.

(5) Recognition
of net investment income (loss) by the Fund is affected by the timing of declaration of dividends by the underlying investments in which
the Fund invests as well as timing of subscriptions and redemptions within each share class.

(6) Amount
represents less than $0.005 per share.

---

| |
|:---|
| ***HCM Multi-Asset Plus Fund*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout each Period |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Class I** | **Year<br> Ended**<br>**June 30,<br>2025** | **Year<br> Ended**<br>**June 30,<br>2024** | **Year<br> Ended**<br>**June 30,<br>2023** | **Year<br> Ended**<br>**June 30,<br>2022** | **Year<br> Ended**<br>**June 30,<br>2021** |
| Net asset value, beginning of year | $17.69 | $14.57 | $13.23 | $16.26 | $12.30 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(1)</sup> | 0.14 | 0.14 | 0.10 | 0.05 | (0.01) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 1.25 | 2.99 | 1.24 | (2.98) | 4.08 |
| Total from investment operations | 1.39 | 3.13 | 1.34 | (2.93) | 4.07 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.14) | (0.01) |  | (0.07) | (0.07) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  | (0.00)<sup>(6)</sup> |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (1.58) |  |  | (0.03) | (0.04) |
| Total distributions | (1.72) | (0.01) |  | (0.10) | (0.11) |
| Paid-in-Capital From Redemption Fees |  |  |  | 0.00<sup>(6)</sup> | 0.00<sup>(6)</sup> |
| Net asset value, end of year | $17.36 | $17.69 | $14.57 | $13.23 | $16.26 |
| Total return<sup>(2)</sup> | 8.19% | 22.49% | 10.13% | (18.12)% | 33.15% |
| Net assets, at end of year (000s) | $84608 | $86325 | $9838 | $4376 | $6600 |
| Ratio of gross expenses to average net assets<sup>(3)(4)</sup> | 1.08% | 1.09% | 1.10% | 1.10% | 1.13% |
| Ratio of net expenses to average net assets<sup>(4)</sup> | 1.08% | 1.09% | 1.10% | 1.10% | 1.13% |
| Ratio of net investment income (loss) to average net assets<sup>(4)(5)</sup> | 0.85% | 0.92% | 0.79% | 0.31% | (0.08)% |
| Portfolio Turnover Rate | 187% | 106% | 232% | 128% | 5% |

---

(1) Per
share amounts calculated using the average shares method, which more appropriately presents the per share data for each year.

(2) Total
returns shown are historical in nature and assume changes in share price, reinvestment of dividends and distributions, if any, and exclude
the effect of applicable sales charges and redemption fees.

(3) Represents
the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the adviser.

(4) Does
not include the expenses of other investment companies in which the Fund invests, as these expenses are included in the realized and
unrealized gain on investments.

(5) Recognition
of net investment income (loss) by the Fund is affected by the timing of declaration of dividends by the underlying investments in which
the Fund invests as well as timing of subscriptions and redemptions within each share class.

(6) Amount
represents less than $0.005 per share.

---

| |
|:---|
| ***HCM Multi-Asset Plus Fund*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout each Year |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Investor Class** | **Year<br> Ended**<br>**June 30,<br>2025** | **Year<br> Ended**<br>**June 30,<br>2024** | **Year<br> Ended**<br>**June 30,<br>2023** | **Year<br> Ended**<br>**June 30,<br>2022** | **Year<br> Ended**<br>**June 30,<br>2021** |
| Net asset value, beginning of year | $17.11 | $14.12 | $12.95 | $16.00 | $12.16 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss<sup>(1)</sup> | (0.03)<sup>(7)</sup> | (0.01)<sup>(7)</sup> | (0.03)<sup>(7)</sup> | (0.11) | (0.08) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 1.18 | 3.14 | 1.20 | (2.91) | 3.96 |
| Total from investment operations | 1.15 | 3.13 | 1.17 | (3.02) | 3.88 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.14) |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (1.58) |  |  | (0.03) | (0.04) |
| Total distributions | (1.58) | (0.14) |  | (0.03) | (0.04) |
| Paid-in-Capital From Redemption Fees |  |  |  | 0.00<sup>(6)</sup> | 0.00<sup>(6)</sup> |
| Net asset value, end of year | $16.68 | $17.11 | $14.12 | $12.95 | $16.00 |
| Total return<sup>(2)</sup> | 6.94% | 21.22% | 9.03% | (18.90)% | 31.93% |
| Net assets, at end of year (000s) | $198399 | $182813 | $143501 | $119876 | $97342 |
| Ratio of gross expenses to average net assets<sup>(3)(4)</sup> | 2.08% | 2.09% | 2.10% | 2.10% | 2.13% |
| Ratio of net expenses to average net assets<sup>(4)</sup> | 2.08% | 2.09% | 2.10% | 2.10% | 2.13% |
| Ratio of net investment loss to average net assets<sup>(4)(5)</sup> | (0.16)% | (0.06)% | (0.29)% | (0.75)% | (0.55)% |
| Portfolio Turnover Rate | 187% | 106% | 232% | 128% | 5% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Per
 share amounts calculated using the average shares method, which more appropriately presents
 the per share data for each year.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Total
 returns shown are historical in nature and assume changes in share price, reinvestment of
 dividends and distributions, if any, and exclude the effect of applicable sales charges and
 redemption fees.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Represents
 the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements
 by the adviser.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Does
 not include the expenses of other investment companies in which the Fund invests, as these
 expenses are included in the realized and unrealized gain on investments.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Recognition
 of net investment loss by the Fund is affected by the timing of declaration of dividends
 by the underlying investments in which the Fund invests as well as timing of subscriptions
 and redemptions within each share class.

&nbsp;&nbsp;&nbsp;&nbsp;(6) Amount
 represents less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(7) Net
 investment loss per share are balancing amounts necessary to reconcile the change in net
 asset value per share for the year, and may not accord with the aggregate income and loss
 in the Statements of Operations due to timing of shareholder transactions for the year.

---

| |
|:---|
| ***HCM Dynamic Income Fund*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout each Year |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Class A** | **Year<br> Ended**<br>**June 30,<br>2025** | **Year<br> Ended**<br>**June 30,<br>2024** | **Year<br> Ended**<br>**June 30,<br> 2023<sup>(1)</sup>** |
| Net asset value, beginning of year | $9.78 | $9.74 | $10.00 |
| Activity from investment operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(2)</sup> | 0.20 | 0.24 | 0.15 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.33 | 0.06 | (0.37) |
| Total from investment operations | 0.53 | 0.30 | (0.22) |
| Less distributions from: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.21) | (0.26) | (0.04) |
| Total distributions | (0.21) | (0.26) | (0.04) |
| Net asset value, end of year | $10.10 | $9.78 | $9.74 |
| Total return<sup>(3)</sup> | 5.50% | 2.97% | (2.16)% |
| Net assets, at end of year (000s) | $107378 | $109322 | $129341 |
| Ratio of gross expenses to average net assets<sup>(4)(5)</sup> | 1.86% | 1.88% | 1.92% |
| Ratio of net expenses to average net assets<sup>(5)</sup> | 1.86% | 1.88% | 1.92% |
| Ratio of net investment income to average net assets<sup>(5)(6)</sup> | 1.98% | 2.42% | 1.57% |
| Portfolio Turnover Rate | 201% | 179% | 298% |

---

(1) The
HCM Dynamic Income Fund's Class A shares commenced operations on June 30, 2022.

(2) Per
share amounts calculated using the average shares method, which more appropriately presents the per share data for each year.

(3) Total
returns shown are historical in nature and assume changes in share price, reinvestment of dividends and distributions, if any, and exclude
the effect of applicable sales charges and redemption fees.

(4) Represents
the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the adviser.

(5) Does
not include the expenses of other investment companies in which the Fund invests, as these expenses are included in the realized and
unrealized gain on investments.

(6) Recognition
of net investment income by the Fund is affected by the timing of declaration of dividends by the underlying investments in which the
Fund invests as well as timing of subscriptions and redemptions within each share class.

---

| |
|:---|
| ***HCM Dynamic Income Fund*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout each Year |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Class I** | **Year<br> Ended**<br>**June 30,<br>2025** | **Year<br> Ended**<br>**June 30,<br>2024** | **Year<br> Ended**<br>**June 30,<br> 2023<sup>(1)</sup>** |
| Net asset value, beginning of year | $9.77 | $9.74 | $10.00 |
| Activity from investment operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(2)</sup> | 0.22 | 0.24 | 0.03 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.35 | 0.07 | (0.24) |
| Total from investment operations | 0.57 | 0.31 | (0.21) |
| Less distributions from: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.24) | (0.28) | (0.05) |
| Total distributions | (0.24) | (0.28) | (0.05) |
| Net asset value, end of year | $10.10 | $9.77 | $9.74 |
| Total return<sup>(3)</sup> | 5.89% | 3.14% | (2.06)% |
| Net assets, at end of year (000s) | $14196 | $13879 | $4 |
| Ratio of gross expenses to average net assets<sup>(4)(5)</sup> | 1.61% | 1.62% | 1.66% |
| Ratio of net expenses to average net assets<sup>(5)</sup> | 1.61% | 1.62% | 1.66% |
| Ratio of net investment income to average net assets<sup>(5)(6)</sup> | 2.22% | 2.45% | 0.31% |
| Portfolio Turnover Rate | 201% | 179% | 298% |

---

(1) The
HCM Dynamic Income Fund's Class I shares commenced operations on June 30, 2022.

(2) Per
share amounts calculated using the average shares method, which more appropriately presents the per share data for each year.

(3) Total
returns shown are historical in nature and assume changes in share price, reinvestment of dividends and distributions, if any, and exclude
the effect of applicable sales charges and redemption fees.

(4) Represents
the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the adviser.

(5) Does
not include the expenses of other investment companies in which the Fund invests, as these expenses are included in the realized and
unrealized gain on investments.

(6) Recognition
of net investment income by the Fund is affected by the timing of declaration of dividends by the underlying investments in which the
Fund invests as well as timing of subscriptions and redemptions within each share class.

---

| |
|:---|
| ***HCM Dynamic Income Fund*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout each Year |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Investor Class** | **Year<br> Ended**<br>**June 30,<br>2025** | **Year<br> Ended**<br>**June 30,<br>2024** | **Year<br> Ended**<br>**June 30,<br> 2023<sup>(1)</sup>** |
| Net asset value, beginning of year | $9.72 | $9.74 | $10.00 |
| Activity from investment operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(2)</sup> | 0.12 | 0.08 | (0.23)<sup>(8)</sup> |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 0.34 | 0.18 | 0.02 |
| Total from investment operations | 0.46 | 0.26 | (0.21) |
| Less distributions from: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.16) | (0.28) | (0.05) |
| Total distributions | (0.16) | (0.28) | (0.05) |
| Net asset value, end of year | $10.02 | $9.72 | $9.74 |
| Total return<sup>(3)</sup> | 4.80% | 2.61% | (2.06)% |
| Net assets, at end of period (000s) | $16 | $15 | $10<sup>(7)</sup> |
| Ratio of gross expenses to average net assets<sup>(4)(5)</sup> | 2.61% | 2.62% | 2.67% |
| Ratio of net expenses to average net assets<sup>(5)</sup> | 2.61% | 2.62% | 2.67% |
| Ratio of net investment income (loss) to average net assets<sup>(5)(6)</sup> | 1.22% | 0.84% | (2.32)% |
| Portfolio Turnover Rate | 201% | 179% | 298% |

---

(1) The
HCM Dynamic Income Fund's Investor Class shares commenced operations on June 30, 2022.

(2) Per
share amounts calculated using the average shares method, which more appropriately presents the per share data for each year.

(3) Total
returns shown are historical in nature and assume changes in share price, reinvestment of dividends and distributions, if any, and exclude
the effect of applicable sales charges and redemption fees.

(4) Represents
the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the adviser.

(5) Does
not include the expenses of other investment companies in which the Fund invests, as these expenses are included in the realized and
unrealized gain on investments.

(6) Recognition
of net investment income (loss) by the Fund is affected by the timing of declaration of dividends by the underlying investments in which
the Fund invests as well as timing of subscriptions and redemptions within each share class.

(7) Actual
net assets, not truncated.

(8) Net
investment income (loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the year,
and may not accord with the aggregate income and loss in the Statements of Operations due to timing of shareholder transactions for the
year.

*Rev. June 2021*

**PRIVACY NOTICE**

---

| | | |
|:---|:---|:---|
| **FACTS** | **WHAT DOES NORTHERN LIGHTS FUND TRUST III DO WITH YOUR PERSONAL INFORMATION?** | **WHAT DOES NORTHERN LIGHTS FUND TRUST III DO WITH YOUR PERSONAL INFORMATION?** |
| **Why?** | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
| **What?** | The types of personal information we collect and share depend on the product or service you have with us. This information can include: | The types of personal information we collect and share depend on the product or service you have with us. This information can include: |
|  | &nbsp;&nbsp;&nbsp;&nbsp;■&nbsp;&nbsp;&nbsp;&nbsp; Social Security number<br>■&nbsp;&nbsp;&nbsp;&nbsp; Assets<br>■&nbsp;&nbsp;&nbsp;&nbsp; Retirement Assets<br>■&nbsp;&nbsp;&nbsp;&nbsp; Transaction History<br>■&nbsp;&nbsp;&nbsp;&nbsp; Checking Account Information | ■&nbsp;&nbsp;&nbsp;&nbsp; Purchase History<br>■&nbsp;&nbsp;&nbsp;&nbsp; Account Balances<br>■&nbsp;&nbsp;&nbsp;&nbsp; Account Transactions<br>■&nbsp;&nbsp;&nbsp;&nbsp; Wire Transfer Instructions |
|  | When you are *no longer* our customer, we continue to share your information as described in this notice. | When you are *no longer* our customer, we continue to share your information as described in this notice. |
| **How?** | All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons Northern Lights Fund Trust III chooses to share; and whether you can limit this sharing. | All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons Northern Lights Fund Trust III chooses to share; and whether you can limit this sharing. |

---

---

| | | |
|:---|:---|:---|
| **Reasons we can share <br> your personal information** | **Does Northern<br> Lights Fund<br> Trust III share?** | **Can you<br> limit this<br> sharing?** |
| **For our everyday business purposes –**<br> such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
| **For our marketing purposes –**<br> to offer our products and services to you | No | We don't share |
| **For joint marketing with other financial companies** | No | We don't share |
| **For our affiliates' everyday business purposes –**<br> information about your transactions and experiences | No | We don't share |
| **For our affiliates' everyday business purposes –**<br> information about your creditworthiness | No | We don't share |
| **For nonaffiliates to market to you** | No | We don't share |

---

---

| | |
|:---|:---|
| **Questions?** | Call **(631) 490-4300** |

---

---

| | |
|:---|:---|
| **Who we are** | **Who we are** |
| **Who is providing this notice?** | Northern Lights Fund Trust III |
| **What we do** | **What we do** |
| **How does Northern Lights Fund Trust III protect my personal information?** | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.<br>Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information. |
| **How does Northern Lights Fund Trust III collect my personal information?** | We collect your personal information, for example, when you<br>■ Open an account<br>■ Provide account information<br>■ Give us your contact information<br>■ Make deposits or withdrawals from your account<br>■ Make a wire transfer<br>■ Tell us where to send the money<br>■ Tells us who receives the money<br>■ Show your government-issued ID<br>■ Show your driver's license<br>We also collect your personal information from other companies. |
| **Why can't I <br> limit all sharing?** | Federal law gives you the right to limit only<br>■ Sharing for affiliates' everyday business purposes – information about your creditworthiness<br>■ Affiliates from using your information to market to you<br>■ Sharing for nonaffiliates to market to you<br>State laws and individual companies may give you additional rights to limit sharing. |
| **Definitions** | **Definitions** |
| **Affiliates** | Companies related by common ownership or control. They can be financial and nonfinancial companies.<br>■ *Northern Lights Fund Trust III does not share with our affiliates.* |
| **Nonaffiliates** | Companies not related by common ownership or control. They can be financial and nonfinancial companies<br>■ *Northern Lights Fund Trust III does not share with nonaffiliates so they can market to you.* |
| **Joint marketing** | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.<br>■ *Northern Lights Fund Trust III doesn't jointly market.* |

---

**<u>Appendix A: Intermediary-Specific Sales Charge Waivers and Discounts</u>** 

**Intermediary-Defined Sales Charge Waiver Policies**

The availability of certain initial or deferred sales charge waivers and discounts may depend on the particular financial intermediary or type of account through which you purchase or hold Fund shares.

Financial Intermediaries may have different policies and procedures regarding the availability of front-end sales load waivers or contingent deferred (back-end) sales load ("CDSC") waivers, which are discussed below. In all instances, it is the purchaser's responsibility to notify the funds or the purchaser's financial intermediary at the time of purchase of any relationship or other facts qualifying the purchaser for sales charge waivers or discounts. For waivers and discounts not available through a particular financial intermediary, shareholders will have to purchase fund shares directly from the funds or through another intermediary to receive these waivers or discounts.

**Robert W. Baird & Co. ("Baird")**

Effective June 15, 2020, shareholders purchasing fund shares through a Baird platform or account will only be eligible for the following sales charge waivers (front-end sales charge waivers and CDSC waivers) and discounts, which may differ from those disclosed elsewhere in this prospectus or the SAI

**Front-End Sales Charge Waivers on Investors A-shares Available at Baird**

● Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund

● Shares purchase by employees and registers representatives of Baird or its affiliate and their family members as designated by Baird

● Shares purchased using the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same accounts, and (3) redeemed shares were subject to a front-end or deferred sales charge (known as rights of reinstatement)

● Employer-sponsored retirement plans or charitable accounts in a transactional brokerage account at Baird, including 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs

**CDSC Waivers on Investor A shares Available at Baird**

● Shares sold due to death or disability of the shareholder

● Shares sold as part of a systematic withdrawal plan as described in the Fund's Prospectus

● Shares bought due to returns of excess contributions from an IRA Account

● Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable Internal Revenue Service regulations as described in the Fund's prospectus

● Shares sold to pay Baird fees but only if the transaction is initiated by Baird

● Shares acquired through a right of reinstatement

**Front-End Sales Charge Discounts Available at Baird: Breakpoints and/or Rights of Accumulations**

● Breakpoints as described in this prospectus

● Rights of accumulations which entitles shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of Fund assets held by accounts within the purchaser's household at Baird. Eligible Fund assets not held at Baird may be included in the rights of accumulations calculation only if the shareholder notifies his or her financial advisor about such assets

● Letters of Intent (LOI) allow for breakpoint discounts based on anticipated purchases of Funds through Baird, over a 13-month period of time

**Raymond James & Associates, Inc., Raymond James Financial Services, Inc. and each entity's affiliates ("Raymond James")**

Effective March 1, 2019, shareholders purchasing Fund shares through a Raymond James platform or through an introducing broker-dealer or independent registered investment adviser for which Raymond James provides trade execution, clearance, and/or custody services, will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in the Funds' Prospectus or SAI.

**Front-end sales load waivers on Class A shares available at Raymond James**

● Shares purchased in an investment advisory program.

● Shares purchased within the same fund family through a systematic reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same Fund (but not any other fund within the fund family).

● Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James.

● Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement).

● A shareholder in the Funds' Class C shares will have their shares converted at NAV to Class A shares of the Funds if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of Raymond James.

**CDSC Waivers on Classes A and C shares available at Raymond James**

● Death or disability of the shareholder.

● Shares sold as part of a systematic withdrawal plan as described in the Funds' Prospectus.

● Return of excess contributions from an IRA Account.

● Shares sold as part of a required minimum distribution for IRA and retirement

accounts due to the shareholder reaching the qualified age based on applicable IRS regulations as described in the Funds' Prospectus.

● Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James.

● Shares acquired through a right of reinstatement

**Front-end load discounts available at Raymond James: breakpoints, and/or rights of accumulation and/or letters of intent**

● Breakpoints as described in this Prospectus.

● Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at Raymond James. Eligible fund family assets not held at Raymond James may be included in the calculation of rights of accumulation only if the shareholder notifies his or her financial advisor about such assets.

● Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at Raymond James may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.

**HCM Sector Plus Fund**

**HCM Tactical Plus Fund**

**HCM Multi-Asset Plus Fund**

**HCM Dynamic Income Fund**

---

| | |
|:---|:---|
| **Adviser** | **Howard Capital Management, Inc.**<br> 1145 Hembree Road<br> Roswell, GA 30076 |
| **Independent<br> Registered Public<br> Accounting Firm** | **RSM US LLP**<br> 555 Seventeenth Street, Suite 1200<br> Denver, CO 80202 |
| **Custodian** | **Brown Brothers Harriman & Co.**<br> 50 Post Office Square<br> Boston, MA 02110 |
| **Distributor** | **Northern Lights Distributors, LLC**<br> 4221 North 203<sup>rd</sup> Street, Suite 100<br> Elkhorn, NE 68022 |
| **Legal Counsel** | **Thompson Hine LLP**<br> 41 South High Street, Suite 1700<br> Columbus, OH 43215 |
| **Transfer Agent** | **Ultimus Fund Solutions, LLC**<br> 225 Pictoria Drive, Suite 450<br> Cincinnati, OH 45246 |

---

Additional information about the Funds is included in the Funds' SAI dated November 1, 2025. The SAI is incorporated into this Prospectus by reference (i.e., legally made a part of this Prospectus). The SAI provides more details about the Funds' policies and management. Additional information about each Fund's investments is available in the Funds' Annual and Semi-Annual Reports to Shareholders. In the Funds' Annual Reports, you will find a discussion of the market conditions and investment strategies that significantly affected the Funds' performance during its last fiscal year.

To obtain a free copy of the SAI and the Annual and Semi-Annual Reports to Shareholders, or other information about the Funds, or to make shareholder inquiries about the Funds, please call 1-855-969-8464 or visit <u>www.howardcmfunds.com</u>. You may also write to:

**HCM Sector Plus Fund**

**HCM Tactical Plus Fund**

**HCM Multi-Asset Plus Fund**

**HCM Dynamic Income Fund**

c/o Ultimus Fund Solutions, LLC

225 Pictoria Drive, Suite 450

Cincinnati, OH 45246

Reports and other information about the Funds are available on the EDGAR Database on the SEC's Internet site at <u>http://www.sec.gov</u>. Copies of the information may be obtained, after paying a duplicating fee, by electronic request at the following E-mail address: <u>publicinfo@sec.gov</u>.

Investment Company Act File # 811-22655

---

| |
|:---|
| **HCM Sector Plus Fund** |
| (formerly, "HCM Dividend Sector Plus Fund") |
| Class A Shares HCMNX |
| Class A1 Shares HCMWX |
| Class I Shares HCMQX |
| Investor Class Shares HCMPX |
| **HCM Tactical Plus Fund** |
| (formerly, "HCM Tactical Growth Fund") |
| Class A Shares HCMGX |
| Class I Shares HCMIX |
| Investor Class Shares HCMDX |
| **HCM Multi-Asset Plus Fund** |
| (formerly, "HCM Income Plus Fund") |
| Class A Shares HCMEX |
| Class I Shares HCMLX |
| Investor Class Shares HCMKX |
| **HCM Dynamic Income Fund** |
| Class A Shares HCMBX |
| Class I Shares HCMUX |
| Investor Class Shares HCMFX |
| *each a series of Northern Lights Fund Trust III* |
| **STATEMENT OF ADDITIONAL INFORMATION** |
| **November 1, 2025** |

---

This Statement of Additional Information ("SAI") is not a Prospectus and should be read in conjunction with the Prospectus of the HCM Sector Plus Fund, HCM Tactical Plus Fund, HCM Multi-Asset Plus Fund and HCM Dynamic Income Fund (each one the "Fund", collectively, the "Funds") dated November 1, 2025, which is incorporated by reference into this SAI (i.e., legally made a part of this SAI). Copies may be obtained without charge by contacting the Funds' Transfer Agent, Ultimus Fund Solutions, LLC, 225 Pictoria Drive, Suite 450, Cincinnati, Ohio 45246 or by calling 1-855-969-8464. You may also obtain a prospectus by visiting the Funds' website at <u>www.howardcmfunds.com</u>.

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**THE FUNDS** | &nbsp;&nbsp;**1** |
| &nbsp;&nbsp;**INVESTMENTS AND RISKS** | &nbsp;&nbsp;**2** |
| &nbsp;&nbsp;**PORTFOLIO TURNOVER** | &nbsp;&nbsp;**25** |
| &nbsp;&nbsp;**INVESTMENT RESTRICTIONS** | &nbsp;&nbsp;**25** |
| &nbsp;&nbsp;**INVESTMENT ADVISER** | &nbsp;&nbsp;**27** |
| &nbsp;&nbsp;**PORTFOLIO MANAGER** | &nbsp;&nbsp;**29** |
| &nbsp;&nbsp;**ALLOCATION OF BROKERAGE** | &nbsp;&nbsp;**30** |
| &nbsp;&nbsp;**POLICIES AND PROCEDURES FOR DISCLOSURE OF PORTFOLIO HOLDINGS** | &nbsp;&nbsp;**32** |
| &nbsp;&nbsp;**OTHER SERVICE PROVIDERS** | &nbsp;&nbsp;**34** |
| &nbsp;&nbsp;**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** | &nbsp;&nbsp;**36** |
| &nbsp;&nbsp;**LEGAL COUNSEL** | &nbsp;&nbsp;**36** |
| &nbsp;&nbsp;**DISTRIBUTOR** | &nbsp;&nbsp;**37** |
| &nbsp;&nbsp;**DESCRIPTION OF SHARES** | &nbsp;&nbsp;**39** |
| &nbsp;&nbsp;**CODE OF ETHICS** | &nbsp;&nbsp;**39** |
| &nbsp;&nbsp;**PROXY VOTING POLICIES** | &nbsp;&nbsp;**40** |
| &nbsp;&nbsp;**PURCHASE, REDEMPTION AND PRICING OF FUND SHARES** | &nbsp;&nbsp;**40** |
| &nbsp;&nbsp;**TAX STATUS** | &nbsp;&nbsp;**44** |
| &nbsp;&nbsp;**ANTI-MONEY LAUNDERING PROGRAM** | &nbsp;&nbsp;**51** |
| &nbsp;&nbsp;**CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES** | &nbsp;&nbsp;**51** |
| &nbsp;&nbsp;**MANAGEMENT** | &nbsp;&nbsp;**54** |
| &nbsp;&nbsp;**FINANCIAL STATEMENTS** | &nbsp;&nbsp;**59** |
| &nbsp;&nbsp;**APPENDIX A – BOND RATINGS** | &nbsp;&nbsp;**60** |
| &nbsp;&nbsp;**APPENDIX B – PROXY VOTING POLICIES AND PROCEDURES** | &nbsp;&nbsp;**62** |

---

**THE FUNDS**

The Funds are each a diversified series of Northern Lights Fund Trust III, a Delaware statutory trust organized on December 5, 2011 (the "Trust"). The Trust is registered as an open-end management investment company. The Trust is governed by its Board of Trustees (the "Board").

The Funds may issue an unlimited number of shares of beneficial interest. All shares of each Fund have equal rights and privileges. Each share of each Fund is entitled to one vote on all matters as to which shares are entitled to vote. In addition, each share of each Fund is entitled to participate equally with other shares, on a class-specific basis, (i) in dividends and distributions declared by the Funds and (ii) on liquidation to its proportionate share of the assets remaining after satisfaction of outstanding liabilities. Shares of the Funds are fully paid, non-assessable and fully transferable and have no pre-emptive, conversion or exchange rights. Fractional shares have proportionately the same rights, including voting rights, as are provided for a full share.

Howard Capital Management, Inc. (the "Adviser") is the Funds' investment adviser. The Funds' investment objectives, restrictions and policies are more fully described here and in the Prospectus. The Board may start other series and offer shares of a new fund under the Trust at any time.

The HCM Sector Plus Fund offers five classes of shares: Class A shares, Class A1 shares, Class I shares, Investor Class shares and Class R shares. Class R shares are not currently available for sale. The HCM Tactical Plus Fund offers four classes of shares: Class A shares, Investor Class shares, Class I shares and Class R shares. Class R shares are not currently available for sale. Investor Class shares were formerly known as Class C shares. The HCM Multi-Asset Plus Fund offers three classes of shares: Class A shares, Class I shares, and Investor Class shares. The HCM Dynamic Income Fund offers three classes of shares: Class A shares, Class I shares, and Investor Class shares. Each share class represents an interest in the same assets of each Fund, has the same rights and is identical in all material respects except that (i) each class of shares may be subject to different (or no) sales loads; (ii) each class of shares may bear different (or no) distribution fees; (iii) each class of shares may have different shareholder features, such as minimum investment amounts; (iv) certain other class-specific expenses will be borne solely by the class to which such expenses are attributable, including transfer agent fees attributable to a specific class of shares, printing and postage expenses related to preparing and distributing materials to current shareholders of a specific class, registration fees paid by a specific class of shares, the expenses of administrative personnel and services required to support the shareholders of a specific class, litigation or other legal expenses relating to a class of shares, Board fees or expenses paid as a result of issues relating to a specific class of shares and accounting fees and expenses relating to a specific class of shares and (v) each class has exclusive voting rights with respect to matters relating to its own distribution arrangements. The Board may classify and reclassify the shares of each Fund into additional classes of shares at a future date.

Under the Trust's Agreement and Declaration of Trust, each Trustee will continue in office until the termination of the Trust or his/her earlier death, incapacity, resignation or removal. Shareholders can remove a Trustee to the extent provided by the Investment Company Act of 1940, as amended (the "1940 Act") and the rules and regulations promulgated thereunder. Vacancies may be filled by a majority of the remaining Trustees, except insofar as the 1940 Act may require the election by shareholders. As a result, no annual or regular meetings of shareholders will be held unless matters arise requiring a vote of shareholders under the Agreement and Declaration of Trust or the 1940 Act.

**INVESTMENTS AND RISKS**

The investment objectives of the Funds and the descriptions of the Funds' principal investment strategies are set forth under "Investment Objective", "Principal Investment Strategies", and "Principal Investment Risks" in the Prospectus. Each Fund's investment objective is not fundamental and may be changed without the approval of a majority of the outstanding voting securities of the Trust.

The following pages contain more detailed information about the types of instruments in which the Funds may invest, directly or indirectly, strategies the Adviser may employ in pursuit of the Funds' investment objective and a summary of related risks.

Equity Securities

Equity securities in which the Funds invest include common stocks, preferred stocks and securities convertible into common stocks, such as convertible bonds, warrants, rights and options. The value of equity securities varies in response to many factors, including the activities and financial condition of individual companies, the business market in which individual companies compete and general market and economic conditions. Equity securities fluctuate in value, often based on factors unrelated to the value of the issuer of the securities, and such fluctuations can be significant.

*Common Stock*

Common stock represents an equity (ownership) interest in a company, and usually possesses voting rights and earns dividends. Dividends on common stock are not fixed but are declared at the discretion of the issuer. Common stock generally represents the riskiest investment in a company. In addition, common stock generally has the greatest appreciation and depreciation potential because increases and decreases in earnings are usually reflected in a company's stock price.

*Preferred Stock*

The Funds may invest in preferred stock with no minimum credit rating. Preferred stock is a class of stock having a preference over common stock as to the payment of dividends and the recovery of investment should a company be liquidated, although preferred stock is usually junior to the debt securities of the issuer. Preferred stock typically does not possess voting rights and its market value may change based on changes in interest rates.

The fundamental risk of investing in common and preferred stock is the risk that the value of the stock might decrease. Stock values fluctuate in response to the activities of an individual company or in response to general market and/or economic conditions. Historically, common stocks have provided greater long-term returns and have entailed greater short-term risks than preferred stocks, fixed-income securities and money market investments. The market value of all securities, including common and preferred stocks, is based upon the market's perception of value and not necessarily the book value of an issuer or other objective measures of a company's worth.

Fixed Income/Debt/Bond Securities

Yields on fixed income securities are dependent on a variety of factors, including the general conditions of the money market and other fixed income securities markets, the size of a particular offering, the maturity of the obligation and the rating of the issue. An investment in the Funds will be subjected to risk even if all fixed income securities in the Funds' portfolios are paid in full at maturity. All fixed income securities, including U.S. government securities, can change in value when there is a

change in interest rates or the issuer's actual or perceived creditworthiness or ability to meet its obligations.

There is normally an inverse relationship between the market value of securities sensitive to prevailing interest rates and actual changes in interest rates. In other words, an increase in interest rates produces a decrease in market value. The longer the remaining maturity (and duration) of a security, the greater will be the effect of interest rate changes on the market value of that security. Changes in the ability of an issuer to make payments of interest and principal and in the market's perception of an issuer's creditworthiness will also affect the market value of the debt securities of that issuer. Obligations of issuers of fixed income securities (including municipal securities) are subject to the provisions of bankruptcy, insolvency, and other laws affecting the rights and remedies of creditors, such as the Federal Bankruptcy Reform Act of 1978. In addition, the obligations of municipal issuers may become subject to laws enacted in the future by Congress, state legislatures, or referenda extending the time for payment of principal and/or interest, or imposing other constraints upon enforcement of such obligations or upon the ability of municipalities to levy taxes. Changes in the ability of an issuer to make payments of interest and principal and in the market's perception of an issuer's creditworthiness will also affect the market value of the debt securities of that issuer. The possibility exists, therefore, that, the ability of any issuer to pay, when due, the principal of and interest on its debt securities may become impaired.

The corporate debt securities in which the Funds may invest include corporate bonds and notes and short-term investments such as commercial paper and variable rate demand notes. Commercial paper (short-term promissory notes) is issued by companies to finance their or their affiliate's current obligations and is frequently unsecured. Variable and floating rate demand notes are unsecured obligations typically redeemable upon not more than 30 days' notice. These obligations include master demand notes that permit investment of fluctuating amounts at varying rates of interest pursuant to a direct arrangement with the issuer of the instrument. The issuer of these obligations often has the right, after a given period, to prepay the outstanding principal amount of the obligations upon a specified number of days' notice. These obligations generally are not traded, nor generally is there an established secondary market for these obligations. To the extent a demand note does not have a 7-day or shorter demand feature and there is no readily available market for the obligation, it is treated as an illiquid investment.

The Funds may invest in sovereign bonds. Sovereign bonds involve special risks not present in corporate bonds. The governmental authority that controls the repayment of the bonds may be unable or unwilling to make interest payments and/or repay the principal on its bonds. If an issuer of sovereign bonds defaults on payments of principal and/or interest, the Funds may have limited recourse against the issuer. In the past, certain governments of emerging market countries have declared themselves unable to meet their financial obligations on a timely basis, which has resulted in losses to holders of such government's debt.

A sovereign debtor's willingness or ability to repay principal and pay interest in a timely manner may be affected by, among other factors, its cash flow situation, the extent of its foreign currency reserves, the availability of sufficient foreign exchange, the relative size of the debt service burden, the sovereign debtor's policy toward principal international lenders and local political constraints. Sovereign debtors may also be dependent on expected disbursements from foreign governments, multilateral agencies and other entities to reduce principal and interest arrearages on their debt. The failure of a sovereign debtor to implement economic reforms, achieve specified levels of economic performance or repay principal or interest when due may result in the cancellation of third-party

commitments to lend funds to the sovereign debtor, which may further impair such debtor's ability or willingness to service its debts.

The Funds may invest in debt securities, including non-investment grade debt securities. The following describes some of the risks associated with fixed income debt securities:

*Interest Rate Risk*. Debt securities have varying levels of sensitivity to changes in interest rates. In general, the price of a debt security can fall when interest rates rise and can rise when interest rates fall. Securities with longer maturities and mortgage securities can be more sensitive to interest rate changes although they usually offer higher yields to compensate investors for the greater risks. The longer the maturity of the security, the greater the impact a change in interest rates could have on the security's price. In addition, short-term and long-term interest rates do not necessarily move in the same amount or the same direction. Short-term securities tend to react to changes in short-term interest rates and long-term securities tend to react to changes in long-term interest rates.

*Credit Risk*. Fixed income securities have speculative characteristics and changes in economic conditions or other circumstances are more likely to lead to a weakened capacity of those issuers to make principal or interest payments, as compared to issuers of more highly rated securities.

*Extension Risk*. The Funds are subject to the risk that an issuer will exercise its right to pay principal on an obligation held by the Funds (such as mortgage-backed securities) later than expected. This may happen when there is a rise in interest rates. These events may lengthen the duration (i.e., interest rate sensitivity) and potentially reduce the value of these securities.

*Prepayment Risk*. Certain types of debt securities, such as mortgage-backed securities, have yield and maturity characteristics corresponding to underlying assets. Unlike traditional debt securities, which may pay a fixed rate of interest until maturity when the entire principal amount comes due, payments on certain mortgage-backed securities may include both interest and a partial payment of principal. Besides the scheduled repayment of principal, payments of principal may result from the voluntary prepayment, refinancing, or foreclosure of the underlying mortgage loans.

Securities subject to prepayment are less effective than other types of securities as a means of "locking in" attractive long-term interest rates. One reason is the need to reinvest prepayments of principal; another is the possibility of significant unscheduled prepayments resulting from declines in interest rates. These prepayments would have to be reinvested at lower rates. As a result, these securities may have less potential for capital appreciation during periods of declining interest rates than other securities of comparable maturities, although they may have a similar risk of decline in market value during periods of rising interest rates. Prepayments may also significantly shorten the effective maturities of these securities, especially during periods of declining interest rates. Conversely, during periods of rising interest rates, a reduction in prepayments may increase the effective maturities of these securities, subjecting them to a greater risk of decline in market value in response to rising interest rates than traditional debt securities, and, therefore, potentially increasing the volatility of the Funds.

At times, some of the mortgage-backed securities in which the Funds may invest will have higher than market interest rates and therefore will be purchased at a premium above their par value. Prepayments may cause losses in securities purchased at a premium, as unscheduled prepayments, which are made at par, will cause the Funds to experience a loss equal to any unamortized premium.

Certificates of Deposit and Bankers' Acceptances

Certificates of deposit are receipts issued by a depository institution in exchange for the deposit of funds. The issuer agrees to pay the amount deposited plus interest to the bearer of the receipt on the date specified on the certificate. The certificate usually can be traded in the secondary market prior to maturity.

The Funds may invest in insured bank obligations. The Federal Deposit Insurance Corporation ("FDIC") insures the deposits of federally insured banks and savings and loan associations (collectively referred to as "banks") up to $250,000. The Funds may purchase bank obligations that are fully insured as to principal by the FDIC. Currently, to remain fully insured as to principal, these investments must be limited to $250,000 per bank; if the principal amount and accrued interest together exceed $250,000, the excess principal and accrued interest will not be insured. Insured bank obligations may have limited marketability.

Bankers' acceptances typically arise from short-term credit arrangements designed to enable businesses to obtain funds to finance commercial transactions. Generally, an acceptance is a time draft drawn on a bank by an exporter or an importer to obtain a stated amount of funds to pay for specific merchandise. The draft is then "accepted" by a bank that, in effect, unconditionally guarantees to pay the face value of the instrument on its maturity date. The acceptance may then be held by the accepting bank as an earning asset or it may be sold in the secondary market at the going rate of discount for a specific maturity. Although maturities for acceptances can be as long as 270 days, most acceptances have maturities of six months or less.

Time Deposits and Variable Rate Notes

The Funds may invest in fixed time deposits, whether or not subject to withdrawal penalties. The commercial paper obligations, which each Fund may buy are unsecured and may include variable rate notes. The nature and terms of a variable rate note (i.e., a "Master Note") permit the Funds to invest fluctuating amounts at varying rates of interest pursuant to a direct arrangement between each Fund as lender, and the issuer, as borrower. It permits daily changes in the amounts borrowed. Each Fund has the right at any time to increase, up to the full amount stated in the note agreement, or to decrease the amount outstanding under the note. The issuer may prepay at any time and without penalty any part of or the full amount of the note. The note may or may not be backed by one or more bank letters of credit. Because these notes are direct lending arrangements between the Funds and the issuer, it is not generally contemplated that they will be traded; moreover, there is currently no secondary market for them. Except as specifically provided in the Prospectus, there is no limitation on the type of issuer from whom these notes may be purchased; however, in connection with such purchase and on an ongoing basis, the Adviser will consider the earning power, cash flow and other liquidity ratios of the issuer, and its ability to pay principal and interest on demand, including a situation in which all holders of such notes made demand simultaneously. Variable rate notes are subject to the Funds' investment restriction on illiquid investments unless such notes can be put back to the issuer on demand within seven days.

Commercial Paper

The Funds may purchase commercial paper. Commercial paper consists of short-term (usually from 1 to 270 days) unsecured promissory notes issued by corporations in order to finance their current operations. It may be secured by letters of credit, a surety bond or other forms of collateral. Commercial paper is usually repaid at maturity by the issuer from the proceeds of the issuance of new commercial

paper. As a result, investment in commercial paper is subject to the risk the issuer cannot issue enough new commercial paper to satisfy its outstanding commercial paper, also known as rollover risk. Commercial paper may become illiquid or may suffer from reduced liquidity in certain circumstances. Like all fixed income securities, commercial paper prices are susceptible to fluctuations in interest rates. If interest rates rise, commercial paper prices will decline. The short-term nature of a commercial paper investment makes it less susceptible to interest rate risk than many other fixed income securities because interest rate risk typically increases as maturity lengths increase. Commercial paper tends to yield smaller returns than longer-term corporate debt because securities with shorter maturities typically have lower effective yields than those with longer maturities. As with all fixed income securities, there is a chance that the issuer will default on its commercial paper obligation.

Repurchase Agreements

The Funds may enter into repurchase agreements. In a repurchase agreement, an investor (such as each Fund) purchases a security (known as the "underlying security") from a securities dealer or bank. Any such dealer or bank must be deemed creditworthy by the Adviser. At that time, the bank or securities dealer agrees to repurchase the underlying security at a mutually agreed upon price on a designated future date. The repurchase price may be higher than the purchase price, the difference being income to each Fund, or the purchase and repurchase prices may be the same, with interest at an agreed upon rate due to each Fund on repurchase. In either case, the income to each Fund generally will be unrelated to the interest rate on the underlying securities. Repurchase agreements must be "fully collateralized," in that the market value of the underlying securities (including accrued interest) must at all times be equal to or greater than the repurchase price. Therefore, a repurchase agreement can be considered a loan collateralized by the underlying securities.

Repurchase agreements are generally for a short period of time, often less than a week, and will generally be used by each Fund to invest excess cash or as part of a temporary defensive strategy. Repurchase agreements that do not provide for payment within seven days will be treated as illiquid investments. In the event of a bankruptcy or other default by the seller of a repurchase agreement, each Fund could experience both delays in liquidating the underlying security and losses. These losses could result from: (a) possible decline in the value of the underlying security while each Fund is seeking to enforce its rights under the repurchase agreement; (b) possible reduced levels of income or lack of access to income during this period; and (c) expenses of enforcing its rights.

High Yield Securities

The Funds may invest in high yield securities. High yield, high risk bonds are securities that are generally rated below investment grade by the primary rating agencies (BB+ or lower by S&P and Ba1 or lower by Moody's). Other terms used to describe such securities include "lower rated bonds," "non-investment grade bonds," "below investment grade bonds," and "junk bonds." These securities are considered to be high-risk investments. The risks include the following:

*Greater Risk of Loss*. These securities are regarded as predominately speculative. There is a greater risk that issuers of lower rated securities will default than issuers of higher rated securities. Issuers of lower rated securities generally are less creditworthy and may be highly indebted, financially distressed, or bankrupt. These issuers are more vulnerable to real or perceived economic changes, political changes or adverse industry developments. In addition, high yield securities are frequently subordinated to the prior payment of senior indebtedness. If an issuer fails to pay principal or interest, each Fund would experience a decrease in income and a decline in the market value of its investments.

*Sensitivity to Interest Rate and Economic Changes*. The income and market value of lower-rated securities may fluctuate more than higher rated securities. Although non-investment grade securities tend to be less sensitive to interest rate changes than investment grade securities, non-investment grade securities are more sensitive to short-term corporate, economic and market developments. During periods of economic uncertainty and change, the market price of the investments in lower-rated securities may be volatile. The default rate for high yield bonds tends to be cyclical, with defaults rising in periods of economic downturn.

*Valuation Difficulties*. It is often more difficult to value lower rated securities than higher rated securities. If an issuer's financial condition deteriorates, accurate financial and business information may be limited or unavailable. In addition, the lower rated investments may be thinly traded and there may be no established secondary market. Because of the lack of market pricing and current information for investments in lower rated securities, valuation of such investments is much more dependent on judgment than is the case with higher rated securities.

*Liquidity*. There may be no established secondary or public market for investments in lower rated securities. Such securities are frequently traded in markets that may be relatively less liquid than the market for higher rated securities. In addition, relatively few institutional purchasers may hold a major portion of an issue of lower-rated securities at times. As a result, the Funds may be required to sell investments at substantial losses or retain them indefinitely when an issuer's financial condition is deteriorating.

*Credit Quality*. Credit quality of non-investment grade securities can change suddenly and unexpectedly, and even recently-issued credit ratings may not fully reflect the actual risks posed by a particular high-yield security.

*New Legislation*. Future legislation may have a possible negative impact on the market for high yield, high risk bonds. New legislation, if enacted, could have a material negative effect on the Fund's investments in lower rated securities.

*High yield*. High risk investments may include the following:

*Straight fixed-income debt securities*. These include bonds and other debt obligations that bear a fixed or variable rate of interest payable at regular intervals and have a fixed or resettable maturity date. The particular terms of such securities vary and may include features such as call provisions and sinking funds.

*Zero-coupon debt securities*. These bear no interest obligation but are issued at a discount from their value at maturity. When held to maturity, their entire return equals the difference between their issue price and their maturity value.

*Zero-fixed-coupon debt securities*. These are zero-coupon debt securities that convert on a specified date to interest-bearing debt securities.

*Pay-in-kind bonds*. These are bonds which allow the issuer, at its option, to make current interest payments on the bonds either in cash or in additional bonds. These are bonds sold without registration under the Securities Act of 1933, as amended (the "Securities Act"), usually to a relatively small number of institutional investors.

*Convertible Securities*. These are bonds or preferred stock that may be converted to common stock.

*Preferred Stock*. These are stocks that generally pay a dividend at a specified rate and have preference over common stock in the payment of dividends and in liquidation.

*Loan Participations and Assignments*. These are participations in, or assignments of all or a portion of loans to corporations or to governments, including governments of less developed countries.

*Securities issued in connection with Reorganizations and Corporate Restructurings*. In connection with reorganizing or restructuring of an issuer, an issuer may issue common stock or other securities to holders of its debt securities. The Funds may hold such common stock and other securities even if it does not invest in such securities.

Municipal Government Obligations

In general, municipal obligations are debt obligations issued by or on behalf of states, territories and possessions of the United States (including the District of Columbia) and their political subdivisions, agencies and instrumentalities. Municipal obligations generally include debt obligations issued to obtain funds for various public purposes. Certain types of municipal obligations are issued in whole or in part to obtain funding for privately operated facilities or projects. Municipal obligations include general obligation bonds, revenue bonds, industrial development bonds, notes and municipal lease obligations. Municipal obligations also include additional obligations, the interest on which is exempt from federal income tax, that may become available in the future as long as the Board determines that an investment in any such type of obligation is consistent with the Funds' investment objectives. Municipal obligations may be fully or partially backed by local government, the credit of a private issuer, current or anticipated revenues from a specific project or specific assets or domestic or foreign entities providing credit support such as letters of credit, guarantees or insurance.

*Bonds and Notes*. General obligation bonds are secured by the issuer's pledge of its full faith, credit and taxing power for the payment of interest and principal. Revenue bonds are payable only from the revenues derived from a project or facility or from the proceeds of a specified revenue source. Industrial development bonds are generally revenue bonds secured by payments from and the credit of private users. Municipal notes are issued to meet the short-term funding requirements of state, regional and local governments. Municipal notes include tax anticipation notes, bond anticipation notes, revenue anticipation notes, tax and revenue anticipation notes, construction loan notes, short-term discount notes, tax-exempt commercial paper, demand notes and similar instruments.

*Municipal Lease Obligations*. Municipal lease obligations may take the form of a lease, an installment purchase or a conditional sales contract. They are issued by state and local governments and authorities to acquire land, equipment and facilities, such as vehicles, telecommunications and computer equipment and other capital assets. The Funds may invest in Underlying Funds that purchase these lease obligations directly, or it may purchase participation interests in such lease obligations (See "Participation Interests" section). States have different requirements for issuing municipal debt and issuing municipal leases. Municipal leases are generally subject to greater risks than general obligation or revenue bonds because they usually contain a "non-appropriation" clause, which provides that the issuer is not obligated to make payments on the obligation in future years unless funds have been appropriated for this purpose each year. Such non-appropriation clauses are required to avoid the municipal lease obligations from being treated as debt for state debt restriction purposes. Accordingly, such obligations are subject to "non-appropriation" risk. Municipal leases may be secured

by the underlying capital asset and it may be difficult to dispose of any such asset in the event of non-appropriation or other default.

Master Limited Partnerships ("MLPs")

An MLP is an entity that is generally taxed as a partnership for federal income tax purposes and that derives each year at least 90% of its gross income from "Qualifying Income." Qualifying Income for MLPs includes interest, dividends, real estate rents, gain from the sale or disposition of real property, income and gain from commodities or commodity futures, and income and gain from mineral or natural resources activities that generate Qualifying Income. MLP interests (known as units) are traded on securities exchanges or over-the-counter. An MLP's organization as a partnership and compliance with the Qualifying Income rules generally eliminates federal tax at the entity level.

An MLP has one or more general partners (who may be individuals, corporations, or other partnerships) which manage the partnership, and limited partners, which provide capital to the partnership but have no role in its management. Typically, the general partner is owned by company management or another publicly traded sponsoring corporation. When an investor buys units in an MLP, the investor becomes a limited partner.

MLPs are formed in several ways. A nontraded partnership may decide to go public. Several nontraded partnerships may roll up into a single MLP. A corporation may spin-off a group of assets or part of its business into an MLP of which it is the general partner, to realize the assets' full value on the marketplace by selling the assets and using the cash proceeds received from the MLP to address debt obligations or to invest in higher growth opportunities, while retaining control of the MLP. A corporation may fully convert to an MLP, although since 1986 the tax consequences have made this an unappealing option for most corporations. Unlike the ways described above, it is also possible for a newly formed entity to commence operations as an MLP from its inception.

The sponsor or general partner of an MLP, other energy companies, and utilities may sell assets to MLPs in order to generate cash to fund expansion projects or repay debt. The MLP structure essentially transfers cash flows generated from these acquired assets directly to MLP limited partner unitholders.

In the case of an MLP buying assets from its sponsor or general partner the transaction is intended to be based upon comparable terms in the acquisition market for similar assets. To help ensure that appropriate protections are in place, the board of the MLP generally creates an independent committee to review and approve the terms of the transaction. The committee often obtains a fairness opinion and can retain counsel or other experts to assist its evaluation. Since both parties normally have a significant equity stake in the MLP, both parties are aligned to see that the transaction is accretive and fair to the MLP.

As a motivation for the general partner to successfully manage the MLP and increase cash flows, the terms of MLPs typically provide that the general partner receives a larger portion of the net income as distributions reach higher target levels. As cash flow grows, the general partner receives a greater interest in the incremental income compared to the interest of limited partners. Although the percentages vary among MLPs, the general partner's marginal interest in distributions generally increases from 2% to 15% at the first designated distribution target level moving up to 25% and ultimately 50% as pre-established distribution per unit thresholds are met. Nevertheless, the aggregate amount distributed to limited partners will increase as MLP distributions reach higher target levels.

Given this incentive structure, the general partner has an incentive to streamline operations and undertake acquisitions and growth projects in order to increase distributions to all partners.

Because the MLP itself generally does not pay federal income tax, its income or loss is allocated to its investors, irrespective of whether the investors receive any cash payment or other distributions from the MLP. An MLP typically makes quarterly cash distributions. Although they resemble corporate dividends, MLP distributions are treated differently for tax purposes. The MLP distribution is treated as a return of capital to the extent of the investor's basis in his MLP interest and, to the extent the distribution exceeds the investor's basis in the MLP, generally as capital gain. The investor's original basis is the price paid for the units. The basis is adjusted downwards with each distribution and allocation of deductions (such as depreciation) and losses, and upwards with each allocation of taxable income and gain. If a Fund keeps MLP investments until the basis is zero, subsequent distributions will be taxable to the Fund at ordinary income rates and shareholders may receive a corrected 1099.

The partner will not incur federal income tax on distributions until: (1) he sells his MLP units and pays tax on his gain, which gain is increased due to the basis decrease due to prior distributions; or (2) his basis reaches zero. When the units are sold, the difference between the sales price and the investor's adjusted basis is gain or loss for federal income tax purposes.

The business of certain MLPs is affected by supply and demand for energy commodities because such MLPs derive revenue and income based upon the volume of the underlying commodity produced, transported, processed, distributed, and/or marketed. Pipeline MLPs have indirect commodity exposure to gas and oil price volatility because although they do not own the underlying energy commodity, the general level of commodity prices may affect the volume of the commodity that the MLP delivers to its customers and the cost of providing services such as distributing natural gas liquids. The costs of natural gas pipeline MLPs to perform services may exceed the negotiated rates under "negotiated rate" contracts. Specifically, processing MLPs may be directly affected by energy commodity prices. Propane MLPs own the underlying energy commodity, and therefore have direct exposure to energy commodity prices, although the Adviser intends to target high quality MLPs that seek to mitigate or manage direct margin exposure to commodity prices. However, the MLP industry in general could be hurt by market perception that an MLP's performance and valuation are directly tied to commodity prices.

Real Estate Investment Trusts ("REITs")

The Funds may invest in the equity securities of REITs focused on the energy industry. A REIT is a corporation or business trust that invests in real estate and derives its income from rents or sales of real property or interest on loans secured by mortgages on real property. The market value of REITs may be affected by numerous factors, including decreases in the value of real estate, vacancies, decreases in lease rates, defaults by lessees, changes in the tax laws or by their inability to qualify for the tax-free pass-through of their income.

Energy Trust Securities

The Funds may invest in U.S. royalty trusts. U.S. royalty trusts are generally not subject to U.S. federal corporate income taxation at the trust or entity level. Instead, each unitholder of the U.S. royalty trust is required to take into account its share of all items of the U.S. royalty trust's income, gain, loss, deduction and expense. It is possible that a Fund's share of taxable income from a U.S. royalty trust may exceed the cash actually distributed to it from the U.S. royalty trust in a given year. In such a case, each Fund will have less after-tax cash available for distribution to shareholders.

Exchange-Traded Notes ("ETNs")

The Funds may invest in ETNs, which are senior, unsecured, unsubordinated debt securities whose returns are linked to the performance of a particular market benchmark or strategy, minus applicable fees. ETNs are traded on an exchange (e.g., the New York Stock Exchange) during normal trading hours; however, investors also can hold ETNs until they mature. At maturity, the issuer pays to the investor a cash amount equal to the principal amount, subject to the day's market benchmark or strategy factor. ETNs do not make periodic coupon payments or provide principal protection. ETNs are subject to credit risk, including the credit risk of the issuer, and the value of the ETN may drop due to a downgrade in the issuer's credit rating, despite the underlying market benchmark or strategy remaining unchanged. The value of an ETN also may be influenced by time to maturity, level of supply and demand for the ETN, volatility and lack of liquidity in underlying assets, changes in the applicable interest rates, changes in the issuer's credit rating, and economic, legal, political, or geographic events that affect the referenced underlying asset. When the Funds invest in ETNs, they will bear their proportionate share of any fees and expenses borne by the ETN. A decision by the Funds to sell ETN holdings may be limited by the availability of a secondary market. In addition, although an ETN may be listed on an exchange, the issuer may not be required to maintain the listing, and there can be no assurance that a secondary market will exist for an ETN.

ETNs also are subject to tax risk. No assurance can be given that the IRS will accept, or a court will uphold, how the Funds characterize and treat ETNs for tax purposes.

An ETN that is tied to a specific market benchmark or strategy may not be able to replicate and maintain exactly the composition and relative weighting of securities, commodities or other components in the applicable market benchmark or strategy. Some ETNs that use leverage can, at times, be relatively illiquid, and thus they may be difficult to purchase or sell at a fair price. Leveraged ETNs are subject to the same risk as other instruments that use leverage in any form. The market value of ETNs may differ from their market benchmark or strategy. This difference in price may be due to the fact that the supply and demand in the market for ETNs at any point in time is not always identical to the supply and demand in the market for the securities, commodities or other components underlying the market benchmark or strategy that the ETN seeks to track. As a result, there may be times when an ETN trades at a premium or discount to its market benchmark or strategy.

United States Government Obligations

These consist of various types of marketable securities issued by the United States Treasury, i.e., bills, notes and bonds. Such securities are direct obligations of the United States government and differ mainly in the length of their maturity. Treasury bills, the most frequently issued marketable government security, have a maturity of up to one year and are issued on a discount basis. The Funds may also invest in Treasury Inflation-Protected Securities ("TIPS"). TIPS are special types of treasury bonds that were created in order to offer bond investors protection from inflation. The values of the TIPS are automatically adjusted to the inflation rate as measured by the Consumer Price Index ("CPI"). If the CPI goes up by half a percent, the value of the bond (the TIPS) would also go up by half a percent. If the CPI falls, the value of the bond does not fall because the government guarantees that the original investment will stay the same. TIPS decline in value when real interest rates rise. However, in certain interest rate environments, such as when real interest rates are rising faster than nominal interest rates, TIPS may experience greater losses than other fixed income securities with similar duration.

United States Government Agency Obligations

These consist of debt securities issued by agencies and instrumentalities of the United States government, including the various types of instruments currently outstanding or which may be offered in the future. Agencies include, among others, the Federal Housing Administration, Government National Mortgage Association ("GNMA"), Farmer's Home Administration, Export-Import Bank of the United States, Maritime Administration, and General Services Administration. Instrumentalities include, for example, each of the Federal Home Loan Banks, the National Bank for Cooperatives, the Federal Home Loan Mortgage Corporation ("FHLMC"), the Farm Credit Banks, the Federal National Mortgage Association ("FNMA"), and the United States Postal Service. These securities are either: (i) backed by the full faith and credit of the United States government (e.g., United States Treasury Bills); (ii) guaranteed by the United States Treasury (e.g., GNMA mortgage-backed securities); (iii) supported by the issuing agency's or instrumentality's right to borrow from the United States Treasury (e.g., FNMA Discount Notes); or (iv) supported only by the issuing agency's or instrumentality's own credit (e.g., Tennessee Valley Association). On September 7, 2008, the U.S. Treasury Department and the Federal Housing Finance Authority (the "FHFA") announced that FNMA and FHLMC had been placed into conservatorship, a statutory process designed to stabilize a troubled institution with the objective of returning the entity to normal business operations. The U.S. Treasury Department and the FHFA at the same time established a secured lending facility and a Secured Stock Purchase Agreement with both FNMA and FHLMC to ensure that each entity had the ability to fulfill its financial obligations. The FHFA announced that it does not anticipate any disruption in pattern of payments or ongoing business operations of FNMA and FHLMC.

Government-related guarantors (i.e., not backed by the full faith and credit of the United States Government) include FNMA and FHLMC. FNMA is a government-sponsored corporation owned entirely by private stockholders. It is subject to general regulation by the Secretary of Housing and Urban Development. FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA but are not backed by the full faith and credit of the United States Government.

Securities of Other Investment Companies

The Funds may invest in securities, including exchange-traded funds ("ETFs"), mutual funds and closed-end funds, issued by other investment companies (each an "Underlying Fund"). The Funds intend to limit their investments in accordance with applicable law or as permitted by Rule 12d1-4 under the 1940 Act. Among other things, such law would limit these investments so that, as determined immediately after a securities purchase is made by a Fund: (a) not more than 5% of the value of its total assets will be invested in the securities of any one investment company; (b) not more than 10% of the value of its total assets will be invested in the aggregate in securities of investment companies as a group; (c) not more than 3% of the outstanding voting stock of any one investment company will be owned by the Fund; and (d) not more than 10% of the outstanding voting stock of any one closed-end investment company will be owned by the Fund together with all other investment companies that have the same advisor. Under certain sets of conditions, different sets of restrictions may be applicable. As a shareholder of another investment company, a Fund would bear, along with other shareholders, its proportionate share of that investment company's expenses, including advisory fees. These expenses would be in addition to the advisory and other expenses that a Fund bears directly in connection with its own operations. Investment companies in which a Fund may invest may also impose a sales or distribution charge in connection with the purchase or redemption of their shares and other types of commissions or charges. Such charges will be payable by a Fund and, therefore, will be borne directly by the Fund's shareholders.

To the extent applicable, the Funds intend to rely on Section 12(d)(1)(F) and Rule 12d1-4 under the 1940 Act, which in conjunction with one another allow registered investment companies (such as the Fund) to exceed the limitations described above, provided the aggregate sales loads any investor pays (i.e., the combined distribution expenses of both the acquiring fund and the acquired funds) do not exceed the limits on sales loads established by the Financial Industry Regulatory Authority ("FINRA") for funds of funds, and the registered investment company "mirror votes" any securities purchased pursuant to Section 12(d)(1)(F).

The Funds' investments Underlying Funds involve certain additional expenses and certain tax results, which would not be present in a direct investment in an Underlying Fund.

Underlying Funds may invest in domestic and foreign (including emerging markets) (i) fixed income securities (including bills, notes, debentures, bonds, convertible securities, and any other debt or debt-related securities) whether issued by U.S. or non-U.S. governments, agencies or instrumentalities thereof or corporate entities, and having fixed, variable, floating or inverse floating rates, (ii) fixed income derivatives including options, financial futures, options on futures and swaps, (iii) other evidences of indebtedness, (iv) income producing equity securities (including dividend paying common stocks, preferred stock and REITs) of any market capitalization and (v) commodities. The fixed income securities held by Underlying Funds may be of any maturity or credit quality (including "junk bonds"). Underlying Funds in which the Funds invest may also engage in short selling, employ leverage, or inverse strategies. Inverse Underlying Funds are designed to produce daily returns, before the effect of fees and expenses, that are the opposite of the daily returns of a reference index. Leveraged Underlying Funds are designed to produce daily returns, before the effect of fees and expenses, that are a multiple of the daily returns of a reference index.

Exchange Traded Funds

The Funds may invest in ETFs. An ETF is a type of open-end fund, however, unlike a mutual fund, its shares are bought and sold on a securities exchange at market price and only certain financial institutions called authorized participants may buy and redeem shares of the ETF at net asset value.

ETF shares can trade at either a premium or discount to net asset value. Each ETF, like a mutual fund, is subject to specific risks depending on the type of strategy (actively managed or passively tracking an index) and the composition of its underlying holdings. Investing in an ETF involves substantially the same risks as investing directly in the ETF's underlying holdings. ETFs pay fees and incur operating expenses, which reduce the total return earned by the ETFs from their underlying holdings. An ETF may not achieve its investment objective or execute its investment strategy effectively, which may adversely affect the Funds' performance.

Because the Funds may invest in Underlying Funds your cost of investing in a Fund will be higher than the cost of investing directly in ETFs, mutual funds, or closed-end funds and may be higher than other mutual funds that invest directly in stocks and bonds. You will indirectly bear fees and expenses charged by the Underlying Funds in addition to a Fund's direct fees and expenses. When a Fund invests in Underlying Funds that use margin, leverage, short sales and other forms of financial derivatives, such as options and futures, an investment in the Fund may be more volatile than investments in other mutual funds. Short sales are speculative investments and will cause a Fund to lose money if the value of a security sold short by the Underlying Fund in which the Fund invests, does not go down as expected.

Additional risks of investing in Underlying Funds, where noted, are described below:

○ *Tracking Risk:* Investment in a Fund should be made with the understanding that the passive Underlying Funds in which the Fund invests will not be able to replicate exactly the performance of the indices they track because the total return generated by the securities will be reduced by transaction costs incurred in adjusting the actual balance of the securities. In addition, the passive Underlying Funds in which a Fund invests will incur expenses not incurred by their applicable indices. Certain securities comprising the indices tracked by the passive Underlying Funds may, from time to time, temporarily be unavailable, which may further impede the passive Underlying Funds' ability to track their applicable indices.

○ *Inverse Correlation Risk:* Underlying Funds that are inverse funds should lose value as the index or security tracked by such fund's benchmark increases in value; a result that is the opposite from traditional mutual funds. Successful use of inverse funds requires that the Adviser correctly predict short term market movements. If a Fund invests in an inverse fund and markets rise, the Fund could lose money. Inverse funds may also employ leverage such that their returns are more than one times that of their benchmark.

○ *Leverage* *Risk:* The use of leverage by the Underlying Funds, such as borrowing money to purchase securities, engaging in reverse repurchase agreements, lending portfolio securities and engaging in forward commitment transactions, will magnify the Underlying Fund's gains or losses. During periods in which an Underlying Fund is utilizing financial leverage, the fees which are payable to its manager as a percentage of the Underlying Fund's assets may be higher than if the Underlying Fund did not use leverage, because the fees are calculated as a percentage of the Underlying Fund's assets, including those purchased with leveraging. Due to the effect of compounding, leveraged Underlying Funds' performance over longer periods of time can differ significantly from the performance of their underlying index or benchmark during the same period of time.

○ *Management Risk:* When a Fund invests in Underlying Funds there is a risk that the managers of those Underlying Funds may make investment decisions that are detrimental to the performance of the Fund.

○ *Net Asset Value and Market Price Risk:* The market value of ETF and closed-end fund shares may differ from their net asset value. This difference in price may be due to the fact

that the supply and demand in the market for fund shares at any point in time is not always identical to the supply and demand in the market for the underlying basket or portfolio of securities. Accordingly, there may be times when shares trade at a premium or discount to net asset value.

○ *Mutual Fund Risk (HCM Sector Plus Fund and HCM Tactical Plus Fund only):* The strategy of investing in Underlying Funds that are mutual funds could affect the timing, amount and character of distributions to you and therefore may increase the amount of taxes you pay. In addition, certain prohibitions on the acquisition of mutual fund shares by a Fund may prevent the Fund from allocating its investments in the manner the adviser considers optimal. The Funds intend to purchase mutual funds that are either no-load or waive the sales load for purchases made by a Fund. The Funds will not purchase mutual funds that charge a sales load upon redemption. In the event that a mutual fund charges a redemption fee, then you will indirectly bear the expense by investing in a Fund. Mutual funds whose shares are purchased by the Funds will be obligated to redeem shares held by a Fund only in an amount up to 1% of the mutual fund's outstanding shares during any period of less than 30 days. Shares held by a Fund in excess of 1% of a mutual fund's outstanding shares therefore, may be considered not readily marketable securities, which, together with other such securities, may not exceed 15% of a Fund's total assets. This liquidity risk is reduced, however, if the mutual funds in which a Fund may invest have a policy of not taking advantage of this 1% threshold and, in fact, go so far as to encourage frequent purchases and redemptions of any size. In addition, certain mutual funds have exemptive orders in place that allow a Fund to own up to 25% of the assets of said fund. When a Fund focuses its investments in certain mutual funds, the Fund's portfolio will have a risk profile for such investments that will correspond to that of such mutual funds and Management Risk, described above, increases proportionately.

○ *Strategies Risk:* Each Underlying Fund is subject to specific risks, depending on the nature of the fund. These risks could include liquidity risk, sector risk, and foreign currency risk, as well as risks associated with fixed income securities and commodities.

Closed-End Investment Companies

The Funds may invest their assets in "closed-end" investment companies (or "closed-end funds"), subject to the investment restrictions set forth above. Shares of closed-end funds are typically offered to the public in a one-time initial public offering by a group of underwriters who retain a spread or underwriting commission of between 4% or 6% of the initial public offering price. Such securities are then listed for trading on the New York Stock Exchange, the National Association of Securities Dealers Automated Quotation System (commonly known as "NASDAQ") and, in some cases, may be traded in other over-the-counter markets. Because the shares of closed-end funds cannot be redeemed upon demand to the issuer like the shares of an open-end investment company (such as the Funds), investors seek to buy and sell shares of closed-end funds in the secondary market.

The Funds generally purchase shares of closed-end funds only in the secondary market. Each Fund incurs normal brokerage costs on such purchases similar to the expenses each Fund would incur for the purchase of securities of any other type of issuer in the secondary market. Each Fund may, however, also purchase securities of a closed-end fund in an initial public offering when, in the opinion of the Adviser, based on a consideration of the nature of the closed-end fund's proposed investments, the prevailing market conditions and the level of demand for such securities, they represent an attractive opportunity for growth of capital. The initial offering price typically will include a dealer spread, which

may be higher than the applicable brokerage cost if the Funds purchased such securities in the secondary market.

The shares of many closed-end funds, after their initial public offering, frequently trade at a price per share, which is less than the net asset value ("NAV") per share, the difference representing the "market discount" of such shares. This market discount may be due in part to the investment objective of long-term appreciation, which is sought by many closed-end funds, as well as to the fact that the shares of closed-end funds are not redeemable by the holder upon demand to the issuer at the next determined NAV but rather are subject to the principles of supply and demand in the secondary market. A relative lack of secondary market purchasers of closed-end fund shares also may contribute to such shares trading at a discount to their NAV.

The Funds may invest in shares of closed-end funds that are trading at a discount to NAV or at a premium to NAV. There can be no assurance that the market discount on shares of any closed-end fund purchased by each Fund will ever decrease. In fact, it is possible that this market discount may increase and a Fund may suffer realized or unrealized capital losses due to further decline in the market price of the securities of such closed-end funds, thereby adversely affecting the NAV of the Fund's shares. Similarly, there can be no assurance that any shares of a closed-end fund purchased by each Fund at a premium will continue to trade at a premium or that the premium will not decrease subsequent to a purchase of such shares by the Fund.

Closed-end funds may issue senior securities (including preferred stock and debt obligations) for the purpose of leveraging the closed-end fund's common shares in an attempt to enhance the current return to such closed-end fund's common shareholders. The Funds' investment in the common shares of closed-end funds that are financially leveraged may create an opportunity for greater total return on its investment, but at the same time may be expected to exhibit more volatility in market price and NAV than an investment in shares of investment companies without a leveraged capital structure.

Open End Investment Companies

Under certain circumstances, an underlying fund may determine to make payment of a redemption by the Funds wholly or partly by a distribution in kind of securities from its portfolio, in lieu of cash, in conformity with the rules of the SEC. In such cases, the Funds may hold securities distributed by an underlying fund until the Adviser determines that it is appropriate to dispose of such securities.

Investment decisions by the investment advisers of the underlying fund(s) are made independently of the Funds and the Adviser. Therefore, the investment adviser of one Underlying Fund may be purchasing shares of the same issuer whose shares are being sold by the investment adviser of another such fund. The result would be an indirect expense to the Funds without accomplishing any investment purpose.

Foreign Securities

The Funds may invest in foreign securities and ETFs and other investment companies that hold a portfolio of foreign securities. Investing in securities of foreign companies and countries involves certain considerations and risks that are not typically associated with investing in U.S. government securities and securities of domestic companies. There may be less publicly available information about a foreign issuer than a domestic one, and foreign companies are not generally subject to uniform accounting, auditing and financial standards and requirements comparable to those applicable to U.S. companies. There may also be less government supervision and regulation of foreign securities exchanges, brokers and listed companies than exists in the United States. Interest and dividends paid

by foreign issuers may be subject to withholding and other foreign taxes, which may decrease the net return on such investments as compared to dividends and interest paid to the Funds by domestic companies or the U.S. government. There may be the possibility of expropriations, seizure or nationalization of foreign deposits, confiscatory taxation, political, economic or social instability or diplomatic developments that could affect assets of each Fund held in foreign countries. Finally, the establishment of exchange controls or other foreign governmental laws or restrictions could adversely affect the payment of obligations.

To the extent a Fund's currency exchange transactions do not fully protect it against adverse changes in currency exchange rates, decreases in the value of currencies of the foreign countries in which each Fund will invest relative to the U.S. dollar will result in a corresponding decrease in the U.S. dollar value of the Funds' assets denominated in those currencies (and possibly a corresponding increase in the amount of securities required to be liquidated to meet distribution requirements). Conversely, increases in the value of currencies of the foreign countries in which a Fund invests relative to the U.S. dollar will result in a corresponding increase in the U.S. dollar value of the Fund's assets (and possibly a corresponding decrease in the amount of securities to be liquidated).

Securities Options

The Funds may purchase and write (i.e., sell) put and call options. Such options may relate to particular securities or stock indices, and may or may not be listed on a domestic or foreign securities exchange and may or may not be issued by the Options Clearing Corporation. Options trading is a highly specialized activity that entails greater than ordinary investment risk. Options may be more volatile than the underlying instruments, and therefore, on a percentage basis, an investment in options may be subject to greater fluctuation than an investment in the underlying instruments themselves.

A call option for a particular security gives the purchaser of the option the right to buy, and the writer (seller) the obligation to sell, the underlying security at the stated exercise price at any time prior to the expiration of the option, regardless of the market price of the security. The premium paid to the writer is in consideration for undertaking the obligation under the option contract. A put option for a particular security gives the purchaser the right to sell the security at the stated exercise price at any time prior to the expiration date of the option, regardless of the market price of the security.

Stock index options are put options and call options on various stock indices. In most respects, they are identical to listed options on common stocks. The primary difference between stock options and index options occurs when index options are exercised. In the case of stock options, the underlying security, common stock, is delivered. However, upon the exercise of an index option, settlement does not occur by delivery of the securities comprising the index. The option holder who exercises the index option receives an amount of cash if the closing level of the stock index upon which the option is based is greater than, in the case of a call, or less than, in the case of a put, the exercise price of the option. This amount of cash is equal to the difference between the closing price of the stock index and the exercise price of the option expressed in dollars times a specified multiple. A stock index fluctuates with changes in the market value of the stocks included in the index. For example, some stock index options are based on a broad market index, such as the Standard & Poor's 500® Index or the Value Line Composite Index or a narrower market index, such as the Standard & Poor's 100®. Indices may also be based on an industry or market segment, such as the NYSE Arca Oil Index. Options on stock indices are currently traded on the Chicago Board Options Exchange, the New York Stock Exchange, the NYSE American and the Nasdaq PHLX.

The Funds' obligation to sell an instrument subject to a call option written by it, or to purchase an instrument subject to a put option written by it, may be terminated prior to the expiration date of the

option by the Funds' execution of a closing purchase transaction, which is effected by purchasing on an exchange an option of the same series (i.e., same underlying instrument, exercise price and expiration date) as the option previously written. A closing purchase transaction will ordinarily be effected to realize a profit on an outstanding option, to prevent an underlying instrument from being called, to permit the sale of the underlying instrument or to permit the writing of a new option containing different terms on such underlying instrument. The cost of such a liquidation purchase plus transactions costs may be greater than the premium received upon the original option, in which event the Funds will have paid a loss in the transaction. There is no assurance that a liquid secondary market will exist for any particular option. An option writer unable to effect a closing purchase transaction will not be able to sell the underlying instrument or liquidate the assets held in a segregated account, as described below, until the option expires or the optioned instrument is delivered upon exercise. In such circumstances, the writer will be subject to the risk of market decline or appreciation in the instrument during such period.

If an option purchased by a Fund expires unexercised, the Fund realizes a loss equal to the premium paid. If a Fund enters into a closing sale transaction on an option purchased by it, the Fund will realize a gain if the premium received by the Fund on the closing transaction is more than the premium paid to purchase the option, or a loss if it is less. If an option written by a Fund expires on the stipulated expiration date or if the Fund enters into a closing purchase transaction, it will realize a gain (or loss if the cost of a closing purchase transaction exceeds the net premium received when the option is sold). If an option written by a Fund is exercised, the proceeds of the sale will be increased by the net premium originally received and the Fund will realize a gain or loss.

Certain Risks Regarding Options.

There are several risks associated with transactions in options. For example, there are significant differences between the securities and options markets that could result in an imperfect correlation between these markets, causing a given transaction not to achieve its objectives. In addition, a liquid secondary market for particular options, whether traded over-the-counter or on an exchange, may be absent for reasons which include the following: there may be insufficient trading interest in certain options; restrictions may be imposed by an exchange on opening transactions or closing transactions or both; trading halts, suspensions or other restrictions may be imposed with respect to particular classes or series of options or underlying securities or currencies; unusual or unforeseen circumstances may interrupt normal operations on an exchange; the facilities of an exchange or the Options Clearing Corporation may not at all times be adequate to handle current trading value; or one or more exchanges could, for economic or other reasons, decide or be compelled at some future date to discontinue the trading of options (or a particular class or series of options), in which event the secondary market on that exchange (or in that class or series of options) would cease to exist, although outstanding options that had been issued by the Options Clearing Corporation as a result of trades on that exchange would continue to be exercisable in accordance with their terms.

Successful use by each Fund of options on stock indices will be subject to the ability of the Adviser to correctly predict movements in the directions of the stock market. This requires different skills and techniques than predicting changes in the prices of individual securities. In addition, a Fund's ability to effectively hedge all or a portion of the securities in its portfolio, in anticipation of or during a market decline, through transactions in put options on stock indices, depends on the degree to which price movements in the underlying index correlate with the price movements of the securities held by each Fund. Inasmuch as the Funds' securities will not duplicate the components of an index, the correlation will not be perfect. Consequently, each Fund bears the risk that the prices of its securities being hedged will not move in the same amount as the prices of its put options on the stock indices. It is also possible that there may be a negative correlation between the index and the Funds' securities

that would result in a loss on both such securities and the options on stock indices acquired by each Fund.

The hours of trading for options may not conform to the hours during which the underlying securities are traded. To the extent that the options markets close before the markets for the underlying securities, significant price and rate movements can take place in the underlying markets that cannot be reflected in the options markets. The purchase of options is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The purchase of stock index options involves the risk that the premium and transaction costs paid by the Funds in purchasing an option will be lost as a result of unanticipated movements in prices of the securities comprising the stock index on which the option is based.

There is no assurance that a liquid secondary market on an options exchange will exist for any particular option, or at any particular time, and for some options no secondary market on an exchange or elsewhere may exist. If the Funds are unable to close out a call option on securities that it has written before the option is exercised, the Funds may be required to purchase the optioned securities in order to satisfy its obligation under the option to deliver such securities. If the Funds are unable to effect a closing sale transaction with respect to options on securities that it has purchased, it would have to exercise the option in order to realize any profit and would incur transaction costs upon the purchase and sale of the underlying securities.

Options on Futures Contracts

The Funds may purchase and sell options on the same types of futures in which it may invest. Options on futures are similar to options on underlying instruments except that options on futures give the purchaser the right, in return for the premium paid, to assume a position in a futures contract (a long position if the option is a call and a short position if the option is a put), rather than to purchase or sell the futures contract, at a specified exercise price at any time during the period of the option. Upon exercise of the option, the delivery of the futures position by the writer of the option to the holder of the option will be accompanied by the delivery of the accumulated balance in the writer's futures margin account which represents the amount by which the market price of the futures contract, at exercise, exceeds (in the case of a call) or is less than (in the case of a put) the exercise price of the option on the futures contract. Purchasers of options who fail to exercise their options prior to the exercise date suffer a loss of the premium paid.

Dealer Options

The Funds may engage in transactions involving dealer options as well as exchange-traded options. Certain additional risks are specific to dealer options. While each Fund might look to a clearing corporation to exercise exchange-traded options, if a Fund were to purchase a dealer option, it would need to rely on the dealer from which it purchased the option to perform if the option were exercised. Failure by the dealer to do so would result in the loss of the premium paid by the Funds as well as loss of the expected benefit of the transaction.

Exchange-traded options generally have a continuous liquid market while dealer options may not. Consequently, each Fund may generally be able to realize the value of a dealer option it has purchased only by exercising or reselling the option to the dealer who issued it. Similarly, when each Fund writes a dealer option, it may generally be able to close out the option prior to its expiration only by entering into a closing purchase transaction with the dealer to whom each Fund originally wrote the option. While each Fund will seek to enter into dealer options only with dealers who will agree to and which are expected to be capable of entering into closing transactions with each Fund, there can be no

assurance that each Fund will at any time be able to liquidate a dealer option at a favorable price at any time prior to expiration. Unless each Fund, as a covered dealer call option writer, is able to effect a closing purchase transaction, it will not be able to liquidate securities (or other assets) used as cover until the option expires or is exercised. In the event of insolvency of the other party, each Fund may be unable to liquidate a dealer option. With respect to options written by each Fund, the inability to enter into a closing transaction may result in material losses to each Fund.

The Staff of the SEC has taken the position that purchased dealer options are illiquid investments. In such cases, the dealer option would be considered illiquid only to the extent the maximum purchase price under the formula exceeds the intrinsic value of the option. Accordingly, each Fund will treat dealer options as subject to the Funds' limitation on illiquid investments. If the SEC changes its position on the liquidity of dealer options, each Fund will change its treatment of such instruments accordingly.

Futures Contracts

A futures contract provides for the future sale by one party and purchase by another party of a specified amount of a specific financial instrument (e.g., units of a stock index) for a specified price, date, time and place designated at the time the contract is made. Brokerage fees are paid when a futures contract is bought or sold and margin deposits must be maintained. Entering into a contract to buy is commonly referred to as buying or purchasing a contract or holding a long position. Entering into a contract to sell is commonly referred to as selling a contract or holding a short position.

Unlike when each Fund purchases or sells a security, no price would be paid or received by the Funds upon the purchase or sale of a futures contract. The margin required for a particular futures contract is set by the exchange on which the contract is traded, and may be significantly modified from time to time by the exchange during the term of the contract. Futures contracts are customarily purchased and sold on margins that may range upward from less than 5% of the value of the contract being traded.

If the price of an open futures contract changes (by increase in underlying instrument or index in the case of a sale or by decrease in the case of a purchase) so that the loss on the futures contract reaches a point at which the margin on deposit does not satisfy margin requirements, the broker will require an increase in the margin. However, if the value of a position increases because of favorable price changes in the futures contract so that the margin deposit exceeds the required margin, the broker will pay the excess to each Fund.

These subsequent payments, called "variation margin," to and from the futures broker, are made on a daily basis as the price of the underlying assets fluctuate making the long and short positions in the futures contract more or less valuable, a process known as "marking to the market." Each Fund expects to earn interest income on its margin deposits.

Although certain futures contracts, by their terms, require actual future delivery of and payment for the underlying instruments, in practice most futures contracts are usually closed out before the delivery date. Closing out an open futures contract purchase or sale is effected by entering into an offsetting futures contract sale or purchase, respectively, for the same aggregate amount of the identical underlying instrument or index and the same delivery date. If the offsetting purchase price is less than the original sale price, the Funds realize a gain; if it is more, the Funds realize a loss. Conversely, if the offsetting sale price is more than the original purchase price, the Funds realize a gain; if it is less, the Funds realize a loss. The transaction costs must also be included in these calculations. There can be

no assurance, however, that each Fund will be able to enter into an offsetting transaction with respect to a particular futures contract at a particular time.

Swap Agreements

The Funds may enter into swap agreements for purposes of attempting to gain exposure to equity, debt, commodities or other asset markets without actually purchasing those assets, or to hedge a position. Swap agreements are two-party contracts entered into primarily by institutional investors for periods ranging from a day to more than one year. In a standard "swap" transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or "swapped" between the parties are calculated with respect to a "notional amount," i.e., the return on or increase in value of a particular dollar amount invested in a "basket" of securities representing a particular index.

Most swap agreements entered into by the Funds calculate the obligations of the parties to the agreement on a "net basis." Consequently, the Funds' current obligations (or rights) under a swap agreement will generally be equal only to the net amount to be paid or received under the agreement based on the relative values of the positions held by each party to the agreement (the "net amount"). Payments may be made at the conclusion of a swap agreement or periodically during its term.

Swap agreements do not involve the delivery of securities or other underlying assets. Accordingly, if a swap is entered into on a net basis, if the other party to a swap agreement defaults, the Funds' risk of loss consists of the net amount of payments that the Funds are contractually entitled to receive, if any.

The net amount of the excess, if any, of the Funds' obligations over their entitlements with respect to a swap agreement entered into on a net basis will be accrued daily and an amount of cash or liquid asset having an aggregate NAV at least equal to the accrued excess will be maintained in an account with the Custodian (as defined under the section entitled "Custodian"). The Funds will also establish and maintain such accounts with respect to their total obligations under any swaps that are not entered into on a net basis. Obligations under swap agreements so covered will not be construed to be "senior securities" for purposes of the Funds' investment restriction concerning senior securities.

Because they are two-party contracts and because they may have terms of greater than seven days, swap agreements may be considered to be illiquid for the Funds' illiquid investment limitations. The Funds will not enter into any swap agreement unless the Adviser believes that the other party to the transaction is creditworthy. The Funds bear the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty.

The Funds may enter into a swap agreement in circumstances where the Adviser believes that it may be more cost effective or practical than buying the securities represented by such index or a futures contract or an option on such index. The counterparty to any swap agreement will typically be a bank, investment banking firm or broker/dealer. The counterparty will generally agree to pay the Funds the amount, if any, by which the notional amount of the swap agreement would have increased in value had it been invested in the particular stocks represented in the index, plus the dividends that would have been received on those stocks. The Funds will agree to pay to the counterparty a floating rate of interest on the notional amount of the swap agreement plus the amount, if any, by which the notional amount would have decreased in value had it been invested in such stocks. Therefore, the return to the Funds on any swap agreement should be the gain or loss on the notional amount plus dividends on the stocks less the interest paid by the Funds on the notional amount.

The swap market has grown substantially in recent years with a large number of banks and investment banking firms acting both as principals and as agents utilizing standardized swap documentation. As a result, the swap market has become relatively liquid in comparison with the markets for other similar instruments that are traded in the OTC market.

When-Issued, Forward Commitments and Delayed Settlements

The Funds may purchase and sell securities on a when-issued, forward commitment or delayed settlement basis.

The Funds do not intend to engage in these transactions for speculative purposes but only in furtherance of their investment objectives.

The Funds purchase securities on a when-issued, forward commitment or delayed settlement basis only with the intention of completing the transaction. If deemed advisable as a matter of investment strategy, however, the Funds may dispose of or renegotiate a commitment after it is entered into, and may sell securities it has committed to purchase before those securities are delivered to the Funds on the settlement date. In these cases, the Funds may realize a taxable capital gain or loss. When a Fund engages in when-issued, forward commitment and delayed settlement transactions, it relies on the other party to consummate the trade. Failure of such party to do so may result in the Fund incurring a loss or missing an opportunity to obtain a price credited to be advantageous.

The market value of the securities underlying a when-issued purchase, forward commitment to purchase securities, or a delayed settlement and any subsequent fluctuations in their market value is taken into account when determining the market value of the Funds starting on the day each Fund agrees to purchase the securities. Each Fund does not earn interest on the securities it has committed to purchase until it has paid for and delivered on the settlement date.

Illiquid Investments and Restricted Securities

The Funds may invest up to 15% of its net assets in illiquid investments. Illiquid investments include securities subject to contractual or legal restrictions on resale (e.g., because they have not been registered under the Securities Act and securities that are otherwise not readily marketable (e.g., because trading in the security is suspended or because market makers do not exist or will not entertain bids or offers)). Securities that have not been registered under the Securities Act are referred to as private placements or restricted securities and are purchased directly from the issuer or in the secondary market. Foreign securities that are freely tradable in their principal markets are not considered to be illiquid.

Restricted securities and other illiquid investments may be subject to the potential for delays on resale and uncertainty in valuation. The Funds might be unable to dispose of illiquid investments promptly or at reasonable prices and might thereby experience difficulty in satisfying redemption requests from shareholders. The Funds might have to register restricted securities in order to dispose of them, resulting in additional expense and delay. Adverse market conditions could impede such a public offering of securities.

A large institutional market exists for certain securities that are not registered under the Securities Act, including foreign securities. The fact that there are contractual or legal restrictions on resale to the general public or to certain institutions may not be indicative of the liquidity of such investments. Rule 144A under the Securities Act allows such a broader institutional trading market for securities otherwise subject to restrictions on resale to the general public. Rule 144A establishes a

"safe harbor" from the registration requirements of the Securities Act for resale of certain securities to qualified institutional buyers. Rule 144A has produced enhanced liquidity for many restricted securities, and market liquidity for such securities may continue to expand as a result of this regulation and the consequent existence of the PORTAL system, which is an automated system for the trading, clearance and settlement of unregistered securities of domestic and foreign issuers sponsored by FINRA.

Under guidelines adopted by the Board, the Adviser may determine that particular Rule 144A securities, and commercial paper issued in reliance on the private placement exemption from registration afforded by Section 4(a)(2) of the Securities Act, are liquid even though they are not registered. A determination of whether such a security is liquid or not is a question of fact. In making this determination, the Adviser considers, as it deems appropriate under the circumstances and among other factors: (1) the frequency of trades and quotes for the security; (2) the number of dealers willing to purchase or sell the security; (3) the number of other potential purchasers of the security; (4) dealer undertakings to make a market in the security; (5) the nature of the security (e.g., debt or equity, date of maturity, terms of dividend or interest payments, and other material terms) and the nature of the marketplace trades (e.g., the time needed to dispose of the security, the method of soliciting offers, and the mechanics of transfer); and (6) the rating of the security and the financial condition and prospects of the issuer. In the case of commercial paper, the Adviser also determines that the paper (1) is not traded flat or in default as to principal and interest, and (2) is rated in one of the two highest rating categories by at least two nationally recognized statistical rating organizations ("NRSROs") or, if only one NRSRO rates the security, by that NRSRO, or, if the security is unrated, the Adviser determines that it is of equivalent quality.

Rule 144A securities and Section 4(a)(2) commercial paper that have been deemed liquid as described above will continue to be monitored by the Adviser to determine if the security is no longer liquid as the result of changed conditions. Investing in Rule 144A securities or Section 4(a)(2) commercial paper could have the effect of increasing the amount of a Fund's assets invested in illiquid investments if institutional buyers are unwilling to purchase such securities.

Lending Portfolio Securities

For the purpose of achieving income, the Funds may lend their portfolio securities, provided (1) the loan is secured continuously by collateral consisting of U.S. government securities or cash or cash equivalents (cash, U.S. government securities, negotiable certificates of deposit, bankers' acceptances or letters of credit) maintained on a daily mark-to-market basis in an amount at least equal to the current market value of the securities loaned, (2) the Funds may at any time call the loan and obtain the return of securities loaned, (3) the Funds will receive any interest or dividends received on the loaned securities, and (4) the aggregate value of the securities loaned will not at any time exceed one-third of the total assets of the Funds. If the Funds lend portfolio securities, the Funds may lose money if the collateral securing the loan is insufficient to cover the full value of the loaned security due to a large increase in price of the loaned security in a single day and the borrower also defaults on the same day.

Short Sales

*Short Sales (excluding Short Sales "Against the Box").* The Funds may sell securities short. A short sale is a transaction in which a Fund sells securities it does not own in anticipation of a decline in the market price of the securities.

To deliver the securities to the buyer, the Funds must arrange through a broker to borrow the securities and, in so doing, the Funds become obligated to replace the securities borrowed at their market price at the time of replacement, whatever that price may be. The Funds will make a profit or

incur a loss as a result of a short sale depending on whether the price of the securities decreases or increases between the date of the short sale and the date on which the Funds purchase the security to replace the borrowed securities that have been sold. The amount of any loss would be increased (and any gain decreased) by any premium or interest a Fund is required to pay in connection with a short sale.

Each Fund's obligation to replace the securities borrowed in connection with a short sale will be secured by cash or liquid securities deposited as collateral with the broker.

*Short Sales "Against the Box."* The Funds may engage in short sales "against the box." In a short sale, a Fund sells a borrowed security and has a corresponding obligation to the lender to return the identical security. The seller does not immediately deliver the securities sold and is said to have a short position in those securities until delivery occurs. A Fund may engage in a short sale if at the time of the short sale the Fund own or has the right to obtain without additional cost an equal amount of the security being sold short. This investment technique is known as a short sale "against the box." It may be entered into by a Fund to, for example, lock in a sale price for a security the Fund does not wish to sell immediately.

A Fund may make a short sale as a hedge, when it believes that the price of a security may decline, causing a decline in the value of a security owned by the Fund (or a security convertible or exchangeable for such security). In such case, any future losses in the Fund's long position should be offset by a gain in the short position and, conversely, any gain in the long position should be reduced by a loss in the short position. The extent to which such gains or losses are reduced will depend upon the amount of the security sold short relative to the amount the Fund owns. There will be certain additional transaction costs associated with short sales "against the box," but the Funds will endeavor to offset these costs with the income from the investment of the cash proceeds of short sales.

If a Fund effects a short sale of securities at a time when it has an unrealized gain on the securities, it may be required to recognize that gain as if it had actually sold the securities (as a "constructive sale") on the date it effects the short sale. However, such constructive sale treatment may not apply if the Fund closes out the short sale with securities other than the appreciated securities held at the time of the short sale and if certain other conditions are satisfied. Uncertainty regarding the tax consequences of effecting short sales may limit the extent to which the Funds may effect short sales.

Regulation as a Commodity Pool Operator

The Adviser, on behalf of the Funds, has filed with the National Futures Association, a notice claiming an exclusion from the definition of the term "commodity pool operator" under the Commodity Exchange Act, as amended, and the rules of the Commodity Futures Trading Commission promulgated thereunder, with respect to the Fund's operations. Accordingly, the Funds are not currently subject to registration or regulation as a commodity pool operator. The Funds will only enter into futures contracts or futures options that are standardized and traded on a U.S. or foreign exchange or board of trade, or similar entity, or quoted on an automated quotation system, or where quoted prices are generally available in the over-the-counter market.

**PORTFOLIO TURNOVER**

The Funds may engage in a high level of trading in seeking to achieve their investment objectives. The portfolio turnover rate for each Fund is calculated by dividing the lesser of the purchases or sales of portfolio investments for the reporting period by the monthly average value of the portfolio investments owned during the reporting period. A 100% portfolio turnover rate results, for example, if the equivalents of all the securities in the Funds' portfolios are replaced in a one-year period. The calculation excludes all securities, including options, whose maturities or expiration dates at the time of acquisition are one year or less. Portfolio turnover may vary greatly from year to year as well as within a particular year and may be affected by cash requirements for redemption or shares. The Funds are not restricted by policy with regard to portfolio turnover and will make changes in its investment portfolio from time to time as business and economic conditions as well as market prices may dictate.

The following table displays the portfolio turnover rates for the Funds for the fiscal years ended June 30th as shown below:

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|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Portfolio Turnover Rates** | &nbsp;&nbsp;**Portfolio Turnover Rates** |
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2025** |
| &nbsp;&nbsp;HCM Sector Plus Fund | &nbsp;&nbsp;108% | &nbsp;&nbsp;226% |
| &nbsp;&nbsp;HCM Tactical Plus Fund | &nbsp;&nbsp;188% | &nbsp;&nbsp;264% |
| &nbsp;&nbsp;HCM Multi-Asset Plus Fund | &nbsp;&nbsp;106% | &nbsp;&nbsp;187% |
| &nbsp;&nbsp;HCM Dynamic Income Fund | &nbsp;&nbsp;179% | &nbsp;&nbsp;201% |

---

The change in portfolio turnover experienced by the HCM Sector Plus Fund can be attributed to decreasing and increasing equity exposure based on signals generated from the Adviser' quantitative models.

**INVESTMENT RESTRICTIONS**

The Funds have adopted the following investment restrictions that may not be changed without approval by a "majority of the outstanding shares" of the Funds which, as used in this SAI, means the vote of the lesser of (a) 67% or more of the shares of the Funds represented at a meeting, if the holders of more than 50% of the outstanding shares of the Funds are present or represented by proxy, or (b) more than 50% of the outstanding shares of the Funds. The Funds may not:

1. Issue
 senior securities. This limitation is not applicable to activities that may be deemed to
 involve the issuance or sale of a senior security by the Funds, provided that the Funds'
 engagement in such activities is consistent with or permitted by the 1940 Act, as amended,
 the rules and regulations promulgated thereunder or interpretations of the SEC or its staff;

2. Borrow
 money, except (a) from a bank, provided that immediately after such borrowing there is an
 asset coverage of 300% for all borrowings of the Funds; or (b) from a bank or other persons
 for temporary purposes only, provided that such temporary borrowings are in an amount not
 exceeding 5% of the Funds' total assets at the time when the borrowing is made. This limitation
 does not preclude the Funds from entering into reverse repurchase transactions, provided
 that each Fund has an asset coverage of 300% for all borrowings and repurchase commitments
 of the Funds pursuant to reverse repurchase transactions;

3. Purchase
 securities on margin, participate on a joint or joint and several basis in any securities
 trading account, or underwrite securities. This limitation does not preclude the Funds from
 obtaining such short-term credit as may be necessary for the clearance of purchases and sales
 of its portfolio securities, and except to the extent that the Funds may be deemed an underwriter
 under the Securities Act, by virtue of disposing of portfolio securities;

4. Purchase
 or sell real estate or interests in real estate. This limitation is not applicable to investments
 in marketable securities that are secured by or represent interests in real estate does not
 preclude the Funds from investing in mortgage-related securities or investing in companies
 engaged in the real estate business or that have a significant portion of their assets in
 real estate (including REITs);

5. Invest
 25% or more of the market value of its assets in the securities of companies engaged in any
 one industry. This limitation does not apply to investment in the securities of the U.S.
 government, its agencies or instrumentalities;

6. Purchase
 or sell commodities (unless acquired as a result of ownership of securities or other investments
 or through commodity forward contracts, futures contracts or options), except that the Funds
 may purchase and sell forward and futures contracts and options to the full extent permitted
 under the 1940 Act, sell foreign currency contracts in accordance with any rules of the CFTC,
 invest in securities or other instruments backed by commodities, and invest in companies
 that are engaged in a commodities business or have a significant portion of their assets
 in commodities; or

7. Make
 loans to others, except (a) through the purchase of debt securities in accordance with its
 investment objectives and policies, (b) to the extent the entry into a repurchase agreement
 is deemed to be a loan, and (c) by loaning portfolio securities.

With respect to interpretations of the SEC or its staff described in paragraph number 1 above, the SEC and its staff have identified various securities trading practices and derivative instruments used by mutual funds that give rise to potential senior security issues under Section 18(f) of the 1940 Act.

The SEC has adopted regulations under the 1940 Act governing the use of derivatives by registered investment companies ("Rule 18f-4"). Rule 18f-4 imposes limits on the amount of derivatives a Fund can enter into, treats derivatives as senior securities, and requires a Fund to maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager if its exposure to derivatives is above a specified amount.

The Funds observe the following policies, which are not deemed fundamental and which may be changed without shareholder vote. The Funds may not:

1. Invest
 in any issuer for purposes of exercising control or management;

2. Invest
 in securities of other investment companies except as permitted under the 1940 Act;

3. Invest,
 in the aggregate, more than 15% of its net assets, measured at time of purchase, in securities
 with legal or contractual restrictions on resale, securities, which are not readily marketable
 and repurchase agreements with more than seven days to maturity; or

&nbsp;&nbsp;&nbsp;&nbsp;4. Mortgage,
pledge, hypothecate or in any manner transfer, as security for indebtedness, any assets of the Funds except as may be necessary in connection
with borrowings described in limitation (2)

above. Margin deposits, security interests, liens and collateral arrangements with respect to transactions involving options, futures contracts, short sales and other permitted investments and techniques are not deemed to be a mortgage, pledge or hypothecation of assets for purposes of this limitation.

If a restriction on a Fund's investments is adhered to at the time an investment is made, a subsequent change in the percentage of the Fund's assets invested in certain securities or other instruments, or change in average duration of the Fund's investment portfolio, resulting from changes in the value of the Fund's total assets, will not be considered a violation of the restriction; provided, however, that the asset coverage requirement applicable to borrowings shall be maintained in the manner contemplated by applicable law.

With respect to the fundamental investment restriction regarding concentration, the Funds consider the concentration of any underlying funds in which it invests when determining whether each Fund has complied with its concentration policy.

**INVESTMENT ADVISER**

*The Adviser*. Howard Capital Management, Inc., 1145 Hembree Road, Roswell, GA 30076, serves as investment adviser to the Funds. Subject to the oversight of the Board, the Adviser is responsible for management of each Fund's investment portfolio. The Adviser is responsible for selecting the Funds' investments according to the Funds' investment objectives, policies and restrictions. The Adviser was established in 1999 to provide develop and implement various proprietary trading systems. As of June 30, 2025, it had approximately $7.5 billion in assets under management. The Adviser is controlled by Vance Howard, who is the portfolio manager of the Funds, due to his 100% ownership of the Adviser.

Pursuant to the advisory agreements between the Adviser and the Trust, on behalf of the Funds (the "Advisory Agreements"), each Fund pays the Adviser, on a monthly basis, an annual management fee. The following table sets forth the annual management fee rate payable by each Fund to the Adviser pursuant to the Advisory Agreements, expressed as a percentage of the relevant Fund's average daily net assets:

---

| | |
|:---|:---|
| **Fund** | **Management Fee** |
| HCM Sector Plus Fund | 1.25% |
| HCM Tactical Plus Fund | 1.25% |
| HCM Multi-Asset Plus Fund | 0.95% |
| HCM Dynamic Income Fund | 1.25% |

---

The Advisory Agreements continued in effect for two (2) years initially and shall continue from year to year provided such continuance is approved at least annually by (a) a vote of the majority of the Independent Trustees, cast in person at a meeting specifically called for the purpose of voting on such approval and by (b) the majority vote of either the Board or the vote of a majority of the outstanding shares of the Fund. An Advisory Agreement may be terminated without penalty with 60 days' written notice by a vote of a majority of the Board, by the Adviser, or by holders of a majority of that Fund's outstanding shares. An Advisory Agreement shall terminate automatically in the event of their assignment. The Advisory Agreements were last renewed by the Board at a meeting held on February 26-27, 2025.

The table below provides information about the advisory fees earned by the Adviser and paid by the Funds for the fiscal year ended June 30, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Management <br> Fee** | &nbsp;&nbsp;**Fees<br> Earned <br> by the<br> Adviser** | &nbsp;&nbsp;**Advisory <br> Fees<br> Waived** | &nbsp;&nbsp;**Net Fees<br> Earned by the<br> Adviser** | &nbsp;&nbsp;**Fund Expenses <br> Reimbursed by <br> the Adviser** | &nbsp;&nbsp;**Amount <br> Subject to <br> Recapture** |
| &nbsp;&nbsp;HCM Sector Plus Fund | &nbsp;&nbsp;1.25% | $20516628 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;$20516628 | N/A |  |
| &nbsp;&nbsp;HCM Tactical Plus Fund | &nbsp;&nbsp;1.25% | &nbsp;&nbsp;$20695962 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;$20695962 | &nbsp;&nbsp;N/A |  |
| &nbsp;&nbsp;HCM Multi-Asset Plus Fund | &nbsp;&nbsp;0.95% | &nbsp;&nbsp;$6936818 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;$6936818 | &nbsp;&nbsp;N/A |  |
| &nbsp;&nbsp;HCM Dynamic Income Fund | &nbsp;&nbsp;1.25% | &nbsp;&nbsp;$1597069 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$1597069 | &nbsp;&nbsp;$0 |  |

---

The table below provides information about the advisory fees earned by the Adviser and paid by the Funds for the fiscal year ended June 30, 2024.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Management<br> Fee** | &nbsp;&nbsp;**Fees <br> Earned <br> by the <br> Adviser** | &nbsp;&nbsp;**Advisory <br> Fees <br> Waived** | &nbsp;&nbsp;**Net Fees <br> Earned by the <br> Adviser** | &nbsp;&nbsp;**Fund Expenses <br> Reimbursed by <br> the Adviser** | &nbsp;&nbsp;**Amount <br> Subject to <br> Recapture** |
| &nbsp;&nbsp;HCM Sector Plus Fund | &nbsp;&nbsp;1.25% | $17428457 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;$17428457 | N/A |  |
| &nbsp;&nbsp;HCM Tactical Plus Fund | &nbsp;&nbsp;1.25% | &nbsp;&nbsp;$16794330 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;$16794330 | &nbsp;&nbsp;N/A |  |
| &nbsp;&nbsp;HCM Multi-Asset Plus Fund | &nbsp;&nbsp;0.95% | &nbsp;&nbsp;$6198795 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;$6198795 | &nbsp;&nbsp;N/A |  |
| &nbsp;&nbsp;HCM Dynamic Income Fund | &nbsp;&nbsp;1.25% | &nbsp;&nbsp;$1629343 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$1629343 | &nbsp;&nbsp;$0 |  |

---

The table below provides information about the advisory fees earned by the Adviser and paid by the Funds for the fiscal year ended June 30, 2023.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Management <br> Fee** | &nbsp;&nbsp;**Fees Earned <br> by the Adviser** | &nbsp;&nbsp;**Advisory Fees Waived**<br>| &nbsp;&nbsp;**Net Fees Earned by the Adviser** | &nbsp;&nbsp;**Fund Expenses Reimbursed by the Adviser** | &nbsp;&nbsp;**Amount Subject to Recapture** |
| &nbsp;&nbsp;HCM Sector Plus Fund | &nbsp;&nbsp;1.25% | $15240791 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;$15240791 | N/A |  |
| &nbsp;&nbsp;HCM Tactical Plus Fund | &nbsp;&nbsp;1.25% | &nbsp;&nbsp;$13263299 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;$13263299 | &nbsp;&nbsp;N/A |  |
| &nbsp;&nbsp;HCM Multi-Asset Plus Fund | &nbsp;&nbsp;0.95% | &nbsp;&nbsp;$5701159 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;$5701159 | &nbsp;&nbsp;N/A |  |
| &nbsp;&nbsp;HCM Dynamic Income Fund\* | &nbsp;&nbsp;1.25% | &nbsp;&nbsp;$1567993 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$1567993 | &nbsp;&nbsp;$0 |  |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;The HCM Dynamic Income Fund began operations in fiscal year 2023

**PORTFOLIO MANAGER**

*Portfolio Manager*. As described in the Prospectus, the portfolio manager listed below is responsible for the management of the Funds and, as of June 30, 2025, the other accounts set forth in the following table.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Other Registered <br> Investment <br> Companies** | **Other Registered <br> Investment <br> Companies** | **Other Pooled Investment <br> Vehicles** | **Other Pooled Investment <br> Vehicles** | **Other Accounts** | **Other Accounts** |
| &nbsp;&nbsp;**Portfolio Manager** | **Number** | **Total<br> Assets** | **Number** | **Total Assets** | **Number** | **Total<br> Assets** |
| &nbsp;&nbsp;Vance Howard |  |  |  |  |  |  |

---

*Conflicts of Interest.*

As indicated in the table above, the portfolio manager may manage numerous accounts for multiple clients. These accounts may include registered investment companies, other types of pooled accounts (e.g., collective investment funds), and separate accounts (i.e., accounts managed on behalf of individuals or public or private institutions). The portfolio manager makes investment decisions for each account based on the investment objectives and policies and other relevant investment considerations applicable to that portfolio.

When the portfolio manager has responsibility for managing more than one account, potential conflicts of interest may arise. Those conflicts could include preferential treatment of one account over others in terms of allocation of resources or of investment opportunities. For instance, the Adviser may receive fees from certain accounts that are higher than the fee it receives from the Funds. In this instance, the portfolio manager may have an incentive to favor the higher account over such Funds. The Adviser has adopted policies and procedures designed to address these potential material conflicts. For instance, the portfolio manager is normally responsible for all accounts within a certain investment discipline, and do not, absent special circumstances, differentiate among the various

accounts when allocating resources. Additionally, the Adviser utilizes a system for allocating investment opportunities among portfolios that is designed to provide a fair and equitable allocation.

*Compensation*.

Mr. Howard receives a salary from the Adviser. He also participates in the profits of the Adviser due to his 100% ownership of the Adviser.

*Ownership of Securities*.

As of June 30, 2025, Mr. Howard beneficially owned the following amounts in the Funds:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Dollar Range of Shares Beneficially Owned** |
| &nbsp;&nbsp;HCM Sector Plus Fund | &nbsp;&nbsp;Over $1,000,000 |
| &nbsp;&nbsp;HCM Tactical Plus Fund | &nbsp;&nbsp;Over $1,000,000 |
| &nbsp;&nbsp;HCM Multi-Asset Plus Fund | &nbsp;&nbsp;$50001 - $100000 |
| &nbsp;&nbsp;HCM Dynamic Income Fund | &nbsp;&nbsp;$100001-$500000 |

---

**ALLOCATION OF BROKERAGE**

Subject to the general supervision of the Board, the Adviser is responsible for making decisions with respect to the purchase and sale of portfolio securities on behalf of the Funds. The Adviser is also responsible for the implementation of those decisions, including the selection of broker-dealers to effect portfolio transactions, the negotiation of commissions, and the allocation of principal business and portfolio brokerage.

In purchasing and selling the Funds' portfolio securities, it is the Adviser's policy to obtain quality execution at the most favorable prices through responsible broker-dealers and, in the case of agency transactions, at competitive commission rates where such rates are negotiable. However, under certain conditions, the Funds may pay higher brokerage commissions in return for brokerage and research services. In selecting broker-dealers to execute the Funds' portfolio transactions, consideration is given to such factors as the price of the security, the rate of the commission, the size and difficulty of the order, the reliability, integrity, financial condition, general execution and operational capabilities of competing brokers and dealers, their expertise in particular markets and the brokerage and research services they provide to the Adviser or the Funds. It is not the policy of the Adviser to seek the lowest available commission rate where it is believed that a broker or dealer charging a higher commission rate would offer greater reliability or provide better price or execution.

Transactions on stock exchanges involve the payment of brokerage commissions. In transactions on stock exchanges in the United States, these commissions are negotiated. Traditionally, commission rates have generally not been negotiated on stock markets outside the United States. In recent years, however, an increasing number of overseas stock markets have adopted a system of negotiated rates, although a number of markets continue to be subject to an established schedule of minimum commission rates. It is expected that equity securities will ordinarily be purchased in the primary markets, whether over-the-counter or listed, and that listed securities may be purchased in the over-the-counter market if such market is deemed the primary market. In the case of securities traded on the over-the-counter markets, there is generally no stated commission, but the price usually includes an undisclosed commission or markup. In underwritten offerings, the price includes a disclosed, fixed commission or discount.

For fixed income securities, it is expected that purchases and sales will ordinarily be transacted with the issuer, the issuer's underwriter, or with a primary market maker acting as principal on a net basis, with no brokerage commission being paid by the Funds. However, the price of the securities generally includes compensation, which is not disclosed separately. Transactions placed through dealers who are serving as primary market makers reflect the spread between the bid and asked prices.

With respect to equity and fixed income securities, the Adviser may effect principal transactions on behalf of the Funds with a broker or dealer who furnishes brokerage and/or research services, designate any such broker or dealer to receive selling concessions, discounts or other allowances or otherwise deal with any such broker or dealer in connection with the acquisition of securities in underwritings. The prices each Fund pays to underwriters of newly-issued securities usually include a concession paid by the issuer to the underwriter. The Adviser may receive research services in connection with brokerage transactions, including designations in fixed price offerings.

The Adviser receives a wide range of research services from brokers and dealers covering investment opportunities throughout the world, including information on the economies, industries, groups of securities, individual companies, statistics, political developments, technical market action, pricing and appraisal services, and performance analyses of all the countries in which the Funds' portfolios are likely to be invested. The Adviser cannot readily determine the extent to which commissions charged by brokers reflect the value of their research services, but brokers occasionally suggest a level of business they would like to receive in return for the brokerage and research services they provide. To the extent that research services of value are provided by brokers, the Adviser may be relieved of expenses, which it might otherwise bear. In some cases, research services are generated by third parties but are provided to the Adviser by or through brokers.

Certain broker-dealers, which provide quality execution services, also furnish research services to the Adviser. The Adviser has adopted brokerage allocation policies embodying the concepts of Section 28(e) of the Securities Exchange Act of 1934, which permits an investment adviser to cause its clients to pay a broker which furnishes brokerage or research services a higher commission than that which might be charged by another broker which does not furnish brokerage or research services, or which furnishes brokerage or research services deemed to be of lesser value, if such commission is deemed reasonable in relation to the brokerage and research services provided by the broker, viewed in terms of either that particular transaction or the overall responsibilities of the Adviser with respect to the accounts as to which it exercises investment discretion. Accordingly, the Adviser may assess the reasonableness of commissions in light of the total brokerage and research services provided by each particular broker.

Portfolio securities will not be purchased from or sold to the Adviser, or the Distributor (as defined below), or any affiliated person of any of them acting as principal, except to the extent permitted by rule or order of the SEC.

The table below provides information about the brokerage fees incurred by the Funds for the fiscal year ended June 30, 2025:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Brokerage Commissions** |
| &nbsp;&nbsp;HCM Sector Plus Fund | &nbsp;&nbsp;$457198 |
| &nbsp;&nbsp;HCM Tactical Plus Fund | &nbsp;&nbsp;$628012 |
| &nbsp;&nbsp;HCM Multi-Asset Plus Fund | &nbsp;&nbsp;$172753 |
| &nbsp;&nbsp;HCM Dynamic Income Fund | &nbsp;&nbsp;$60316 |

---

The table below provides information about the brokerage fees incurred by the Funds for the fiscal year ended June 30, 2024:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Brokerage Commissions** |
| &nbsp;&nbsp;HCM Sector Plus Fund | &nbsp;&nbsp;$384038 |
| &nbsp;&nbsp;HCM Tactical Plus Fund | &nbsp;&nbsp;$984980 |
| &nbsp;&nbsp;HCM Multi-Asset Plus Fund | &nbsp;&nbsp;$161018 |
| &nbsp;&nbsp;HCM Dynamic Income Fund | &nbsp;&nbsp;$72179 |

---

The table below provides information about the brokerage fees incurred by the Funds for the fiscal year ended June 30, 2023:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Brokerage Commissions\*** |
| &nbsp;&nbsp;HCM Sector Plus Fund | &nbsp;&nbsp;$710942 |
| &nbsp;&nbsp;HCM Tactical Plus Fund | &nbsp;&nbsp;$723187 |
| &nbsp;&nbsp;HCM Multi-Asset Plus Fund | &nbsp;&nbsp;$227038 |
| &nbsp;&nbsp;HCM Dynamic Income Fund\*\* | &nbsp;&nbsp;$82660 |

---

\* Increase in Brokerage fees incurred by the Funds for the fiscal year ended June 30, 2023 was due to higher portfolio turnover.

\*\* HCM Dynamic Income Fund began operations in fiscal year 2023

**POLICIES AND PROCEDURES FOR DISCLOSURE OF PORTFOLIO HOLDINGS**

The Trust has adopted policies and procedures that govern the disclosure of the Funds' portfolio holdings. These policies and procedures are designed to ensure that such disclosure is in the best interests of Fund shareholders.

It is the Trust's policy to: (1) ensure that any disclosure of portfolio holdings information is in the best interest of Trust shareholders; (2) protect the confidentiality of portfolio holdings information; (3) have procedures in place to guard against personal trading based on the information; and (4) ensure that the disclosure of portfolio holdings information does not create conflicts between the interests of the Trust's shareholders and those of the Trust's affiliates.

Each Fund discloses its portfolio holdings Forms N-CSR two months after the end of each quarter/semi-annual period and Form N-PORT 30 days after the end of each calendar quarter. The Funds' Form N-CSR and Form N-PORT are available on the SEC's website at www.sec.gov.

The Funds' portfolio holdings as of the end of each calendar month are posted on the Funds' website, http://www.howardcmfunds.com no later than thirty days after the end of each month. This posted information generally remains accessible until the Funds post the information for the next calendar month to the Funds' website. The Funds may choose to post their portfolio holdings on a more frequent basis, especially during periods of high market volatility. These off-cycle disclosures will be replaced with the normal monthly release when available.

The Funds may choose to make portfolio holdings information available to rating agencies such as Lipper, Morningstar or Bloomberg earlier and more frequently on a confidential basis.

Under limited circumstances, as described below, the Fund's portfolio holdings may be disclosed to, or known by, certain third parties in advance of their filing with the SEC on Form N-CSR or Form N-

PORT. In each case, a determination has been made by the Trust's Chief Compliance Officer that such advance disclosure is supported by a legitimate business purpose of the Funds and that the recipient is subject to a duty to keep the information confidential, including a duty not to trade on the information.

**Howard Capital Management, Inc.** Personnel of the Adviser, including personnel responsible for managing each Fund's portfolio, may have full daily access to the Funds' portfolio holdings since that information is necessary in order for them to provide management, administrative, and investment services to the Funds. As required for purposes of analyzing the impact of existing and future market changes on the prices, availability, demand and liquidity of such securities, as well as for the assistance of portfolio manager in the trading of such securities, Adviser personnel may also release and discuss certain portfolio holdings with various broker-dealers.

**Ultimus Fund Solutions, LLC.** Ultimus Fund Solutions, LLC is the transfer agent, fund accountant, administrator and custody administrator for the Funds; therefore, its personnel have full daily access to the Funds' portfolio holdings since that information is necessary in order for them to provide the agreed-upon services for the Trust.

**Brown Brothers Harriman & Co.** Brown Brothers Harriman & Co. is custodian for the Funds; therefore, its personnel have full daily access to the Funds' portfolio holdings since that information is necessary in order for them to provide the agreed-upon services for the Trust.

**RSM US LLP**. RSM US LLP is the Funds' independent registered public accounting firm; therefore, its personnel have access to the Funds' portfolio holdings in connection with auditing of the Funds' annual financial statements and providing other audit, tax and related services to the Funds.

**Counsel to the Trust and Counsel to the Independent Trustees.** Counsel to the Trust, Counsel to the Independent Trustees and their respective personnel have access to the Funds' portfolio holdings in connection with the review of the Funds' annual and semi-annual financial statements and SEC filings.

**Derivatives Risk Consultant**. The Trust has engaged a derivatives risk consultant ("Consultant") to consult with the Board, and the Adviser regarding the effectiveness of derivatives risk management. The Consultant therefore may have access to the Funds' portfolio holdings in order to provide such services to the Trust.

**Additions to List of Approved Recipients**

The Trust's Chief Compliance Officer is the person responsible, and whose prior approval is required, for any disclosure of the Funds' portfolio securities at any time or to any persons other than those described above. In such cases, the recipient must have a legitimate business need for the information in connection with the operation or administration of the Funds, as determined by the Trust's Chief Compliance Officer, and must be subject to a duty to keep the information confidential and not to trade on any material non-public information. There are no ongoing arrangements in place with respect to the disclosure of portfolio holdings. In no event shall the Funds, the Adviser, or any other party receive any direct or indirect compensation in connection with the disclosure of information about the Funds' portfolio holdings.

**Compliance With Portfolio Holdings Disclosure Procedures**

The Trust's Chief Compliance Officer reports periodically to the Board with respect to compliance with the Funds' portfolio holdings disclosure procedures, and from time to time provides the Board any updates to the portfolio holdings disclosure policies and procedures.

There is no assurance that the Trust's policies on disclosure of portfolio holdings will protect the Funds from the potential misuse of holdings information by individuals or firms in possession of that information.

**OTHER SERVICE PROVIDERS**

**Fund Administration, Fund Accounting and Transfer Agent Services**

Ultimus Fund Solutions, LLC ("UFS"), which has its principal office at 225 Pictoria Drive, Suite 450, Cincinnati, OH 45246, serves as administrator, fund accountant and transfer agent for the Funds pursuant to the Funds Services Agreement (the "Agreement") with the Trust and subject to the oversight of the Board. UFS is primarily in the business of providing administrative, fund accounting and transfer agent services to retail and institutional mutual funds. UFS is an affiliate of the Distributor. UFS may also provide persons to serve as officers of the Funds. Such officers may be directors, officers or employees of UFS or its affiliates.

The Agreement became effective on August 26, 2021 and remained in effect for two years from the effective date and will continue in effect for successive twelve-month periods provided that such continuance is specifically approved at least annually by a majority of the Board. The Agreement is terminable by the Board or UFS on 90 days' written notice and may be assigned by either party, provided that the Trust may not assign this Agreement without the prior written consent of UFS. The Agreement provides that UFS shall be without liability for any action reasonably taken or omitted pursuant to the Agreement.

Under the Agreement, UFS performs administrative services, including: (1) monitoring the performance of administrative and professional services rendered to the Trust by others service providers; (2) monitoring Fund holdings and operations for post-trade compliance with the Funds' registration statement and applicable laws and rules; (3) preparing and coordinating the printing of semi-annual and annual financial statements and tailored shareholder reports; (4) preparing selected management reports for performance and compliance analyses; (5) preparing and disseminating materials for and attending and participating in meetings of the Board; (6) determining income and capital gains available for distribution and calculating distributions required to meet regulatory, income, and excise tax requirements; (7) reviewing the Trust's federal, state, and local tax returns as prepared and signed by the Trust's independent public accountants; (8) preparing and maintaining the Trust's operating expense budget to determine proper expense accruals to be charged to each Fund to calculate its daily NAV; (9) assisting in and monitoring the preparation, filing, printing and where applicable, dissemination to shareholders of amendments to the Trust's Registration Statement on Form N-1A, periodic reports to the Trustees, shareholders and the SEC, notices pursuant to Rule 24f-2, proxy materials and reports to the SEC on Forms N-CEN, N-CSR, N-PORT and N-PX; (10) coordinating the Trust's audits and examinations by assisting each Fund's independent public accountants; (11) determining, in consultation with others, the jurisdictions in which shares of the Trust shall be registered or qualified for sale and facilitate such registration or qualification; (12) monitoring sales of shares and ensuring that the shares are properly and duly registered with the SEC; (13) monitoring the calculation of performance data for the Funds; (14) preparing, or causing to be prepared, expense and financial reports; (15) preparing authorization for the payment of Trust expenses and paying, from Trust assets, all bills of the Trust; (16) providing information typically supplied in the investment company industry to companies that track or report price, performance or other information with respect to investment companies; (17) upon request, assisting each Fund in the evaluation and selection of other service providers, such as independent public accountants, printers, EDGAR providers and proxy solicitors (such parties may be affiliates of UFS); and (18) performing other services, recordkeeping and assistance relating to the affairs of the Trust as the Trust may, from time to time, reasonably request.

UFS also provides the Funds with accounting services, including: (i) daily computation of NAV; (ii) maintenance of security ledgers and books and records as required by the 1940 Act; (iii) production of each Fund's listing of portfolio securities and general ledger reports; (iv) reconciliation of accounting records; (v) calculation of yield and total return for the Funds; (vi) maintenance of certain books and records described in Rule 31a-1 under the 1940 Act, and reconciliation of account information and balances among the Funds' Custodian and Adviser; and (vii) monitoring and evaluation of daily income and expense accruals, and sales and redemptions of shares of the Funds.

UFS also acts as transfer, dividend disbursing, and shareholder servicing agent for the Funds pursuant to the Agreement. Under the Agreement, UFS is responsible for administering and performing transfer agent functions, dividend distribution, shareholder administration, and maintaining necessary records in accordance with applicable rules and regulations.

For the services rendered to each Fund under the Agreement the Funds pay UFS the greater of an annual minimum fee or an asset-based fee, which scales downward based upon net assets. Each Fund also pays UFS for any out-of-pocket expenses.

For the fiscal year ended June 30, 2025, the Funds incurred the following fees:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**For <br> Administration <br> Services** | &nbsp;&nbsp;**For Fund <br> Accounting <br> Services** | &nbsp;&nbsp;**For Transfer <br> Agent Services** |
| &nbsp;&nbsp;HCM Sector Plus Fund | &nbsp;&nbsp;$425542 | &nbsp;&nbsp;$207973 | &nbsp;&nbsp;$363067 |
| &nbsp;&nbsp;HCM Tactical Plus Fund | &nbsp;&nbsp;$428465 | &nbsp;&nbsp;$203433 | &nbsp;&nbsp;$352458 |
| &nbsp;&nbsp;HCM Multi-Asset Plus Fund | &nbsp;&nbsp;$199135 | &nbsp;&nbsp;$96769 | &nbsp;&nbsp;$242304 |
| &nbsp;&nbsp;HCM Dynamic Income Fund | &nbsp;&nbsp;$52663 | &nbsp;&nbsp;$26475 | &nbsp;&nbsp;$162057 |

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For the fiscal year ended June 30, 2024, the Funds incurred the following fees:

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**For <br> Administration <br> Services** | &nbsp;&nbsp;**For Fund <br> Accounting <br> Services** | &nbsp;&nbsp;**For Transfer <br> Agent Services** |
| &nbsp;&nbsp;HCM Sector Plus Fund | &nbsp;&nbsp;$388719 | &nbsp;&nbsp;$177119 | &nbsp;&nbsp;$327615 |
| &nbsp;&nbsp;HCM Tactical Plus Fund | &nbsp;&nbsp;$375605 | &nbsp;&nbsp;$166321 | &nbsp;&nbsp;$309409 |
| &nbsp;&nbsp;HCM Multi-Asset Plus Fund | &nbsp;&nbsp;$190013 | &nbsp;&nbsp;$86799 | &nbsp;&nbsp;$220203 |
| &nbsp;&nbsp;HCM Dynamic Income Fund | &nbsp;&nbsp;$26063 | &nbsp;&nbsp;$27843 | &nbsp;&nbsp;$173750 |

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For the fiscal year ended June 30, 2023, the Funds incurred the following fees:

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**For <br> Administration <br> Services** | &nbsp;&nbsp;**For Fund <br> Accounting <br> Services** | &nbsp;&nbsp;**For Transfer <br> Agent Services** |
| &nbsp;&nbsp;HCM Sector Plus Fund | &nbsp;&nbsp;$231046 | &nbsp;&nbsp;$163751 | &nbsp;&nbsp;$350992 |
| &nbsp;&nbsp;HCM Tactical Plus Fund | &nbsp;&nbsp;$322990 | &nbsp;&nbsp;$121907 | &nbsp;&nbsp;$344283 |
| &nbsp;&nbsp;HCM Multi-Asset Plus Fund | &nbsp;&nbsp;$191590 | &nbsp;&nbsp;$83060 | &nbsp;&nbsp;$230776 |
| &nbsp;&nbsp;HCM Dynamic Income Fund\* | &nbsp;&nbsp;$74094 | &nbsp;&nbsp;$26827 | &nbsp;&nbsp;$191171 |

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\* HCM Dynamic Income Fund began operations in fiscal year 2023

Brown Brothers Harriman & Co., 50 Post Office Square, Boston, MA 02110 (the "Custodian"), serves as the custodian of the Funds' assets pursuant to a custody agreement (the "Custody Agreement") by and between the Custodian and the Trust on behalf of the Funds. The Custodian's responsibilities include safeguarding and controlling the Funds' cash and securities, handling the receipt and delivery of securities, and collecting interest and dividends on the Funds' investments. Pursuant to the Custody Agreement, the Custodian also maintains original entry documents and books of record and general ledgers; posts cash receipts and disbursements; and records purchases and sales based upon communications from the Adviser. The Funds may employ foreign sub-custodians that are approved by the Board to hold foreign assets.

**Compliance Services**

Northern Lights Compliance Services, LLC ("NLCS"), located at 4221 North 203rd Street, Suite 100, Elkhorn, NE 68022, an affiliate of UFS and the Distributor, provides a Chief Compliance Officer to the Trust as well as related compliance services pursuant to a consulting agreement between NLCS and the Trust. NLCS's compliance services consist primarily of reviewing and assessing the policies and procedures of the Trust and its service providers pertaining to compliance with applicable federal securities laws, including Rule 38a-1 under the 1940 Act. For the compliance services rendered to a Fund, that Fund pays NLCS a one-time fee plus an annual asset-based fee, which scales downward based upon net assets. The Fund also pays NLCS for any out-of-pocket expenses.

For the fiscal years ended June 30, the Funds paid the following fees for compliance services:

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2023** |
| &nbsp;&nbsp;HCM Sector Plus Fund | &nbsp;&nbsp;$41093 | &nbsp;&nbsp;$36684 | &nbsp;&nbsp;$35291 |
| &nbsp;&nbsp;HCM Tactical Plus Fund | &nbsp;&nbsp;$41070 | &nbsp;&nbsp;$35770 | &nbsp;&nbsp;$31903 |
| &nbsp;&nbsp;HCM Multi-Asset Plus Fund | &nbsp;&nbsp;$27512 | &nbsp;&nbsp;$24320 | &nbsp;&nbsp;$24603 |
| &nbsp;&nbsp;HCM Dynamic Income Fund\* | &nbsp;&nbsp;$17922 | &nbsp;&nbsp;$16524 | &nbsp;&nbsp;$15036 |

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\* HCM Dynamic Income Fund began operations in fiscal year 2023

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

The Board has selected RSM US LLP, located at 555 Seventeenth Street, Suite 1200, Denver, CO 80202 as the Funds' independent registered public accounting firm for the current fiscal year. The firm provides services including the annual audits of the Funds' financial statements and other audit, tax and related services to the Funds.

**LEGAL COUNSEL**

Thompson Hine LLP, located at 41 South High Street, Suite 1700, Columbus, OH 43215 serves as the Trust's legal counsel.

**DISTRIBUTOR**

Northern Lights Distributors, LLC, located at 4221 North 203<sup>rd</sup> Street, Suite 100, Elkhorn, NE 68022 (the "Distributor") serves as the principal underwriter and national distributor for the shares of the Funds pursuant to an underwriting agreement with the Trust (the "Underwriting Agreement"). The Distributor is registered as a broker-dealer under the Securities Exchange Act of 1934 and each state's securities laws and is a member of FINRA. The offering of the Funds' shares is continuous. The Underwriting Agreement provides that the Distributor, as agent in connection with the distribution of Funds shares, will use reasonable efforts to facilitate the sale of the Funds' shares.

The Underwriting Agreement provides that, unless sooner terminated, it will continue in effect for two years initially and thereafter shall continue from year to year, subject to annual approval by (a) the Board or a vote of a majority of the outstanding shares, and (b) by a majority of the Trustees who are not interested persons of the Trust or of the Distributor by vote cast in person at a meeting called for the purpose of voting on such approval.

The Underwriting Agreement may be terminated by each Fund at any time, without the payment of any penalty, by vote of a majority of the Trust's entire Board or by vote of a majority of the outstanding shares of the Funds on 60 days' written notice to the Distributor, or by the Distributor at any time, without the payment of any penalty, on 60 days written notice to the Funds. The Underwriting Agreement will automatically terminate in the event of its assignment.

The following table sets forth the total compensation received by the Distributor from each Fund during the fiscal year ended June 30, 2025:

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;***Fund*** | &nbsp;&nbsp;***Net Underwriting <br> Discounts and <br> Commissions*** | &nbsp;&nbsp;***Compensation on <br> Redemptions and <br> Repurchases*** | &nbsp;&nbsp;***Brokerage <br> Commissions*** |
| &nbsp;&nbsp;HCM Sector Plus Fund Class A | &nbsp;&nbsp;$18584 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 &nbsp;&nbsp;\* |
| &nbsp;&nbsp;HCM Sector Plus Fund Class I | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 &nbsp;&nbsp;\* |
| &nbsp;&nbsp;HCM Sector Plus Fund Class A1 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 &nbsp;&nbsp;\* |
| &nbsp;&nbsp;HCM Sector Plus Fund Investor | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 &nbsp;&nbsp;\* |
| &nbsp;&nbsp;HCM Tactical Plus Fund Class A | &nbsp;&nbsp;$20455 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 &nbsp;&nbsp;\* |
| &nbsp;&nbsp;HCM Tactical Plus Fund Investor | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 &nbsp;&nbsp;\* |
| &nbsp;&nbsp;HCM Multi-Asset Plus Fund Class A | &nbsp;&nbsp;$3273 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 &nbsp;&nbsp;\* |
| &nbsp;&nbsp;HCM Multi-Asset Plus Fund Investor | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 &nbsp;&nbsp;\* |
| &nbsp;&nbsp;HCM Dynamic Income Fund Class A | &nbsp;&nbsp;$1673 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 &nbsp;&nbsp;\* |
| &nbsp;&nbsp;HCM Dynamic Income Fund Investor Class | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 &nbsp;&nbsp;\* |

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\* The Distributor received $43,985 from the Adviser as compensation for its distribution services to the Funds.

The Distributor also receives 12b-1 fees from the Funds as described under the following section entitled "Rule 12b-1 Plan".

***<u>Rule 12b-1 Plan</u>***

The Trust, on behalf of each Fund, has adopted the Trust's Master Distribution and Shareholder Servicing Plan for Class A, A1, and Investor Class shares for the HCM Sector Plus Fund and for Class A and Investor Class shares for the HCM Tactical Plus Fund and HCM Multi-Asset Plus Fund, pursuant to Rule 12b-1 under the 1940 Act (each a "Plan", and collectively the "Plans") pursuant to which the HCM Sector Plus Fund is authorized to pay the Distributor, as compensation for the Distributor's account maintenance services under the Plans, a distribution and shareholder servicing fee at the rate of up to 0.25% for Class A shares, up to 0.40% for Class A1 shares and up to 1.00% for Investor Class shares of the Fund's average daily net assets attributable to the relevant class; and the HCM Tactical Plus Fund and HCM Multi-Asset Plus Fund are each authorized to pay the Distributor, as compensation for the Distributor's account maintenance services under the Plans, a distribution and shareholder servicing fee at the rate of up to 0.25% for Class A shares and up to 1.00% for Investor Class shares of the Fund's average daily net assets attributable to the relevant class. Such fees are to be paid by each Fund monthly, or at such other intervals as the Board shall determine. Such fees shall be based upon the Fund's average daily net assets during the preceding month and shall be calculated and accrued daily. The Funds may pay fees to the Distributor at a lesser rate, as agreed upon by the Board and the Distributor. The Plans authorize payments to the Distributor as compensation for providing account maintenance services to Fund shareholders, including arranging for certain securities dealers or brokers, administrators, and others ("Recipients") to provide these services and paying compensation for these services. Each Fund will bear its own costs of distribution with respect to its shares. The Funds may make other payments, such as contingent deferred sales charges imposed on certain redemptions of shares, which are separate and apart from payments made pursuant to the Plans.

The services to be provided by Recipients may include, but are not limited to, the following: assistance in the offering and sale of Fund shares and in other aspects of the marketing of the shares to clients or prospective clients of the respective recipients; answering routine inquiries concerning the Funds; assisting in the establishment and maintenance of accounts or sub-accounts in the Funds and in processing purchase and redemption transactions; making the Fund's investment plans and shareholder services available; and providing such other information and services to investors in shares of the Funds as the Distributor or the Trust, on behalf of the Funds, may reasonably request. The distribution services shall also include any advertising and marketing services provided by or arranged by the Distributor with respect to the Funds.

The Distributor is required to provide a written report, at least quarterly to the Board, specifying in reasonable detail the amounts expended pursuant to the Plans and the purposes for which such expenditures were made. Further, the Distributor informs the Board of any Rule 12b-1 fees paid by the Distributor to Recipients.

The Plans may not be amended to increase materially the amount of the Distributor's compensation to be paid by the Funds, unless such amendment is approved by the vote of a majority of the outstanding voting securities of the affected class of the applicable Fund (as defined in the 1940 Act). All material amendments must be approved by a majority of the Board by votes cast in person at a meeting called for the purpose of voting on a Plan. During the term of the Plans, the selection and nomination of non-interested Trustees of the Trust will be committed to the discretion of current non-interested Trustees. The Distributor will preserve copies of the Plans, any related agreements, and all reports, for a period of not less than six years from the date of such document and for at least the first two years in an easily accessible place.

Any agreement related to the Plans will be in writing and provide that: (a) it may be terminated by the Trust or the applicable Fund at any time upon sixty days' written notice, without the payment of any penalty, by vote of a majority of the Board, or by vote of a majority of the outstanding voting securities of the Trust or the Fund; (b) it will automatically terminate in the event of its assignment (as defined in the 1940 Act); and (c) it will continue in effect for a period of more than one year from the date of its execution or adoption only so long as such continuance is specifically approved at least annually by a majority of the Board by votes cast in person at a meeting called for the purpose of voting on such agreement.

During the fiscal year ended June 30, 2025, the HCM Sector Plus Fund, HCM Tactical Plus Fund, HCM Multi-Asset Plus Fund and HCM Dynamic Income Fund paid $7,989,903, $7,584,316, $3,011,160 and $283,302, respectively, in distribution related fees pursuant to the Plans.

For the fiscal year ended June 30, 2025, the Funds paid the following allocated distribution fees:

**Actual 12b-l Expenditures Paid by Howard Capital Management Shares During the Fiscal Period Ended June 30, 2025**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**HCM TACTICAL** | &nbsp;&nbsp;**HCM TACTICAL** | &nbsp;&nbsp;**HCM SECTOR** | &nbsp;&nbsp;**HCM SECTOR** | &nbsp;&nbsp;**HCM SECTOR** | &nbsp;&nbsp;**HCM MULTI-AS SET** | &nbsp;&nbsp;**HCM MULTI-ASSET** | &nbsp;&nbsp;**HCM DYNAMIC** | &nbsp;&nbsp;**HCM DYNAMIC** |
|  | &nbsp;&nbsp;**PLUS FUND** | &nbsp;&nbsp;**PLUS FUND** | &nbsp;&nbsp;**PLUS FUND** | &nbsp;&nbsp;**PLUS FUND** | &nbsp;&nbsp;**PLUS FUND** | &nbsp;&nbsp;**PLUS FUND** | &nbsp;&nbsp;**PLUS FUND** | &nbsp;&nbsp;**INCOME FUND** | &nbsp;&nbsp;**INCOME FUND** |
|  | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Investor** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A1** | &nbsp;&nbsp;**Investor** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Investor** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Investor** |
| Advertising /Marketing |  |  |  |  |  |  |  |  |  |
| Printing/Postage |  |  |  |  |  |  |  |  |  |
| Payment to distributor | &nbsp;&nbsp;$20836 | &nbsp;&nbsp;$117998 | &nbsp;&nbsp;$17107 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$131953 | &nbsp;&nbsp;$11351 | &nbsp;&nbsp;$38258 | &nbsp;&nbsp;$2290 | &nbsp;&nbsp;$4 |
| Payment to dealers | &nbsp;&nbsp;$1882722 | &nbsp;&nbsp;$783022 | &nbsp;&nbsp;$1827994 | &nbsp;&nbsp;$23 | &nbsp;&nbsp;$914384 | &nbsp;&nbsp;$741773 | &nbsp;&nbsp;$519810 | &nbsp;&nbsp;$203019 | &nbsp;&nbsp;$0 |
| Compensation to sales personnel |  |  |  |  |  |  |  |  |  |
| Other | &nbsp;&nbsp;$723945 | &nbsp;&nbsp;$4055793 | &nbsp;&nbsp;$593463 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$4504979 | &nbsp;&nbsp;$390418 | &nbsp;&nbsp;$1309550 | &nbsp;&nbsp;$77838 | &nbsp;&nbsp;$151 |
| **Total** | &nbsp;&nbsp;$2627503 | &nbsp;&nbsp;$4956813 | &nbsp;&nbsp;$2438564 | &nbsp;&nbsp;$23 | &nbsp;&nbsp;$5551316 | &nbsp;&nbsp;$1143542 | &nbsp;&nbsp;$1867618 | &nbsp;&nbsp;$283147 | &nbsp;&nbsp;$155 |

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**DESCRIPTION OF SHARES**

Each share of beneficial interest of the Trust has one vote in the election of Trustees. Cumulative voting is not authorized for the Trust. This means that the holders of more than 50% of the shares voting for the election of Trustees can elect 100% of the Trustees if they choose to do so, and, in that event, the holders of the remaining shares will be unable to elect any Trustees.

Shareholders of the Trust and any other future series of the Trust will vote in the aggregate and not by series except as otherwise required by law or when the Board determines that the matter to be voted upon affects only the interest of the shareholders of a particular series or classes. Matters such as election of Trustees are not subject to separate voting requirements and may be acted upon by shareholders of the Trust voting without regard to series.

The Trust is authorized to issue an unlimited number of shares of beneficial interest. Each share has equal dividend, distribution and liquidation rights. There are no conversion or preemptive rights applicable to any shares of the Funds. All shares issued are fully paid and non-assessable.

**CODE OF ETHICS**

The Trust, the Adviser and the Distributor have each adopted codes of ethics under Rule 17j-1 under the 1940 Act that governs the personal securities transactions of their board members, officers and employees who may have access to current trading information of the Trust. Under the code of ethics adopted by the Trust, the Board is permitted to invest in securities that may also be purchased by the Funds.

In addition, the Trust has adopted a code of ethics, which applies only to the Trust's executive officers to ensure that these officers promote professional conduct in the practice of corporate governance and management (the "Code"). The purpose behind these guidelines is to promote (i) honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships; (ii) full, fair, accurate, timely, and understandable disclosure in reports and documents that a registrant files with, or submits to, the SEC and in other public communications made by the Funds; (iii) compliance with applicable governmental laws, rule and regulations; (iv) the prompt internal reporting of violations of this Code to an appropriate person or persons identified in the Code; and (v) accountability for adherence to the Code.

**PROXY VOTING POLICIES**

The Board has adopted Proxy Voting Policies and Procedures ("Policies") on behalf of the Trust, which delegate the responsibility for voting proxies to the Adviser or its designee, subject to the Board's continuing oversight. The Policies require that the Adviser or its designee vote proxies received in a manner consistent with the best interests of the Funds and shareholders. The Policies also require the Adviser or its designee to present to the Board, at least annually, the Adviser's Proxy Policies, or the proxy policies of the Adviser's designee, and a record of each proxy voted by the Adviser or its designee on behalf of the Funds, including a report on the resolution of all proxies identified by the Adviser as involving a conflict of interest.

Where a proxy proposal raises a material conflict between the Adviser's interests and the Funds' interests, the Adviser will resolve the conflict by voting in accordance with the policy guidelines or at the client's directive using the recommendation of an independent third party. If the third party's recommendations are not received in a timely fashion, the Adviser will abstain from voting the securities held by that client's account. A copy of the Adviser's proxy voting policies is attached hereto as Appendix B.

Information regarding how the Funds voted proxies during the most recent 12-month period ended June 30 is available (1) without charge, upon request, by calling toll free, 1-855-969-8464, or (2) by accessing the proxy voting information on the Funds' website at <u>www.howardcmfunds.com</u>, or (3) by accessing the information on proxy voting filed by the Funds on Form N-PX on the SEC's website at *<u>www.sec.gov</u>*. In addition, a copy of the Funds' proxy voting policies and procedures are also available by calling 1-855-969-8464 and will be sent within three business days of receipt of a request.

**PURCHASE, REDEMPTION AND PRICING OF FUND SHARES**

Calculation of Share Price

As indicated in the Prospectus under the heading "How to Purchase Shares," the NAV of each Fund's shares, by class, is determined by dividing the total value of the Fund's portfolio investments and other assets, less any liabilities, by the total number of shares outstanding of each Fund, by class, respectively.

Generally, the Funds' domestic securities (including underlying ETFs which hold portfolio securities primarily listed on foreign (non-U.S.) exchanges) are valued each day at the last quoted sales price on each security's primary exchange. Securities traded or dealt in upon one or more securities exchanges for which market quotations are readily available and not subject to restrictions against resale shall be valued at the last quoted sales price on the primary exchange or, in the absence of a sale on the primary exchange, at the mean between the current bid and ask prices on such exchange.

Securities primarily traded in the NASDAQ National Market System for which market quotations are readily available shall be valued using the NASDAQ Official Closing Price. If market quotations are not readily available, securities will be valued at their fair market value as determined in good faith by the Adviser in accordance with procedures approved by the Board and as further described below. Securities that are not traded or dealt in any securities exchange (whether domestic or foreign) and for which over-the-counter market quotations are readily available generally shall be valued at the last sale price or, in the absence of a sale, at the mean between the current bid and ask price on such over-the-counter market.

Certain securities or investments for which daily market quotes are not readily available may be valued, pursuant to guidelines established by the Board, with reference to other securities or indices. Debt securities not traded on an exchange may be valued at prices supplied by a pricing agent(s) based on broker or dealer supplied valuations or matrix pricing, a method of valuing securities by reference to the value of other securities with similar characteristics, such as rating, interest rate and maturity. Short-term debt obligations having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost, which approximates fair value.

Exchange traded options are valued at the last quoted sales price or, in the absence of a sale, at the mean between the current bid and ask prices on the exchange on which such options are traded. Futures and options on futures are valued at the settlement price determined by the exchange. Other securities for which market quotes are not readily available are valued at fair value as determined in good faith by the Board or persons acting at their direction. Swap agreements and other derivatives are generally valued daily based upon quotations from market makers or by a pricing service in accordance with the valuation procedures approved by the Board.

Under certain circumstances, the Funds may use an independent pricing service to calculate the fair market value of foreign equity securities on a daily basis by applying valuation factors to the last sale price or the mean price as noted above. The fair market values supplied by the independent pricing service will generally reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or the value of other instruments that have a strong correlation to the fair-valued securities. The independent pricing service will also take into account the current relevant currency exchange rate. A security that is fair valued may be valued at a price higher or lower than actual market quotations or the value determined by other funds using their own fair valuation procedures. Because foreign securities may trade on days when Fund shares are not priced, the value of securities held by the Funds can change on days when Fund shares cannot be redeemed or purchased. In the event that a foreign security's market quotations are not readily available or are deemed unreliable (for reasons other than because the foreign exchange on which it trades closed before the Funds' calculation of NAV), the security will be valued at its fair market value as determined in good faith by the Adviser in accordance with procedures approved by the Board as discussed below. Without fair valuation, it is possible that short-term traders could take advantage of the arbitrage opportunity and dilute the NAV of long-term investors. Fair valuation of the Funds' portfolio securities can serve to reduce arbitrage opportunities available to short-term traders, but there is no assurance that it will prevent dilution of the Funds' NAV by short-term traders. In addition, because the Funds may invest in underlying ETFs which hold portfolio securities primarily listed on foreign (non-U.S.) exchanges, and these exchanges may trade on weekends or other days when the underlying ETFs do not price their shares, the value of these portfolio securities may change on days when you may not be able to buy or sell Fund shares.

Investments initially valued in currencies other than the U.S. dollar are converted to U.S. dollars using exchange rates obtained from pricing services. As a result, the NAV of the Funds' shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities

traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the New York Stock Exchange is closed and an investor is not able to purchase, redeem or exchange shares.

Fund shares are valued at the close of regular trading on the New York Stock Exchange ("NYSE") (normally 4:00 p.m., Eastern time) (the "NYSE Close") on each day that the NYSE is open. The Trust expects that the NYSE will be closed on the following holidays: New Year's Day, Martin Luther King, Jr. Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day, and Christmas Day. For purposes of calculating the NAV, the Funds normally use pricing data for domestic equity securities received shortly after the NYSE Close and does not normally take into account trading, clearances or settlements that take place after the NYSE Close. Domestic fixed income and foreign securities are normally priced using data reflecting the earlier closing of the principal markets for those securities. Information that becomes known to the Fund or its agents after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of the security or the NAV determined earlier that day.

When market quotations are insufficient or not readily available, the Funds may value securities at fair value or estimate their value as determined in good faith by the Board or its designees, pursuant to procedures approved by the Board. Fair valuation may also be used by the Board or its designee if extraordinary events occur after the close of the relevant market but prior to the NYSE Close.

The Funds may hold investments, such as private placements, interests in commodity pools, other non-traded securities or temporarily illiquid investments, for which market quotations are not readily available or are determined to be unreliable. These investments will be valued at their fair market value as determined using the "fair value" procedures approved by the Board. The Board has designated the Adviser as its "Valuation Designee" to execute these procedures. The Adviser may also enlist third party consultants such as an audit firm or financial officer of a security issuer on an as-needed basis to assist in determining a security-specific fair value. The Board reviews the execution of this process and the resultant fair value prices at least quarterly to assure the process produces reliable results.

*<u>Valuation Process</u>*. Fair value determinations are required for the following securities: (i) securities for which market quotations are insufficient or not readily available on a particular business day (including securities for which there is a short and temporary lapse in the provision of a price by the regular pricing source), (ii) securities for which, in the judgment of the Adviser, the prices or values available do not represent the fair value of the instrument. Factors which may cause the Adviser to make such a judgment include, but are not limited to, the following: only a bid price or an asked price is available; the spread between bid and asked prices is substantial; the frequency of sales; the thinness of the market; the size of reported trades; and actions of the securities markets, such as the suspension or limitation of trading; (iii) securities determined to be illiquid; (iv) securities with respect to which an event that will affect the value thereof has occurred (a "significant event") since the closing prices were established on the principal exchange on which they are traded, but prior to the Funds' calculation of its NAV. Specifically, interests in commodity pools or managed futures pools are valued on a daily basis by reference to the closing market prices of each futures contract or other asset held by a pool, as adjusted for pool expenses. Restricted securities or illiquid investments, such as private placements or non-traded securities are valued via inputs from the Adviser valuation based upon the current bid for the security from two or more independent dealers or other parties reasonably familiar with the facts and circumstances of the security (who should take into consideration all relevant factors as may be appropriate under the circumstances). If the Adviser is unable to obtain a current bid from such independent dealers or other independent parties, the Adviser shall determine the fair value of such

security using the following factors: (i) the type of security; (ii) the cost at date of purchase; (iii) the size and nature of the Funds' holdings; (iv) the discount from market value of unrestricted securities of the same class at the time of purchase and subsequent thereto; (v) information as to any transactions or offers with respect to the security; (vi) the nature and duration of restrictions on disposition of the security and the existence of any registration rights; (vii) how the yield of the security compares to similar securities of companies of similar or equal creditworthiness; (viii) the level of recent trades of similar or comparable securities; (ix) the liquidity characteristics of the security; (x) current market conditions; and (xi) the market value of any securities into which the security is convertible or exchangeable.

*<u>Standards For Fair Value Determinations</u>*. As a general principle, the fair value of a security is the amount that the Fund might reasonably expect to realize upon its current sale. The Trust has adopted Financial Accounting Standards Board Statement of Financial Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosures ("ASC 820"). In accordance with ASC 820, fair value is defined as the price that the Funds would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. ASC 820 establishes a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability, developed based on the best information available under the circumstances.

Various inputs are used in determining the value of each Fund's investments relating to ASC 820. These inputs are summarized in the three broad levels listed below.

Level 1 – quoted prices in active markets for identical securities.

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs (including a Fund's own assumptions in determining the fair value of investments).

The Adviser takes into account the relevant factors and surrounding circumstances, which may include: (i) the nature and pricing history (if any) of the security; (ii) whether any dealer quotations for the security are available; (iii) possible valuation methodologies that could be used to determine the fair value of the security; (iv) the recommendation of a portfolio manager of the Funds with respect to the valuation of the security; (v) whether the same or similar securities are held by other funds managed by the Adviser or other funds and the method used to price the security in those funds; (vi) the extent to which the fair value to be determined for the security will result from the use of data or formulae produced by independent third parties and (vii) the liquidity or illiquidity of the market for the security.

Board's Determination. The Board meets at least quarterly to consider the valuations provided by the Adviser and to ratify the valuations made for the applicable securities. The Board considers the

reports provided by the Adviser, including follow up studies of subsequent market-provided prices when available, in reviewing and determining in good faith the fair value of the applicable portfolio securities.

Purchase of Shares

Orders for shares received by a Fund in good order prior to the close of business on the NYSE on each day during such periods that the NYSE is open for trading are priced at the public offering price, which is NAV plus any sales charge, or at NAV per share (if no sales charges apply) computed as of the close of the regular session of trading on the NYSE. Orders received in good order after the close of the NYSE, or on a day it is not open for trading, are priced at the close of such NYSE on the next day on which it is open for trading at the next determined NAV per share plus sales charges, if any.

Redemption of Shares

The Funds will redeem all or any portion of a shareholder's shares of a Fund when requested in accordance with the procedures set forth in the "How to Redeem Shares" section of the Prospectus. Under the 1940 Act, a shareholder's right to redeem shares and to receive payment therefore may be suspended at times:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) when the NYSE is closed, other than customary weekend and holiday closings; (b) when trading on that exchange is restricted for any reason; (c) when an emergency exists as a result of which disposal by the Funds of securities owned is not reasonably practicable or it is not reasonably practicable for the Funds to fairly determine the value of net assets, provided that applicable rules and regulations of the SEC (or any succeeding governmental authority) will govern as to whether the conditions prescribed in (b) or (c) exist; or (d) when the SEC by order permits a suspension of the right to redemption or a postponement of the date of payment on redemption.

In case of suspension of the right of redemption, payment of a redemption request will be made based on the NAV next determined after the termination of the suspension.

Supporting documents in addition to those listed under "How to Redeem Shares" in the Prospectus will be required from executors, administrators, trustees, or if redemption is requested by someone other than the shareholder of record. Such documents include, but are not restricted to, stock powers, trust instruments, certificates of death, appointments as executor, certificates of corporate authority and waiver of tax required in some states when settling estates.

**TAX STATUS**

The following discussion is general in nature and should not be regarded as an exhaustive presentation of all possible tax ramifications. All shareholders should consult a qualified tax adviser regarding their investment in the Funds.

The Funds intend to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Tax Code"), which requires compliance with certain requirements concerning the sources of its income, diversification of its assets, and the amount and timing of its distributions to shareholders. Such qualification does not involve supervision of management or investment practices or policies by any government agency or bureau. By so qualifying, the Funds should not be subject to federal income or excise tax on its net investment income or net capital gain, which are distributed to shareholders in accordance with the applicable timing

requirements. Net investment income and net capital gain of the Funds will be computed in accordance with Section 852 of the Tax Code.

Net investment income is made up of dividends and interest less expenses. Net capital gain for a fiscal year is computed by taking into account any capital loss carryforward of the Funds. The Funds' net realized capital gains from securities transactions will be distributed only after reducing such gains by the amount of any available capital loss carryforwards. Capital losses incurred may be carried forward indefinitely and retain the character of the original loss. Capital loss carryforwards are available to offset future realized capital gains. To the extent that these carryforwards are used to offset future capital gains it is probable that the amount offset will not be distributed to shareholders.

As of June 30, 2025, the components of accumulated earnings/(deficit) on a tax basis were as follows:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio** | **Undistributed<br> Ordinary<br> Income** | **Undistributed<br> Long-Term<br> Capital Gains** | **Post October <br> Loss<br> And<br> Late Year Loss** | **Capital Loss<br> Carry<br> Forwards** | **Other<br> Book/Tax<br> Differences** | **Unrealized<br> Appreciation/<br> (Depreciation)** | **Total** **<br> Accumulated<br> Earnings/<br> (Deficits)** |
| HCM Tactical Plus Fund | $— | $35242654 | $(4687412) | $— | $– $| 466083289 | $496638531 |
| HCM Sector Plus Fund | 2099135 |  | (3435457) |  | – | 274889558 | 273553236 |
| HCM Multi-Asset Plus Fund | 20414396 |  |  |  | – | 107140825 | 127555221 |
| HCM Dynamic Income Fund | 958798 |  |  | (8923973) | – | 9139801 | 1174626 |

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As of June 30, 2025, the Funds utilized capital loss carry forwards ("CLCF") for federal income tax purposes as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Non-Expiring** | **Non-Expiring** | | |
| <br>**Portfolio** | **Short-Term** | **Long-Term** | <br>**Total** | <br>**CLCF Utilized** |
| HCM Tactical Plus Fund | $— | $— | $— | $— |
| HCM Sector Plus Fund |  |  |  |  |
| HCM Multi-Asset Plus Fund |  |  |  |  |
| HCM Dynamic Income Fund | $8923973 |  | $8923973 |  |

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Each Fund intends to distribute all of its net investment income, any excess of net short-term capital gains over net long-term capital losses, and any excess of net long-term capital gains over net short-term capital losses in accordance with the timing requirements imposed by the Tax Code and therefore should not be required to pay any federal income or excise taxes. Distributions of net investment income and net capital gain will be made after the end of each fiscal year. Both types of distributions will be in shares of the Funds unless a shareholder elects to receive cash.

To be treated as a regulated investment company under Subchapter M of the Tax Code, each Fund must also (a) derive at least 90% of its gross income from dividends, interest, payments with respect to securities loans, net income from certain publicly traded partnerships and gains from the sale or other disposition of securities or foreign currencies, or other income (including, but not limited to, gains from options, futures or forward contracts) derived with respect to the business of investing in such securities or currencies, and (b) diversify their holdings so that, at the end of each fiscal quarter, (i) at least 50% of the market value of the Fund's assets are represented by cash, U.S. government securities and securities of other regulated investment companies, and other securities (for purposes of this calculation, generally limited in respect of any one issuer, to an amount not greater than 5% of the market value of the Fund's assets and 10% of the outstanding voting securities of such issuer) and (ii) not more than 25% of the value of their assets is invested in the securities of (other than U.S. government securities or the securities of other regulated investment companies) any one issuer, two or more issuers which the Fund controls and which are determined to be engaged in the same or similar trades or businesses, or the securities of certain publicly traded partnerships.

If a Fund fails to qualify as a regulated investment company under Subchapter M in any fiscal year, it will be treated as a corporation for federal income tax purposes. As such, the Fund would be required to pay income taxes on its net investment income and net realized capital gains, if any, at the rates generally applicable to corporations. Shareholders of the Funds generally would not be liable for income tax on the Funds' net investment income or net realized capital gains in their individual capacities. Distributions to shareholders, whether from the Funds' net investment income or net realized capital gains, would be treated as taxable dividends to the extent of current or accumulated earnings and profits of the Funds.

The Funds are subject to a 4% nondeductible excise tax on certain undistributed amounts of ordinary income and capital gain under a prescribed formula contained in Section 4982 of the Tax Code. The formula requires payment to shareholders during a calendar year of distributions representing at least 98% of the Funds' ordinary income for the calendar year and at least 98.2% of its capital gain net income (i.e., the excess of its capital gains over capital losses) realized during the one-year period ending October 31 during such year plus 100% of any income that was neither distributed nor taxed to the Funds during the preceding calendar year. Under ordinary circumstances, the Funds expect to time their distributions so as to avoid liability for this tax.

The following discussion of tax consequences is for the general information of shareholders that are subject to tax. Shareholders that are IRAs or other qualified retirement plans are exempt from income taxation under the Tax Code.

Distributions of taxable net investment income and the excess of net short-term capital gain over net long-term capital loss are generally taxable to shareholders as ordinary income, unless such distributions are attributable to "qualified dividend income" eligible for the reduced federal income tax rates applicable to long-term capital gains, provided certain holding period and other requirements are satisfied.

Distributions of net capital gain ("capital gain dividends") generally are taxable to shareholders as long-term capital gain, regardless of the length of time the shares of the Funds have been held by such shareholders.

Certain U.S. shareholders, including individuals and estates and trusts are subject to an additional 3.8% Medicare tax on all or a portion of their "net investment income," which should include dividends from the Funds and net gains from the disposition of shares of the Funds. U.S. shareholders are urged to consult their own tax advisors regarding the implications of the additional Medicare tax resulting from an investment in the Funds.

A redemption of Fund shares by a shareholder will result in the recognition of taxable gain or loss in an amount equal to the difference between the amount realized and the shareholder's tax basis in his or her Fund shares. Such gain or loss is treated as a capital gain or loss if the shares are held as capital assets. The gain or loss will generally be treated as long-term capital gain or loss if the shares were held for more than one year and if not held for such period, as short-term capital gain or loss. However, any loss realized upon the redemption of shares within six months from the date of their purchase will be treated as a long-term capital loss to the extent of any amounts treated as capital gain dividends during such six-month period. All or a portion of any loss realized upon the redemption of shares may be disallowed to the extent shares are purchased (including shares acquired by means of reinvested dividends) within 30 days before or after such redemption.

Distributions of taxable net investment income and net capital gain will be taxable as described above, whether received in additional shares or cash. Shareholders electing to receive distributions in the form of additional shares will have a cost basis for federal income tax purposes in each share so received equal to the NAV of a share on the reinvestment date.

All distributions of taxable net investment income and net capital gain, whether received in shares or in cash, must be reported by each taxable shareholder on his or her federal income tax return. Dividends or distributions declared in October, November or December as of a record date in such a month, if any, will be deemed to have been received by shareholders on December 31, if paid during January of the following year. Redemptions of shares may result in tax consequences (gain or loss) to the shareholder and are also subject to these reporting requirements.

Under the Tax Code, the Funds will be required to report to the Internal Revenue Service all distributions of income and capital gains as well as gross proceeds from the redemption or exchange of Fund shares, except in the case of certain exempt shareholders. Under the backup withholding provisions of Section 3406 of the Tax Code, distributions of net investment income and net capital gain and proceeds from the redemption or exchange of the shares of a regulated investment company may be subject to withholding of federal income tax in the case of non-exempt shareholders who fail to furnish the Investment Company with their taxpayer identification numbers and with required certifications regarding their status under the federal income tax law, or if the Funds are notified by the IRS or a broker that withholding is required due to an incorrect TIN or a previous failure to report taxable interest or dividends. If the withholding provisions are applicable, any such distributions and proceeds, whether taken in cash or reinvested in additional shares, will be reduced by the amounts required to be withheld.

Options, Futures, Forward Contracts and Swap Agreements

To the extent such investments are permissible for the Funds, the Funds' transactions in options, futures contracts, hedging transactions, forward contracts, straddles and foreign currencies will be subject to special tax rules (including mark-to-market, constructive sale, straddle, wash sale and short sale rules), the effect of which may be to accelerate income to the Funds, defer losses to the Funds, cause adjustments in the holding periods of the Funds' securities, convert long-term capital gains into short-term capital gains and convert short-term capital losses into long-term capital losses. These rules could therefore affect the amount, timing and character of distributions to shareholders.

To the extent such investments are permissible, certain of the Funds' hedging activities (including their transactions, if any, in foreign currencies or foreign currency-denominated instruments) are likely to produce a difference between its book income and its taxable income. If the Funds' book income exceeds their taxable income, the distribution (if any) of such excess book income will be treated as (i) a dividend to the extent of the Funds' remaining earnings and profits (including earnings and profits arising from tax-exempt income), (ii) thereafter, as a return of capital to the extent of the recipient's basis in the shares, and (iii) thereafter, as gain from the sale or exchange of a capital asset. If the Funds' book income is less than taxable income, the Funds could be required to make distributions exceeding book income to qualify as a regular investment company that is accorded special tax treatment.

Passive Foreign Investment Companies

Investment by the Funds in certain "passive foreign investment companies" ("PFICs") could subject the Funds to a U.S. federal income tax (including interest charges) on distributions received from the company or on proceeds received from the disposition of shares in the company, which tax

cannot be eliminated by making distributions to Funds shareholders. However, the Funds may elect to treat a PFIC as a qualified electing fund ("QEF"), in which case the Funds will be required to include its share of the company's income and net capital gains annually, regardless of whether they receives any distribution from the company.

The Funds also may make an election to mark the gains (and to a limited extent losses) in such holdings "to the market" as though it had sold and repurchased its holdings in those PFICs on the last day of the Funds' taxable year. Such gains and losses are treated as ordinary income and loss. The QEF and mark-to-market elections may accelerate the recognition of income (without the receipt of cash) and increase the amount required to be distributed for the Funds to avoid taxation. Making either of these elections therefore may require each Fund to liquidate other investments (including when it is not advantageous to do so) to meet its distribution requirement, which also may accelerate the recognition of gain and affect the Funds' total return.

Foreign Currency Transactions

The Funds' transactions in foreign currencies, foreign currency-denominated debt securities and certain foreign currency options, futures contracts and forward contracts (and similar instruments) may give rise to ordinary income or loss to the extent such income or loss results from fluctuations in the value of the foreign currency concerned.

Other Regulated Investment Companies

Generally, the character of the income or capital gains that each Fund receives from another investment company will pass through to the Fund's shareholders as long as the Fund and the other investment company each qualify as a regulated investment company. However, to the extent that another investment company that qualifies as a regulated investment company realizes net losses on its investments for a given taxable year, a Fund will not be able to recognize its share of those losses until it disposes of shares of such investment company. Moreover, even when a Fund does make such a disposition, a portion of its loss may be recognized as a long-term capital loss, which will not be treated as favorably for federal income tax purposes as an ordinary deduction. In particular, a Fund will not be able to offset any capital losses from its dispositions of shares of other investment companies against its ordinary income. As a result of the foregoing rules, and certain other special rules, it is possible that the amounts of net investment income and net capital gains that a Fund will be required to distribute to shareholders will be greater than such amounts would have been had the Fund invested directly in the securities held by the investment companies in which it invests, rather than investing in shares of the investment companies. For similar reasons, the character of distributions from a Fund (e.g., long-term capital gain, qualified dividend income, etc.) will not necessarily be the same as it would have been had the Fund invested directly in the securities held by the investment companies in which it invests.

Foreign Taxation

Income received by the Funds from sources within foreign countries may be subject to withholding and other taxes imposed by such countries. Tax treaties and conventions between certain countries and the U.S. may reduce or eliminate such taxes. If more than 50% of the value of the Funds' total assets at the close of its taxable year consists of securities of foreign corporations, the Funds may be able to elect to "pass through" to the Funds' shareholders the amount of eligible foreign income and similar taxes paid by the Funds. If this election is made, a shareholder generally subject to tax will be required to include in gross income (in addition to taxable dividends actually received) his or her pro rata share of the foreign taxes paid by the Funds, and may be entitled either to deduct (as an itemized

deduction) his or her pro rata share of foreign taxes in computing his or her taxable income or to use it as a foreign tax credit against his or her U.S. federal income tax liability, subject to certain limitations. In particular, a shareholder must hold his or her shares (without protection from risk of loss) on the ex-dividend date and for at least 15 more days during the 30-day period surrounding the ex-dividend date to be eligible to claim a foreign tax credit with respect to a gain dividend. No deduction for foreign taxes may be claimed by a shareholder who does not itemize deductions. Each shareholder will be notified within 60 days after the close of the Funds' taxable year whether the foreign taxes paid by the Funds will "pass through" for that year.

Generally, a credit for foreign taxes is subject to the limitation that it may not exceed the shareholder's U.S. tax attributable to his or her total foreign source taxable income. For this purpose, if the pass-through election is made, the source of the Funds' income will flow through to shareholders of the Funds. With respect to the Funds, gains from the sale of securities will be treated as derived from U.S. sources and certain currency fluctuation gains, including fluctuation gains from foreign currency-denominated debt securities, receivables and payables will be treated as ordinary income derived from U.S. sources. The limitation on the foreign tax credit is applied separately to foreign source passive income, and to certain other types of income. A shareholder may be unable to claim a credit for the full amount of his or her proportionate share of the foreign taxes paid by the Funds. The foreign tax credit can be used to offset only 90% of the revised alternative minimum tax imposed on corporations and individuals and foreign taxes generally are not deductible in computing alternative minimum taxable income.

Payments to a shareholder that is either a foreign financial institution ("FFI") or a non-financial foreign entity ("NFFE") within the meaning of the Foreign Account Tax Compliance Act ("FATCA") may be subject to a generally nonrefundable 30% withholding tax on: (a) income dividends paid by the Funds and (b) certain capital gain distributions and the proceeds arising from the sale of Funds shares paid by the Funds. FATCA withholding tax generally can be avoided: (a) by an FFI, subject to any applicable intergovernmental agreement or other exemption, if it enters into a valid agreement with the IRS to, among other requirements, report required information about certain direct and indirect ownership of foreign financial accounts held by U.S. persons with the FFI and (b) by an NFFE, if it: (i) certifies that it has no substantial U.S. persons as owners or (ii) if it does have such owners, reports information relating to them. A Fund may disclose the information that it receives from its shareholders to the IRS, non-U.S. taxing authorities or other parties as necessary to comply with FATCA. Withholding also may be required if a foreign entity that is a shareholder of a Fund fails to provide the Fund with appropriate certifications or other documentation concerning its status under FATCA.

Original Issue Discount and Pay-In-Kind Securities

Current federal tax law requires the holder of a U.S. Treasury or other fixed income zero coupon security to accrue as income each year a portion of the discount at which the security was purchased, even though the holder receives no interest payment in cash on the security during the year. In addition, pay-in-kind securities will give rise to income which is required to be distributed and is taxable even though a Fund holding the security receives no interest payment in cash on the security during the year.

Some of the debt securities (with a fixed maturity date of more than one year from the date of issuance) that may be acquired by the Funds may be treated as debt securities that are issued originally at a discount. Generally, the amount of the original issue discount ("OID") is treated as interest income and is included in income over the term of the debt security, even though payment of that amount is not received until a later time, usually when the debt security matures. A portion of the OID includable

in income with respect to certain high-yield corporate debt securities (including certain pay-in-kind securities) may be treated as a dividend for U.S. federal income tax purposes.

Some of the debt securities (with a fixed maturity date of more than one year from the date of issuance) that may be acquired by the Funds in the secondary market may be treated as having market discount. Generally, any gain recognized on the disposition of, and any partial payment of principal on, a debt security having market discount is treated as ordinary income to the extent the gain, or principal payment, does not exceed the "accrued market discount" on such debt security. Market discount generally accrues in equal daily installments. The Funds may make one or more of the elections applicable to debt securities having market discount, which could affect the character and timing of recognition of income.

Some debt securities (with a fixed maturity date of one year or less from the date of issuance) that may be acquired by the Funds may be treated as having acquisition discount, or OID in the case of certain types of debt securities. Generally, the Funds will be required to include the acquisition discount, or OID, in income over the term of the debt security, even though payment of that amount is not received until a later time, usually when the debt security matures. The Funds may make one or more of the elections applicable to debt securities having acquisition discount, or OID, which could affect the character and timing of recognition of income.

If a Fund holds the foregoing kinds of securities, it may be required to pay out as an income distribution each year an amount, which is greater than the total amount of cash interest the Fund actually received. Such distributions may be made from the cash assets of the Funds or by liquidation of portfolio securities, if necessary (including when it is not advantageous to do so). The Funds may realize gains or losses from such liquidations. In the event the Funds realize net capital gains from such transactions, its shareholders may receive a larger capital gain distribution, if any, than they would in the absence of such transactions.

The high yield on these securities reflects the payment deferral and increased credit risks associated with such investments and may represent significantly higher credit risk than coupon loans. These securities may have unreliable valuations because their continuous accruals require continuing judgment about the collectability of the defaulted payment and the value of any associated collateral. Pay-in-Kind securities interest has the effect of generating investment income and increasing the incentives fees payable at a compounding rate. In addition, the deferral of Pay-In-Kind interest also reduces the loan to value ratio at a compounding rate. These securities create the risk that incentive fees will be paid to the investment adviser based on non-cash accruals that ultimately may not be realized. The Adviser will be under no obligation to reimburse the Funds for these fees.

Shareholders of the Funds may be subject to state and local taxes on distributions received from the Funds and on redemptions of the Funds' shares.

A brief explanation of the form and character of the distribution accompany each distribution. After the end of each year the Funds issue to each shareholder a statement of the federal income tax status of all distributions.

Shareholders should consult their tax advisers about the application of federal, state and local and foreign tax law in light of their particular situation.

**ANTI-MONEY LAUNDERING PROGRAM**

The Trust has established an Anti-Money Laundering Compliance Program (the "Program") as required by the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 ("USA PATRIOT Act"). To ensure compliance with this law, the Trust's Program provides for the development of internal practices, procedures and controls, designation of anti-money laundering compliance officers, an ongoing training program and an independent audit function to determine the effectiveness of the Program.

Procedures to implement the Program include, but are not limited to, determining that the Fund's Distributor and Transfer Agent have established proper anti-money laundering procedures, reporting suspicious and/or fraudulent activity and providing a complete and thorough review of all new opening account applications. The Trust will not transact business with any person or entity whose identity cannot be adequately verified under the provisions of the USA PATRIOT Act.

As a result of the Program, the Trust may be required to "freeze" the account of a shareholder if the shareholder appears to be involved in suspicious activity or if certain account information matches information on government lists of known terrorists or other suspicious persons, or the Trust may be required to transfer the account or proceeds of the account to a governmental agency.

**CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES**

A principal shareholder is any person who owns of record or beneficially 5% or more of the outstanding shares of a Fund. A control person is one who owns beneficially or through controlled companies more than 25% of the voting securities of a company or acknowledges the existence of control. Persons controlling the Funds can determine the outcome of any proposal submitted to the shareholders for approval, including changes to the Funds' fundamental policies or the terms of the advisory agreement with the Adviser.

As of October 1, 2025, the following shareholders of record owned 5% or more of the outstanding shares of each class of the Funds listed below:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**HCM Sector Plus Fund** | &nbsp;&nbsp;**HCM Sector Plus Fund** | &nbsp;&nbsp;**HCM Sector Plus Fund** |
| &nbsp;&nbsp;**Class A Shares**<br> Name & Address | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Percentage of Fund Share Class** |
| &nbsp;&nbsp;CHARLES SCHWAB & CO,<br> 211 MAIN ST<br> SAN FRANCISCO, CA <br> 94105 | &nbsp;&nbsp;9350514.7940 | &nbsp;&nbsp;19.05% |
| &nbsp;&nbsp;Axos Clearing LLC<br> P.O. Box 6503<br> Englewood, CO 80155-6503 | &nbsp;&nbsp;7874790.5050 | &nbsp;&nbsp;16.04% |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class A1 Shares**<br> Name & Address |  |  |
| &nbsp;&nbsp;Matrix Trust Company Cust. FBO<br> Krafft Trucking, Inc. SIMPLE Plan<br> 717 17th Street, Suite 1300<br> Denver CO 80202 | &nbsp;&nbsp;205.9590 | &nbsp;&nbsp;63.73% |
| &nbsp;&nbsp;Matrix Trust Company Cust. FBO<br> Harcat, LLC SIMPLE IRA Plan<br> 717 17th Street, Suite 1300<br> Denver CO 80202 | &nbsp;&nbsp;115.4710 | &nbsp;&nbsp;35.73% |
| &nbsp;&nbsp;**Class I Shares**<br> Name & Address |  |  |
| &nbsp;&nbsp;LPL Financial/FBO:<br> Customer Accounts<br> ATTN: Mutual Fund Operations<br> 4707 Executive DR<br> San Diego, CA 92121 | &nbsp;&nbsp;2906254.4220 | &nbsp;&nbsp;38.80% |
| &nbsp;&nbsp;**Investor Class Shares**<br> Name & Address |  |  |
| &nbsp;&nbsp;CHARLES SCHWAB & CO, <br> 211 MAIN ST<br> SAN FRANCISCO, CA 94105 | &nbsp;&nbsp;8236538.1960 | &nbsp;&nbsp;24.34% |
| &nbsp;&nbsp;**HCM Tactical Plus Fund** | &nbsp;&nbsp;**HCM Tactical Plus Fund** | &nbsp;&nbsp;**HCM Tactical Plus Fund** |
| &nbsp;&nbsp;**Class A Shares**<br> Name & Address | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Percentage of Fund Share Class** |
| &nbsp;&nbsp;CHARLES SCHWAB & CO, 211 MAIN ST<br> SAN FRANCISCO, CA 94105 | &nbsp;&nbsp;7918811.7460 | &nbsp;&nbsp;22.66% |
| &nbsp;&nbsp;Axos Clearing LLC<br> P.O. Box 6503<br> Englewood, CO 80155-6503 | &nbsp;&nbsp;55838004.2010 | &nbsp;&nbsp;15.98% |
| &nbsp;&nbsp;**Class I Shares**<br> Name & Address |  |  |
| &nbsp;&nbsp;LPL Financial/FBO:<br> Customer Accounts<br> ATTN: Mutual Fund Operations<br> 4707 Executive DR<br> San Diego, CA 92121 | &nbsp;&nbsp;2322627.3560 | &nbsp;&nbsp;45.90% |
| &nbsp;&nbsp;**Investor Class Shares**<br> Name & Address |  |  |
| &nbsp;&nbsp;CHARLES SCHWAB & CO, <br> 211 MAIN ST<br> SAN FRANCISCO, CA 94105 | &nbsp;&nbsp;4784648.9050 | &nbsp;&nbsp;23.78% |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**HCM Multi-Asset Plus Fund** | &nbsp;&nbsp;**HCM Multi-Asset Plus Fund** | &nbsp;&nbsp;**HCM Multi-Asset Plus Fund** |
| &nbsp;&nbsp;**Class A Shares**<br> Name & Address | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Percentage of Fund Share Class** |
| &nbsp;&nbsp;CHARLES SCHWAB & CO, <br> 211 MAIN ST<br> SAN FRANCISCO, CA 94105 | &nbsp;&nbsp;4135467.6410 | &nbsp;&nbsp;15.84% |
| &nbsp;&nbsp;CHARLES SCHWAB & CO, 211 MAIN ST<br> SAN FRANCISCO, CA 94105 | &nbsp;&nbsp;4938762.4430 | &nbsp;&nbsp;18.91% |
| &nbsp;&nbsp;Axos Clearing LLC<br> P.O. Box 6503<br> Englewood, CO 80155-6503 | &nbsp;&nbsp;3883523.6890 | &nbsp;&nbsp;14.87% |
| &nbsp;&nbsp;**Class I Shares<br> Name & Address** |  |  |
| &nbsp;&nbsp;Matrix Trust Company Cust. FBO<br> Harcat, LLC SIMPLE IRA Plan<br> 717 17th Street, Suite 1300<br> Denver CO 80202<br>| &nbsp;&nbsp;268894.5560 | &nbsp;&nbsp;5.66% |
| &nbsp;&nbsp;LPL Financial<br> 4707 Executive DR<br> San Diego, CA 92121 | &nbsp;&nbsp;1093500.4830 | &nbsp;&nbsp;23.01% |
| &nbsp;&nbsp;**Investor Class Shares**<br> Name & Address |  |  |
| &nbsp;&nbsp;CHARLES SCHWAB & CO, <br> 211 MAIN ST<br> SAN FRANCISCO, CA 94105 | &nbsp;&nbsp;2840494.2930 | &nbsp;&nbsp;23.62% |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**HCM Dynamic Income Fund** | &nbsp;&nbsp;**HCM Dynamic Income Fund** | &nbsp;&nbsp;**HCM Dynamic Income Fund** |
| &nbsp;&nbsp;**Class A Shares**<br> Name & Address | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Percentage of Fund Share Class** |
| &nbsp;&nbsp;CHARLES SCHWAB & CO, <br> 211 MAIN ST<br> SAN FRANCISCO, CA 94105 | &nbsp;&nbsp;2630414.8670 | &nbsp;&nbsp;25.46% |
| &nbsp;&nbsp;Axos Clearing LLC<br> P.O. Box 6503<br> Englewood, CO 80155-6503 | &nbsp;&nbsp;2518870.4650 | &nbsp;&nbsp;24.38% |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Investor Class Shares**<br> Name & Address |  |  |
| &nbsp;&nbsp;National Financial<br> Services LLC<br> 499 Washington Blvd.<br> Jersey City, NJ 07310 | &nbsp;&nbsp;566.2410 | &nbsp;&nbsp;36.13% |
| &nbsp;&nbsp;National Financial<br> Services LLC<br> 499 Washington Blvd.<br> Jersey City, NJ 07310 | &nbsp;&nbsp;636.0600 | &nbsp;&nbsp;40.58% |
| &nbsp;&nbsp;National Financial<br> Services LLC<br> 499 Washington Blvd.<br> Jersey City, NJ 07310 | &nbsp;&nbsp;159.8970 | &nbsp;&nbsp;10.20% |
| &nbsp;&nbsp;National Financial<br> Services LLC<br> 499 Washington Blvd.<br> Jersey City, NJ 07310 | &nbsp;&nbsp;200.7480 | &nbsp;&nbsp;13.02% |

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*Management Ownership Information.*

As of October 1, 2025, the Trustees and officers of the Trust, as a group, beneficially owned less than 1% of the outstanding shares of the Funds.

**MANAGEMENT**

The business of the Trust is managed under the direction of the Board in accordance with the Agreement and Declaration of Trust and the Trust's By-laws (the "Governing Documents"), which have been filed with the SEC and are available upon request. The Board consists of four individuals, all of whom are not "interested persons" (as defined under the 1940 Act) of the Trust and the Adviser ("Independent Trustees"). Pursuant to the Governing Documents, the Board shall elect officers including a President, a Secretary, a Treasurer, a Chief Compliance Officer, a Principal Executive Officer and a Principal Accounting Officer. The Board retains the power to conduct, operate and carry on the business of the Trust and has the power to incur and pay any expenses, which, in the opinion of the Board, are necessary or incidental to carry out any of the Trust's purposes. The Board, officers, employees and agents of the Trust, when acting in such capacities, shall not be subject to any personal liability except for his or her own bad faith, willful misfeasance, gross negligence or reckless disregard of his or her duties.

*Board Leadership Structure*. The Board is led by John V. Palancia, who has served as the Chairman of the Board (the "Chairman") since May 2014. The Board has not appointed a Lead Independent Trustee because the Chairman is an Independent Trustee. Under the Governing Documents, the Chairman is responsible for (a) presiding at Board meetings, (b) calling special meetings on an as-needed basis, and (c) execution and administration of Trust policies, including (i) setting the agendas for Board meetings and (ii) providing information to Board members in advance of each Board meeting and between Board meetings. Generally, the Trust believes it best to have a non-executive Chairman, who together with the President (principal executive officer), are seen by its shareholders, business partners and other stakeholders as providing strong leadership. The Trust believes that its Chairman, the independent chair of the Audit Committee, and, as an entity, the full

Board, provide effective leadership that is in the best interests of the Trust, its Funds and each shareholder.

*Board Risk Oversight*. The Board is comprised entirely of Independent Trustees with an Audit Committee with a separate chair. The Board is responsible for overseeing risk management, and receives compliance reports that inform its oversight of risk management from the Trust's Chief Compliance Officer at quarterly meetings and on an ad hoc basis, when and if necessary. The Audit Committee considers financial and risk reporting within its area of responsibilities. Generally, the Board believes that its oversight of material risks is adequately maintained through the compliance-reporting chain where the Chief Compliance Officer is the primary recipient and communicator of such risk-related information.

*Trustee Qualifications*.

Generally, the Fund believes that each Trustee is competent to serve because of his or her individual overall merits including his or her: (i) experience, (ii) qualifications, (iii) attributes and (iv) skills.

Patricia Luscombe, CFA, has more than 30 years in financial advisory and valuation services. She has delivered a broad range of corporate finance advice including fairness opinions and valuations. Ms. Luscombe joined Lincoln International in 2007 as a Managing Director and co-head of Lincoln's Valuations & Opinions Group. In this position, she assists regulated investment funds, business development companies, private equity funds and hedge funds in the valuation of illiquid securities for fair value accounting purposes. Ms. Luscombe's clients range from closely held businesses to large, publicly-traded companies. Previously, Ms. Luscombe spent 16 years with Duff & Phelps Corporation, as a Managing Director in the firm's valuation and financial advisory business. Prior to joining Duff & Phelps Corporation, Ms. Luscombe was an Associate at Smith Barney, a division of Citigroup Capital Markets, Inc., where she managed a variety of financial transactions, including mergers and acquisitions, leveraged buyouts, and equity and debt financings. Ms. Luscombe is a member of the Chicago Chapter of the Association for Corporate Growth, the Chartered Financial Analyst Society of Chicago and former president of the Chicago Finance Exchange. Ms. Luscombe holds a Bachelor of Arts degree in economics from Stanford University, a Masters degree in economics from the University of Chicago and a Master of Business Administration degree from the University of Chicago Booth School of Business. In addition, Ms. Luscombe is licensed under the Series 24, 79 and 63 of FINRA.

John V. Palancia has over 40 years of business experience in the financial services industry including serving as the Director of Global Futures Operations for Merrill Lynch, Pierce, Fenner & Smith, Inc. ("Merrill Lynch"). Mr. Palancia possesses an in depth understanding of broker-dealer operations from having served in various management capacities and has held industry registrations in both securities and futures. Based on his service at Merrill Lynch, he also possesses a strong understanding of risk management, balance sheet analysis, compliance and the regulatory framework under which regulated financial entities must operate. Additionally, he is well versed in the regulatory framework under which investment companies must operate based on his service as a member of three other mutual fund boards. This practical and extensive experience in the securities industry provides valuable insight into fund operations and enhances his ability to effectively serve as chairman of the Board. Mr. Palancia is a member of the Investment Company Institute and Mutual Fund Directors Forum. Mr. Palancia holds a Bachelor of Science degree in Economics.

Mark H. Taylor has over 30 years of academic and professional experience in the accounting and auditing fields, which makes him particularly qualified to chair the Board's Audit Committee. Dr. Taylor holds PhD, Master's and Bachelors degrees in Accountancy and is a licensed Certified Public

Accountant and serves as a member of two other mutual fund boards within the Northern Lights Fund Complex. Dr. Taylor is the Director of the Lynn Pippenger School of Accountancy at the Muma College of Business at the University of South Florida and served a three-year term as President of the American Accounting Association (AAA) (as President-Elect 8/22-7/23, President 8/23-8/24, and Past President 8/24-8/25). Dr. Taylor previously served as Vice President-Finance of the AAA, and as President of the Auditing Section of the AAA. He previously served a three-year term on the AICPA's Auditing Standards Board and completed a fellowship in the Professional Practice Group of the Office of the Chief Accountant at the headquarters of the United States Securities Exchange Commission. Dr. Taylor is a member of two research teams that received grants from the Center for Audit Quality to study how accounting firms' tone-at-the-top messaging impacts audit performance and how auditors manage the process of auditing fair value measurements and other complex estimates in financial statements. Dr. Taylor has had his research widely published in leading academic accounting and practice journals. He has teaching interests in corporate governance and accounting policy as well as auditing and assurance services at the graduate and undergraduate levels and possesses a strong understanding of the regulatory framework under which investment companies operate.

Jeffery D. Young has over 40 years of business management experience, including in the transportation industry and operations and information technologies. He is currently Co-owner and Vice President of the Latin America Agriculture Development Corporation, an agribusiness exporting fruit to the United States and other Central American countries. He has served as Assistant Vice President of Transportation Systems at Union Pacific Railroad Company, where he was responsible for the development and implementation of large-scale command and control systems that support railroad operations and safety. In this position, Mr. Young was heavily involved in the regulatory compliance of safety and mission critical systems. Mr. Young also served as Chairman of the Association of American Railroads Policy Committee and represented both Union Pacific Railroad and the railroad industry in safety and regulatory hearings with the National Transportation Safety Board and the Federal Railroad Administration in Washington, DC. Mr. Young was a member of the Board of Directors of PS Technologies, a Union Pacific affiliate serving as a technology supplier to the railroad industry. His practical business experience and understanding of regulatory compliance provides a different perspective that brings diversity to Board deliberations.

*Trustees and Officers.* The Trustees and officers of the Trust, together with information as to their principal business occupations during the past five years and other information, are shown below. Unless otherwise noted, the address of each Trustee and officer is 225 Pictoria Drive, Suite 450, Cincinnati, OH 45246.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;**Independent Trustees** |
| &nbsp;&nbsp;**Name, <br> Address, <br> Year of Birth** | &nbsp;&nbsp;**Position(s) Held <br> with Registrant** | &nbsp;&nbsp;**Length of <br> Service and <br> Term** | &nbsp;&nbsp;**Principal Occupation(s) <br> During Past 5 Years** | &nbsp;&nbsp;**Number of <br> Funds <br> Overseen <br> In The <br> Fund <br> Complex\*** | &nbsp;&nbsp;**Other Directorships Held <br> During Past 5 Years\*\*** |
| &nbsp;&nbsp;Patricia<br> Luscombe<br> 1961 | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Since January 2015, Indefinite | &nbsp;&nbsp;Managing Director of the Valuations and Opinions Group, Lincoln International LLC (since August 2007). | &nbsp;&nbsp;6 | &nbsp;&nbsp;Northern Lights Fund Trust III (for series not affiliated with the Fund since 2015); Monetta Mutual Funds (since November 2015). |
| &nbsp;&nbsp;John V.<br> Palancia<br> 1954 | &nbsp;&nbsp;Trustee, Chairman | &nbsp;&nbsp;Trustee, since February 2012, Indefinite; Chairman of the Board since May 2014. | &nbsp;&nbsp;Retired (since 2011); formerly, Director of Global Futures Operations Control, Merrill Lynch, Pierce, Fenner & Smith, Inc. (1975-2011). | &nbsp;&nbsp;6 | &nbsp;&nbsp;Northern Lights Fund Trust III (for series not affiliated with the Fund since 2012); Northern Lights Fund Trust (since 2011); Northern Lights Variable Trust (since 2011); Alternative Strategies Fund (since 2012). |
| &nbsp;&nbsp;Mark H.<br> Taylor<br> 1964 | &nbsp;&nbsp;Trustee, Chairman of the Audit Committee | &nbsp;&nbsp;Since February 2012, Indefinite | &nbsp;&nbsp;PhD (Accounting), CPA; Professor and Director, Lynn Pippenger School of Accountancy, Muma College of Business, University of South Florida (2019 – present); Professor and Department of Accountancy Chair, Case Western Reserve University (2009-2019); President, American Accounting Association (AAA) since August 2022 (President-Elect 2022-2023, President 2023-2024; Past President 2024-2025). AAA Vice President-Finance (2017-2020); President, Auditing Section of the AAA; Member, AICPA Auditing Standards Board (2009-2012); Academic Fellow, Office of the Chief Accountant, United States Securities Exchange Commission (2005-2006); Center for Audit Quality research grants (2014, 2012). | &nbsp;&nbsp;6 | &nbsp;&nbsp;Northern Lights Fund Trust III (for series not affiliated with the Fund since 2012); Northern Lights Fund Trust (since 2007); Northern Lights Variable Trust (since 2007); Alternative Strategies Fund (since June 2010). |
| &nbsp;&nbsp;Jeffery D. Young<br> 1956 | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Since January 2015, Indefinite | &nbsp;&nbsp;Co-owner and Vice President, Latin America Agriculture Development Corp. (since May 2015); President, Celeritas Rail Consulting (since June 2014); Asst. Vice President - Transportation Systems, Union Pacific Railroad Company (June 1976 to April 2014). | &nbsp;&nbsp;6 | &nbsp;&nbsp;Northern Lights Fund Trust III (for series not affiliated with the Fund since 2015). |

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\* As of June 30, 2025, the Trust was comprised of 27 active portfolios managed by 13 unaffiliated investment advisers. The term "Fund Complex" refers only to the Funds, HCM Defender 100 Index ETF, HCM Defender 500 Index ETF, and not to any other series of the Trust. The Funds do not hold themselves out as related to any other series within the Trust for investment purposes, nor do they share the same investment adviser with any other series.

\*\* Only includes directorships held within the past 5 years in a company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934 or subject to the requirements of Section 15(d) of the Securities Exchange Act of 1934, or any company registered as an investment company under the 1940 Act.

**Officers of the Trust**

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name, Address, <br> Year of Birth** | &nbsp;&nbsp;**Position(s) Held <br> with Registrant** | &nbsp;&nbsp;**Length of <br> Service and <br> Term** | &nbsp;&nbsp;**Principal Occupation(s) During Past 5 Years** |
| &nbsp;&nbsp;Brian Curley <br> 1970 | &nbsp;&nbsp;President | &nbsp;&nbsp;Since May 2023, indefinite | &nbsp;&nbsp;Vice President, Ultimus Fund Solutions, LLC (since 2020); Vice President, Gemini Fund Services, LLC (2015-2020). |
| &nbsp;&nbsp;Timothy Burdick<br> 1986 | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;Since May 2023, indefinite | &nbsp;&nbsp;Vice President and Senior Managing Counsel, Ultimus Fund Solutions, LLC (2023 – present); Vice President and Managing Counsel, Ultimus Fund Solutions, LLC (2022 – 2023); Assistant Vice President and Counsel, Ultimus Fund Solutions, LLC (2019 – 2022). |
| &nbsp;&nbsp;Richard Gleason<br> 1977 | &nbsp;&nbsp;Treasurer | &nbsp;&nbsp;Since May 2023, indefinite | &nbsp;&nbsp;Assistant Vice President, Ultimus Fund Solutions, LLC (since 2020); Assistant Vice President, Gemini Fund Services, LLC (2015-2020). |
| &nbsp;&nbsp;Joseph Kulbacki<br> 1967 | &nbsp;&nbsp;Secretary | &nbsp;&nbsp;Since November 2024, indefinite | &nbsp;&nbsp;Senior Legal Administrator, Ultimus Fund Solutions, LLC (since 2024); Senior Paralegal, Voya Financial, Inc., (2023-2024), Senior Corporate Paralegal II, Argo AI (2022); Contract Paralegal (2020-2022); Corporate Governance Paralegal, GNC (2019-2020). |
| &nbsp;&nbsp;William Kimme <br> 1962 | &nbsp;&nbsp;Chief Compliance Officer | &nbsp;&nbsp;Since February 2012, indefinite | &nbsp;&nbsp;Senior Compliance Officer of Northern Lights Compliance Services, LLC (since 2011). |

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*Audit Committee.* The Board has an Audit Committee that consists solely of Independent Trustees. The Audit Committee's responsibilities include: (i) recommending to the Board the selection, retention or termination of the Trust's independent auditors; (ii) reviewing with the independent auditors the scope, performance and anticipated cost of their audit; (iii) discussing with the independent auditors certain matters relating to the Trust's financial statements, including any adjustment to such financial statements recommended by such independent auditors, or any other results of any audit; (iv) reviewing on a periodic basis a formal written statement from the independent auditors with respect to their independence, discussing with the independent auditors any relationships or services disclosed in the statement that may impact the objectivity and independence of the Trust's independent auditors and recommending that the Board take appropriate action in response thereto to satisfy itself of the auditor's independence; and (v) considering the comments of the independent auditors and management's responses thereto with respect to the quality and adequacy of the Trust's accounting and financial reporting policies and practices and internal controls. The Audit Committee operates pursuant to an Audit Committee Charter. Dr. Taylor is Chairman of the Audit Committee. During the past fiscal year, the Audit Committee held four meetings.

*Compensation of Directors*. Since January 1, 2024, each Trustee (none of whom are affiliated with the Trust or an investment adviser to any series of the Trust) receives a quarterly fee of $30,000, allocated among each of the various portfolios comprising the Trust, for his or her attendance at the regularly scheduled meetings of the Board, to be paid in advance of each calendar quarter, as well as reimbursement for any reasonable expenses incurred. In addition to their quarterly fees and reimbursements, the Chairman of the Board receives a quarterly fee of $7,500, and the Audit Committee Chairman receives a quarterly fee of $5,500. From January 1, 2022 through December 31, 2023, each Trustee received a quarterly fee of $26,000, allocated among each of the various portfolios comprising the Trust, for his or her attendance at the regularly scheduled meetings of the Board, paid in advance of each calendar quarter, as well as reimbursement for any reasonable expenses incurred. From January 1, 2022 through December 31, 2023, in addition to their quarterly fees and reimbursements, the Chairman of the Board received a quarterly fee of $6,250, and the Audit Committee Chairman received a quarterly fee of $4,500.

Additionally, in the event an in-person meeting of the Board other than its regularly scheduled meetings (a "Special Meeting") is required, each Independent Trustee will receive a fee of $2,500 per Special Meeting, as well as reimbursement for any reasonable expenses incurred, to be paid by the relevant series of the Trust or its investment adviser depending on the circumstances necessitating the Special Meeting. None of the executive officers receive compensation from the Trust.

The table below details the amount of compensation the Board received from the Funds during the fiscal year ended June 30, 2025. The Trust does not have a bonus, profit sharing, pension or retirement plan.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name and<br> Position** | &nbsp;&nbsp;**HCM <br> Sector <br> Plus Fund** | &nbsp;&nbsp;**HCM <br> Tactical <br> Plus Fund** | &nbsp;&nbsp;**HCM <br> Multi-<br> Asset <br> Plus Fund** | &nbsp;&nbsp;**HCM <br> Dynamic <br> Income <br> Fund** | &nbsp;&nbsp;**Pension or <br> Retirement <br> Benefits <br> Accrued as <br> Part of Fund <br> Expenses** | &nbsp;&nbsp;**Estimated <br> Annual <br> Benefits <br> Upon <br> Retirement** | &nbsp;&nbsp;**Total <br> Compensation <br> From Trust and <br> Fund Complex\* <br> Paid to Trustees** |
| &nbsp;&nbsp;Patricia Luscombe | &nbsp;&nbsp;$459991 | &nbsp;&nbsp;$4582.18 | &nbsp;&nbsp;$4301.76 | &nbsp;&nbsp;$4099.31 |  |  | &nbsp;&nbsp;$25986.01 |
| &nbsp;&nbsp;John V. Palancia | &nbsp;&nbsp;$5599.89 | &nbsp;&nbsp;$5578.30 | &nbsp;&nbsp;$5236.92 | &nbsp;&nbsp;$4990.46 |  |  | &nbsp;&nbsp;$31635.14 |
| &nbsp;&nbsp;Mark H. Taylor | &nbsp;&nbsp;$5199.90 | &nbsp;&nbsp;$5179.85 | &nbsp;&nbsp;$4862.85 | &nbsp;&nbsp;$4634.00 |  |  | &nbsp;&nbsp;$29375.49 |
| &nbsp;&nbsp;Jeffery D. Young | &nbsp;&nbsp;$4599.91 | &nbsp;&nbsp;$4582.18 | &nbsp;&nbsp;$4301.76 | &nbsp;&nbsp;$4099.31 |  |  | &nbsp;&nbsp;$25986.01 |

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\* There are currently numerous series comprising the Trust. The term "Fund Complex" refers only to the Funds, HCM Defender 100 Index ETF, HCM Defender 500 Index ETF, and not to any other series of the Trust. For the fiscal year ended June 30, 2025, the aggregate independent Trustees' fees paid by the entire Trust were $513,750.

*Trustees' Ownership of Shares in the Funds*. As of December 31, 2024, the Trustees beneficially owned the following amounts in the Funds:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Name of Trustee | &nbsp;&nbsp;Dollar Range of Equity <br> Securities in the Funds | &nbsp;&nbsp;Aggregate Dollar Range of Equity <br> Securities in All Registered Investment <br> Companies Overseen by Trustee in <br> Family of Investment Companies |
| &nbsp;&nbsp;Patricia Luscombe |  | &nbsp;&nbsp;$10001-$50000 |
| &nbsp;&nbsp;John V. Palancia |  | &nbsp;&nbsp;$10001-$50000 |
| &nbsp;&nbsp;Mark H. Taylor |  | &nbsp;&nbsp;$10001-$50000 |
| &nbsp;&nbsp;Jeffery D. Young |  |  |

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**FINANCIAL STATEMENTS**

The financial statements and report of the independent registered public accounting firm required to be included in this SAI are hereby incorporated by reference to the <u>Fund's Financial Statements for the fiscal year ended June 30, 2025</u>. You can obtain a copy of the Financial Statements without charge by calling the Funds at 1-866-209-1964.

**APPENDIX A BOND RATINGS**

**DESCRIPTION OF MOODY'S CORPORATE BOND RATINGS**

Aaa. Bonds rated Aaa are judged to be the best quality. They carry the smallest degree of investment risk and are generally referred to as "gilt edge." Interest payments are protected by a large or by an exceptionally stable margin and principal is secure. While the various protective elements are likely to change, such changes as can be visualized are most unlikely to impair the fundamentally strong position of these issues.

Aa. Bonds which are rated Aa are judged to be of high quality by all standards. Together with the Aaa group they comprise what are generally known as high-grade bonds. They are rated lower than the best bonds because margins of protection may not be as large as in Aaa securities or fluctuation of protective elements may be of greater amplitude or there may be other elements present which make the long-term risks appear somewhat larger than in Aaa securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Bonds which are rated A possess many favorable investment attributes and are to be considered as upper medium grade obligations. Factors giving security to principal and interest are considered adequate but elements may be present which suggest a susceptibility to impairment sometime in the future.

Baa. Bonds which are rated Baa are considered as medium grade obligations, i.e., they are neither highly protected nor poorly secured. Interest payments and principal security appear adequate for the present but certain protective elements may be lacking or may be characteristically unreliable over any great length of time. Such bonds lack outstanding investment characteristics and in fact have speculative characteristics as well.

Ba. Bonds which are rated Ba are judged to have speculative elements; their future payments cannot be considered as well assured. Often the protection of interest and principal may be very moderate and thereby not well safeguarded during both good and bad times over the future. Uncertainty of position characterizes bonds in this class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Bonds which are rated B generally lack characteristics of the desirable investment. Assurance of interest and principal payments or of maintenance of other terms of the contract over any long period of time may be small.

Moody's applies the numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through B. The modifier 1 indicates that the security ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates that the issue ranks in the lower end of its generic rating category.

**DESCRIPTION OF COMMERCIAL PAPER RATINGS**

Commercial paper rated Prime-l by Moody's are judged by Moody's to be of the best quality. Their short-term debt obligations carry the smallest degree of investment risk. Margins of support for current indebtedness are large or stable with cash flow and asset protection well insured. Current liquidity provides ample coverage of near-term liabilities and unused alternative financing arrangements are generally available. While protective elements may change over the intermediate or longer term, such changes are most unlikely to impair the fundamentally strong position of short-term obligations.

Issuers (or related supporting institutions) rated Prime-2 have a strong capacity for repayment of short-term promissory obligations. This will normally be evidenced by many of the characteristics cited above but to a lesser degree. Earnings trends and coverage ratios, while sound, will be more subject to variation. Capitalization characteristics, while still appropriate, may be more affected by external conditions. Ample alternate liquidity is maintained.

Commercial paper rated A by S&P have the following characteristics. Liquidity ratios are better than industry average. Long-term debt rating is A or better. The issuer has access to at least two additional channels of borrowing. Basic earnings and cash flow are in an upward trend. Typically, the issuer is a strong company in a well-established industry and has superior management. Issuers rated A are further refined by use of numbers 1, 2, and 3 to denote relative strength within this highest classification. Those issuers rated A-1 that are determined by S&P to possess overwhelming safety characteristics are denoted with a plus (+) sign designation.

Fitch's commercial paper ratings represent Fitch's assessment of the issuer's ability to meet its obligations in a timely manner. The assessment places emphasis on the existence of liquidity. Ratings range from F-1+ which represents exceptionally strong credit quality to F-4 which represents weak credit quality.

Duff & Phelps' short-term ratings apply to all obligations with maturities of under one year, including commercial paper, the uninsured portion of certificates of deposit, unsecured bank loans, master notes, bankers acceptances, irrevocable letters of credit and current maturities of long-term debt. Emphasis is placed on liquidity. Ratings range from Duff 1+ for the highest quality to Duff 5 for the lowest, issuers in default. Issues rated Duff 1+ are regarded as having the highest certainty of timely payment. Issues rated Duff 1 are regarded as having very high certainty of timely payment.

**APPENDIX B PROXY VOTING POLICIES AND PROCEDURES HOWARD CAPITAL MANAGEMENT, INC.**

**<u>PROXY VOTING POLICY AND PROCEDURES</u>**

**Proxy Voting**

Non-Mutual Fund Clients.

Howard Capital Management does not vote proxies on behalf of clients. All proxy materials received on behalf of a client account are to be sent directly to our client or a designated representative of the client, who is responsible for voting the proxy. Howard Capital Management personnel may answer client questions regarding proxy-voting matters in an effort to assist the client in determining how to vote the proxy. However, the final decision of how to vote the proxy rests with the client.

Mutual Fund Clients.

For each Client Account that is a registered investment company the Firm votes all proxies after carefully considering proxy solicitation materials and other available facts, except when it abstains from voting as described below. The Firm instructs each custodian for a Mutual Fund client to deliver to the Firm all proxy solicitation materials that the custodian receives for that account. The Firm reviews the securities held in its Mutual Fund Accounts on a regular basis to confirm that the Firm receives copies of all proxy solicitation materials concerning such securities. The Firm marks each proxy solicitation with the date it is received by the Firm. The Firm will also monitor the positions it takes in ETFs holdings to ensure that it never holds more than 3% of the outstanding voting shares of the ETF. Should The Firm hold positions that exceed 3% of the outstanding voting shares of an ETF, The Firm will rely upon Mirror Voting for Proxies, ensuring the Funds vote its shares in the same proportion that all shares of the ETFs are voted, or in accordance with instructions received from fund shareholders.

The CCO makes all voting decisions on behalf of a Mutual Fund client based solely on the CCO's determination of the best interests of that Account. The Firm uses reasonable efforts to respond to each proxy solicitation by the deadline for such response.

The CCO may designate an appropriate Employee to be responsible for ensuring that all proxy statements are received and that the Firm responds to them in a timely manner.

&nbsp;&nbsp;&nbsp;&nbsp;1. Company Information. If the Firm is considering voting a proxy, it reviews all proxy solicitation materials it receives concerning securities held in a Mutual Fund Account. The Firm evaluates all such information and may seek additional information from the party soliciting the proxy and independent corroboration of such information when the Firm considers it appropriate and when it is reasonably available.

&nbsp;&nbsp;&nbsp;&nbsp;2. Proxy Voting Policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Guidelines.
The Firm follows any proxy voting guidelines and procedures provided by Client Accounts for which the Firm votes proxies. If no guideline
exists for a particular vote, the Firm votes FOR a proposal when it believes that the proposal serves the best interests of the Mutual
Fund Account whose proxy is solicited because, on balance, the following factors predominate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If
adopted, the proposal would have a positive economic effect on shareholder value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If
adopted, the proposal would pose no threat to existing rights of shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The
dilution, if any, of existing shares that would result from adoption of the proposal is warranted by the benefits of the proposal; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) If
adopted, the proposal would not limit or impair the accountability of management and the board of directors to shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The
Firm votes **AGAINST** a proposal if it believes that, on balance, the following factors predominate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If
adopted, the proposal would have an adverse economic effect on shareholder value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If
adopted, the proposal would limit the rights of shareholders in a manner or to an extent that is not warranted by the benefits of adoption
of the proposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If
adopted, the proposal would cause significant dilution of shares that is not warranted by the benefits of the proposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) If
adopted, the proposal would limit or impair accountability of management or the board of directors to shareholders; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The
proposal is a shareholder initiative that the Firm believes wastes time and resources of the company or reflects the grievance of one
individual.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Abstentions.
The Firm abstains from voting proxies when it believes that it is appropriate. Usually, this occurs when the Firm believes that a proposal
holds negative but non-quantifiable implications for shareholder value but may express a legitimate concern or, for accounts other than
registered investment companies, when the Firm believes that a proposal will not have a material effect on the Firm's investment strategy
for Mutual Fund Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;3. Conflicts of Interest. Due to the size and nature of the Firm's operations and the Firm's limited affiliations in the securities industry, the Firm does not expect that material conflicts of interest will arise between the Firm and a Mutual Fund Account over proxy voting. The Firm recognizes, however, that such conflicts may arise from time to time, such as, for example, when the Firm or one of its affiliates has a business arrangement that could be affected by the outcome of a proxy vote or has a personal or business relationship with a person seeking appointment or re-appointment as a director of a company. If a material conflict of interest arises, the Firm will vote all proxies in accordance with Part VII.A.2. The Firm will not place its own interests ahead of the interests of its Mutual Fund Accounts in voting proxies.

If the Firm determines that the proxy voting policies in Part VII.2 do not adequately address a material conflict of interest related to a proxy, it will provide the affected Client Account with copies of all proxy solicitation materials that the Firm receives with respect to that proxy, notify that Client Account of the actual or potential conflict of interest and of the Firm's intended response to the proxy request (which response will be in accordance with the policies set forth in Part VI.A.2(b)), and request that the Client Account consent to the Firm's intended response. If the Client Account consents to the Firm's intended response or fails to respond to the notice within a reasonable period of time specified in the notice, the Firm will vote the proxy as described in the notice. If the Client Account objects to the intended response, the Firm will vote the proxy as directed by the Client Account.

&nbsp;&nbsp;&nbsp;&nbsp;4. Disclosures to Clients. The Firm includes in Part 2A of its Form ADV (1) a summary of these policies and procedures relating to proxy voting, (2) an offer to provide a copy of such policies and procedures to clients on request, and (3) information concerning how a client may obtain a report summarizing how the Firm voted proxies on behalf of such client. At the request of a Client Account

or Investor (other than a Client Account that is a registered investment company under the ICA (a "Registered Fund")), the Firm provides that Client Account or Investor with a copy of this Part VII and a report summarizing all proxy solicitations the Firm received with respect to that Client Account during the period requested and action taken by the Firm on each such proxy. Regarding the proxy votes in respect of the portfolio securities in a Registered Fund, the Firm will provide that Registered Fund with the information required to be disclosed by that Registered Fund pursuant to Rule 30bl-4 of the ICA and SEC Form N-PX promulgated thereunder, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The
name of the issuer of the portfolio security;

&nbsp;&nbsp;&nbsp;&nbsp;b. The exchange ticker symbol of the portfolio security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The
CUSP number for the portfolio security (unless not available through reasonable practical means, e.g., in the case of certain foreign
issuers);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The
shareholder meeting date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. A
brief identification of the matter voted on;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Whether
the matter was proposed by the issuer or by a security holder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Whether
the Firm cast its vote on the matter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. How
the Firm cast its vote (e.g., for or against proposal, or abstain; for or withhold regarding election of directors); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Whether
the Firm cast its vote for or against management.

Records.

See the Firm's Books and Records policy regarding Records that the Firm must maintain relating to these.

PART C

OTHER INFORMATION

Item 28. Exhibits.

Each of the Exhibits incorporated by reference below are found in File Nos. 811-22655, 333-178833.

(a) Articles of Incorporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(i) Registrant's Amended Agreement and Declaration of Trust, dated May 30, 2019 as previously filed on June 7, 2019 to the Registrant's Registration Statement in Post-Effective Amendment No. 411, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1537140/000158064219002781/ex99a.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(ii) Certificate of Trust, which was filed as an exhibit to the Registrant's Registration Statement on Form N-1A on December 30, 2011, is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1537140/000091047211002815/certificateoftrustnlftiii.htm)

[(b) By-Laws. Registrant's By-Laws as previously filed on August 19, 2013 to the Registrant's Registration Statement in Post-Effective Amendment No. 62, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1537140/000091047213003253/exbbylaws.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Revised By-Laws as previously filed on October 14, 2021 to the Registrant's Registration Statement in Post-Effective Amendment No. 522, and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1537140/000158064221004878/ex99bi.htm)

(c) Instruments Defining Rights of Security Holder. None other than in the Declaration of Trust and By-Laws of the Registrant.

(d) Investment Advisory Contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(i) Investment Advisory Agreement between Swan Capital Management, Inc. and Registrant, with respect to the Swan Defined Risk Fund as previously filed on November 13, 2012 to the Registrant's Registration Statement in Post-Effective Amendment No. 17, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1537140/000091047212003422/swanadvisoryagreement.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(ii) Investment Advisory Agreement between Dakota Wealth, LLC, and Registrant, with respect to the Persimmon Long/Short Fund as previously filed on December 14, 2021 to the Registrant's Registration Statement in Post-Effective Amendment No. 528, and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1537140/000158064221005848/ex99dii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) *Reserved*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(iv) Investment Advisory Agreement between Stonebridge Capital Advisors, LLC and Registrant, with respect to the Covered Bridge Fund as previously filed on August 19, 2013 to the Registrant's Registration Statement in Post-Effective Amendment No. 62, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1537140/000091047213003253/exd12advisoryagreement.htm)

[(iv)(a) First Amendment to the Investment Advisory Agreement between Stonebridge Capital Advisors, LLC and Registrant, with respect to the Covered Bridge Fund as previously filed on October 26, 2017 to the Registrant's Registration Statement in Post-Effective Amendment No. 305, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1537140/000158064217005680/ex99dxiia.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(v) Investment Sub-Advisory Agreement between Absolute Capital Management LLC and First Associated Investment Advisors, Inc., with respect to The Teberg Fund as previously filed on February 29, 2024 to the Registrant's Registration Statement in Post-Effective Amendment No. 608, and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1537140/000158064224001258/ex_d-v.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(vi) Investment Advisory Agreement between RESQ Investment Partners, LLC and Registrant, with respect to the RESQ Dynamic Allocation Fund and RESQ Strategic Income Fund as previously filed on December 13, 2013 to the Registrant's Registration Statement in Post-Effective Amendment No. 85, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1537140/000091047213005289/nlftiiiresqinvestmentadvisor.htm)

[(vi)(a) Second Amendment to the Investment Advisory Agreement between RESQ Investment Partners, LLC and Registrant, with respect to the RESQ Dynamic Allocation Fund and RESQ Strategic Income Fund as previously filed on July 24, 2020 to the Registrant's Registration Statement in Post-Effective Amendment No. 468, and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1537140/000158064220002723/ex99d.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) *Reserved*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(viii) Investment Advisory Agreement between Howard Capital Management, Inc., and the Registrant with respect to the HCM Tactical Plus Fund as previously filed on April 24, 2020 to the Registrant's Registration Statement in Post-Effective Amendment No. 465, and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1537140/000158064220001742/ex99dx.htm)

[(viii)(a) First Amendment to the Investment Advisory Agreement between Howard Capital Management, Inc., and the Registrant with respect to the HCM Tactical Plus Fund as previously filed on April 28, 2017 to the Registrant's Registration Statement in Post-Effective Amendment No. 294, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1537140/000158064217002624/ex99g21.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(ix) Investment Advisory Agreement between PlanRock Investment Management, LLC, and Registrant, with respect to the PlanRock Alternative Growth ETF as previously filed on December 19, 2023 to the Registrant's Registration Statement in Post-Effective Amendment No. 596, and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1537140/000158064223006789/ex99d-ix.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(x) Investment Advisory Agreement between Counterpoint Funds, LLC and Registrant, with respect to the Counterpoint Tactical Income Fund as previously filed on September 24, 2015 to the Registrant's Registration Statement in Post-Effective Amendment No. 203, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1537140/000158064215004380/ex99d_advisoryagreement.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(xi) Investment Sub-Advisory Agreement between Swan Capital Management, Inc., and Swan Global Management, LLC, with respect to the Swan Defined Risk Fund as previously filed on January 13, 2015 to the Registrant's Registration Statement in Post-Effective Amendment No. 149, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1537140/000158064215000202/ex99dxxxvi.htm)

[(xi)(a) Amendment to the Investment Sub-Advisory Agreement between Swan Capital Management, Inc., and Swan Global Management, LLC, with respect to the Swan Defined Risk Fund as previously filed on January 23, 2017 to the Registrant's Registration Statement in Post-Effective Amendment No. 270, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1537140/000158064217000331/ex99d28.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(xii) Investment Advisory Agreement between Swan Capital Management, LLC and Registrant with respect to the Swan Enhanced Dividend Income ETF as previously filed on February 14, 2024 to the Registrant's Registration Statement in Post-Effective Amendment No. 607, and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1537140/000158064224000992/ex99d-xiv.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(xiii) Investment Advisory Agreement between Howard Capital Management, Inc. and Registrant, with respect to HCM Sector Plus Fund, as previously filed on March 3, 2015 to the Registrant's Registration Statement in Post-Effective Amendment No. 160, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1537140/000158064215001012/ex99d.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(xiv) Amendment to Investment Advisory Agreement between Howard Capital Management, Inc, and Registrant, with respect to HCM Tactical Plus Fund, HCM Sector Plus Fund, HCM Multi-Asset Plus Fund and HCM Dynamic Income Fund, as previously filed on April 29, 2024 to the Registrant's Registration Statement in Post-Effective Amendment No. 609, and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1537140/000158064224002351/ex99d_xvi.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(xv) Investment Advisory Agreement between Pinnacle Family Advisors, LLC and Registrant, with respect to the Pinnacle Multi-Strategy Core Fund as previously filed on September 3, 2015 to the Registrant's Registration Statement in Post-Effective Amendment No. 202, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1537140/000158064215004072/ex99dxlvii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(xvi) Investment Advisory Agreement between Absolute Capital Management, LLC and Registrant, with respect to the Absolute Capital Asset Allocator Fund and Absolute Capital Defender Fund as previously filed on December 14, 2018 to the Registrant's Registration Statement in Post-Effective Amendment No. 373, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1537140/000158064218005939/ex99d27.htm)

[(xvi)(a) Investment Advisory Agreement between Absolute Capital Management, LLC and Registrant, with respect to the Teberg Fund as previously filed on February 29, 2024 to the Registrant's Registration Statement in Post-Effective Amendment No. 608, and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1537140/000158064224001258/ex_d-xviiia.htm)

[(xvi)(b) Investment Sub-Advisory Agreement between Absolute Capital Management LLC and First Associated Investment Advisors, Inc., with respect to The Teberg Fund as previously filed on January 27, 2025 to the Registrant's Registration Statement in Post-Effective Amendment No. 621, and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1537140/000158064225000473/ex-d_xviiib.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(xvii) Investment Advisory Agreement between Counterpoint Funds, LLC and Registrant, with respect to the Counterpoint Tactical Equity Fund as previously filed on October 19, 2015 to the Registrant's Registration Statement in Post-Effective Amendment No. 208, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1537140/000158064215004719/ex99d.htm)

[(xvii)(a) Amendment to the Investment Advisory Agreement between Counterpoint Funds, LLC and Registrant, with respect to the Counterpoint Tactical Income Fund as previously filed on October 26, 2017 to the Registrant's Registration Statement in Post-Effective Amendment No. 305, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1537140/000158064217005680/ex99dxxxiva.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(xviii) Investment Advisory Agreement between Boyd Watterson Asset Management, LLC and Registrant, with respect to the Boyd Watterson Limited Duration Enhanced Income Fund as previously filed on July 28, 2025 to the Registrant's Registration Statement in Post-Effective Amendment No. 630, and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1537140/000158064225004521/ex99d.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(xix) Investment Advisory Agreement between Howard Capital Management, Inc., and the Registrant with respect to the HCM Multi-Asset Plus Fund as previously filed on January 23, 2017 to the Registrant's Registration Statement in Post-Effective Amendment No. 270, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1537140/000158064217000331/ex99d42.htm)

[(xix)(a) First Amendment to the Investment Advisory Agreement between Howard Capital Management, Inc. and the Registrant with respect to the HCM Multi-Asset Plus Fund as previously filed on July 24, 2018 to the Registrant's Registration Statement in Post-Effective Amendment No. 341, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1537140/000158064218003484/ex99d34.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(xx) Investment Advisory Agreement between Counterpoint Funds, LLC and Registrant, with respect to the Counterpoint Tactical Municipal Fund as previously filed on May 1, 2018 to the Registrant's Registration Statement in Post-Effective Amendment No. 338, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1537140/000158064218002335/ex99d.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(xxi) Investment Advisory Agreement between Counterpoint Funds, LLC and Registrant with respect to the Counterpoint Quantitative Equity ETF, as previously filed on November 22, 2023 to Registrant's Registration Statement in Post-Effective Amendment No. 592, and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1537140/000158064223006302/ex99d_xxv.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(xxii) Investment Advisory Agreement between Swan Capital Management, LLC and Registrant, with respect to the Swan Defined Risk Growth Fund as previously filed on November 16, 2018 to the Registrant's Registration Statement in Post-Effective Amendment No. 364, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1537140/000158064218005515/ex99d37.htm)

[(xxii)(a) First Amendment to Investment Advisory Agreement between Swan Capital Management, LLC and Registrant, with respect to the Swan Defined Risk Growth Fund as previously filed on July 22, 2021 to the Registrant's Registration Statement in Post-Effective Amendment No. 511, and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1537140/000158064221003221/ex99d_xxvi.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(xxiii) Investment Sub-Advisory Agreement between Swan Capital Management, LLC, and Swan Global Management, LLC, with respect to the Swan Defined Risk Growth Fund as previously filed on December 14, 2018 to the Registrant's Registration Statement in Post-Effective Amendment No. 373, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1537140/000158064218005939/ex99d38.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(xxiv) Investment Sub-Advisory Agreement between Swan Capital Management, LLC and Swan Global Management, LLC with respect to the Swan Enhanced Dividend Income ETF as previously filed on February 14, 2024 to the Registrant's Registration Statement in Post-Effective Amendment No. 607, and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1537140/000158064224000992/ex99d-xxviii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(xxv) Investment Advisory Agreement between Howard Capital Management, Inc., and Registrant with respect to the HCM Defender 100 Index ETF and HCM Defender 500 Index ETF as previously filed on September 6, 2019 to the Registrant's Registration Statement in Post-Effective Amendment No. 426, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1537140/000158064219004201/ex99d.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(xxvi) Investment Advisory Agreement between Counterpoint Funds, LLC and Registrant, with respect to the Counterpoint High Yield Trend ETF as previously filed on December 27, 2019 to the Registrant's Registration Statement in Post-Effective Amendment No. 439, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1537140/000158064219005710/ex99dxxxix.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(xxvii) Investment Advisory Agreement between Centerstone Investors, LLC and Registrant, with respect to the Centerstone Investors Fund as previously filed on March 3, 2021 to the Registrant's Registration Statement in Post-Effective Amendment No. 505, and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1537140/000158064221000971/ex99_dxxxi.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(xxviii) Investment Advisory Agreement between Howard Capital Management, Inc. and Registrant, with respect to HCM Dynamic Income Fund as previously filed on June 14, 2022 to the Registrant's Registration Statement in Post-Effective Amendment No. 544, and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1537140/000158064222003118/ex99d_xxxiii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxix) Investment Advisory Agreement between PlanRock Investment Management, LLC, and Registrant, with respect to the PlanRock Income Rotation ETF and PlanRock Growth Rotation ETF, to be filed by subsequent amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(xxx) Investment Advisory Agreement between ABS Global Investments, and Registrant, with respect to the ABS Insights Emerging Markets Fund as previously filed on September 20, 2024 to the Registrant's Registration Statement in Post-Effective Amendment No. 614 and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1537140/000158064224005659/ex-dxxxiv.htm)

(e) Underwriting Contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(i) Underwriting Agreement between the Registrant and Northern Lights Distributors, LLC dated July 1, 2025, as previously filed on July 28, 2025 to the Registrant's Registration Statement in Post Effective Amendment No. 630 and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1537140/000158064225004521/ex99ei.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(ii) ETF Underwriting Agreement between the Registrant and Northern Lights Distributors, LLC, dated July 1, 2025, as previously filed on July 28, 2025 to the Registrant's Registration Statement in post -Effective Amendment No. 630 and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1537140/000158064225004521/ex99eii.htm)

(f) Bonus or Profit Sharing Contracts. None.

(g) Custodial Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(i) Custody Agreement between the Registrant and The Huntington National Bank as previously filed on August 29, 2012 to the Registrant's Registration Statement on Form N-1A, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1537140/000091047212002433/custodyagreement.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(ii) Custody Agreement between the Registrant and Union Bank, N.A. as previously filed on August 29, 2012 to the Registrant's Registration Statement in Post-Effective Amendment No. 9, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1537140/000091047212002433/globalcustodyagreement.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(iii) Custody Agreement between the Registrant and U.S. Bank, N.A. as previously filed on February 10, 2014 to the Registrant's Registration Statement in Post-Effective Amendment No. 93, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1537140/000091047214000474/custody.htm)

[(iii)(a) Amendment to Custody Agreement between the Registrant and U.S. Bank, N.A. as previously filed on May 15, 2014 to the Registrant's Registration Statement in Post-Effective Amendment No. 113 under the 1940 Act, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1537140/000091047214002157/exgamendment.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(iv) Custody Agreement between the Registrant and First National Bank of Omaha as previously filed on October 14, 2014 to the Registrant's Registration Statement in Post-Effective Amendment No. 139, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1537140/000091047214004564/custodyagreement.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(v) Custody Agreement between the Registrant and Fifth Third Bank as previously filed on July 14, 2017 to the Registrant's Registration Statement in Post-Effective Amendment No. 297, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1537140/000158064217003902/ex99g.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(vi) Custody and Transfer Agency Agreement between the Registrant and Brown Brothers Harriman & Co. as previously filed on September 6, 2019 to the Registrant's Registration Statement in Post-Effective Amendment No. 426, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1537140/000158064219004201/ex99g.htm)

[(vi)(a) Third Amendment to the Custody and Transfer Agency Agreement between the Registrant and Brown Brothers Harriman & Co. as previously filed on December 11, 2023 to the Registrant's Registration Statement in Post-Effective Amendment No. 594, and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1537140/000158064223006636/ex-gvi_c.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(vii) Master Custodian Agreement between the Registrant and State Street Bank and Trust Company on behalf of Centerstone Investors Fund was previously filed on April 21, 2021 to the Registrant's Registration Statement in Post-Effective Amendment No. 507, and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1537140/000158064221001818/ex99gvii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(viii) Custodian Agreement between the Registrant and Brown Brothers Harriman & Co. as previously filed on July 22, 2021 to the Registrant's Registration Statement in Post-Effective Amendment No. 511, and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1537140/000158064221003221/ex99g_viii.htm)

[(viii)(a) Third Amendment to the Custodian Agreement between the Registrant and Brown Brothers Harriman & Co. as previously filed on April 29, 2024 to Registrant's Registration Statement in Post-Effective Amendment No. 609, and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1537140/000158064224002351/ex99g_viii-c.htm)

[(viii)(b) Fourth Amendment to the Custodian Agreement between the Registrant and Brown Brothers Harriman & Co. as previously filed on July 9, 2024 to the Registrant's Registration Statement in Post-Effective Amendment No. 610, and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1537140/000158064224003591/ex99g_viiib.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(ix) Custodian Agreement between the Registrant and the Northern Trust Company as previously filed on September 20, 2024 to the Registrant's Registration Statement in Post-Effective Amendment No. 614 and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1537140/000158064224005659/ex-gviii.htm)

(h) Other Material Contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(i) Fund Services Agreement between Gemini Fund Services, LLC and the Registrant as previously filed on April 9, 2012 to the Registrant's Registration Statement on Form N-1A, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1537140/000091047212001053/gfsservicingagreementbn.htm)

[(i)(a) Fund Services Agreement between Ultimus Fund Solutions, LLC and the Registrant as previously filed on October 14, 2021 to the Registrant's Registration Statement in Post-Effective Amendment No. 522, and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1537140/000158064221004878/ex99hia.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(ii) Expense Limitation Agreement between Swan Capital Management, Inc. and the Registrant, with respect to the Swan Defined Risk Fund as previously filed on November 13, 2012 to the Registrant's Registration Statement in Post-Effective Amendment No. 17, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1537140/000091047212003422/swanoelas.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(iii) Expense Limitation Agreement between Dakota Wealth, LLC, and Registrant, with respect to the Persimmon Long/Short Fund as previously filed on July 22, 2021 to the Registrant's Registration Statement in Post-Effective Amendment No. 511, and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1537140/000158064221003221/teberg485b.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) *Reserved.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(v) Expense Limitation Agreement between Stonebridge Capital Advisors, LLC and Registrant, with respect to The Covered Bridge Fund as previously filed on August 19, 2013 to the Registrant's Registration Statement in Post-Effective Amendment No. 62, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1537140/000091047213003253/exh11expenselimitation.htm)

[(v)(a) Amendment to the Expense Limitation Agreement between Stonebridge Capital Advisors, LLC and Registrant, with respect to The Covered Bridge Fund as previously filed on October 26, 2017 to the Registrant's Registration Statement in Post-Effective Amendment No. 305, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1537140/000158064217005680/ex99hviia.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(vi) Expense Limitation Agreement between Absolute Capital Management LLC and Registrant, with respect to The Teberg Fund, as previously filed on November 22, 2023 to the Registrant's Registration Statement in Post-Effective Amendment No. 593, and hereby incorporated by reference](https://www.sec.gov/Archives/edgar/data/1537140/000158064223006315/ex_h-vi.htm).

[(vi)(a) First Amendment to the Expense Limitation Agreement between Absolute Capital Management LLC and Registrant, with respect to The Teberg Fund, as previously filed on January 27, 2025 to the Registrant's Registration Statement in Post-Effective Amendment No. 621, and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1537140/000158064225000473/ex-h_via.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(vii) Expense Limitation Agreement between RESQ Investment Partners, LLC and Registrant, with respect to the RESQ Dynamic Allocation Fund and RESQ Strategic Income Fund as previously filed on January 8, 2018 to the Registrant's Registration Statement in Post-Effective Amendment No. 313, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1537140/000158064218000138/ex99h.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) *Reserved*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Expense Limitation Agreement between PlanRock Investment Management, LLC, and Registrant, with respect to the PlanRock Income Rotation ETF and PlanRock Growth Rotation ETF to be filed by subsequent amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(x) Expense Limitation Agreement between Howard Capital Management, Inc., and Registrant, with respect to the HCM Tactical Plus Fund as previously filed on July 8, 2014 to the Registrant's Registration Statement in Post-Effective Amendment No. 119, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1537140/000091047214002922/oelas.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(xi) Expense Limitation Agreement between Counterpoint Funds, LLC and Registrant, with respect to the Counterpoint Tactical Income Fund as previously filed on September 24, 2015 to the Registrant's Registration Statement in Post-Effective Amendment No. 203, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1537140/000158064215004380/ex99h_oelas.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(xii) Expense Limitation Agreement between Counterpoint Funds, LLC and Registrant, with respect to Counterpoint Quantitative Equity ETF as previously filed on November 22, 2023 to the Registrant's Registration Statement in Post-Effective Amendment No. 592, and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1537140/000158064223006302/ex99h_xiii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(xiii) Expense Limitation Agreement between Howard Capital Management, Inc. and Registrant, with respect to HCM Sector Plus Fund as previously filed on March 3, 2015 to the Registrant's Registration Statement in Post-Effective Amendment No. 160, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1537140/000158064215001012/ex99h.htm)

[(xiii)(a) First Amendment to the Expense Limitation Agreement between Howard Capital Management, Inc. and Registrant, with respect to HCM Sector Plus Fund as previously filed on April 25, 2019 to the Registrant's Registration Statement in Post-Effective Amendment No. 404, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1537140/000158064219002100/ex99h.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(xiv) Expense Limitation Agreement between ABS Global Investments and Registrant, with respect to the ABS Insights Emerging Markets Fund as previously filed on September 20, 2024 to the Registrant's Registration Statement in Post-Effective Amendment No. 614 and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1537140/000158064224005659/ex-hxv.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(xv) Expense Limitation Agreement between Pinnacle Family Advisors, LLC and Registrant, with respect to the Pinnacle Multi-Strategy Core Fund as previously filed on September 3, 2015 to the Registrant's Registration Statement in Post-Effective Amendment No. 202, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1537140/000158064215004072/ex99d38.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(xvi) Expense Limitation Agreement between Absolute Capital Management, LLC and Registrant, with respect to the Absolute Capital Asset Allocator Fund and Absolute Capital Defender Fund as previously filed on October 13, 2015 to the Registrant's Registration Statement in Post-Effective Amendment No. 207, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1537140/000158064215004657/oelas.htm)

[(xvi)(a) First Amendment to the Expense Limitation Agreement between Absolute Capital Management, LLC and Registrant, with respect to the Absolute Capital Defender Fund, as previously filed on January 27, 2025 to the Registrant's Registration Statement in Post-Effective Amendment No. 621, and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1537140/000158064225000473/ex-h_xviia.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(xvii) Expense Limitation Agreement between Counterpoint Funds, LLC and Registrant, with respect to the Counterpoint Tactical Equity Fund as previously filed on October 19, 2015 to the Registrant's Registration Statement in Post-Effective Amendment No. 208, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1537140/000158064215004719/ex99h.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(xviii) Amended and Restated Consulting Services Agreement between Registrant and Northern Lights Compliance Services, LLC as previously filed on June 14, 2022 to the Registrant's Registration Statement in Post-Effective Amendment No. 544, and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1537140/000158064222003118/ex99h_xix.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(xix) Expense Limitation Agreement between Boyd Watterson Asset Management, LLC and Registrant, with respect to the Boyd Watterson Limited Duration Enhanced Income Fund as previously filed on June 17, 2016 to the Registrant's Registration Statement in Post-Effective Amendment No. 247, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1537140/000158064216009403/ex99hxl.htm)

[(xix)(a) Second Amendment to the Expense Limitation Agreement between Boyd Watterson Asset Management, LLC and Registrant, with respect to the Boyd Watterson Limited Duration Enhanced Income Fund as previously filed on October 29, 2018 to the Registrant's Registration Statement in Post-Effective Amendment No. 355, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1537140/000158064218005102/ex99h.htm)

[(xix)(b) Third Amendment to the Expense Limitation Agreement between Boyd Watterson Asset Management, LLC and Registrant, with respect to the Boyd Watterson Limited Duration Enhanced Income Fund as previously filed on February 27, 2019 to the Registrant's Registration Statement in Post-Effective Amendment No. 401, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1537140/000158064219001030/ex99h.htm)

[(xix)(c) Fourth Amendment to the Expense Limitation Agreement between Boyd Watterson Asset Management, LLC and Registrant, with respect to the Boyd Watterson Limited Duration Enhanced Income Fund as previously filed on October 30, 2023 to the Registrant's Registration Statement in Post-Effective Amendment No. 589, and hereby incorporated by reference](https://www.sec.gov/Archives/edgar/data/1537140/000158064223005809/ex99h_xxid.htm).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) *Reserved.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(xxi) Expense Limitation Agreement between Counterpoint Funds, LLC and Registrant, with respect to the Counterpoint Tactical Municipal Fund as previously filed on May 1, 2018 to the Registrant's Registration Statement in Post-Effective Amendment No. 338, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1537140/000158064218002335/ex99h.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) *Reserved*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(xxiii) Expense Limitation Agreement between Swan Capital Management, LLC and Registrant, with respect to Swan Defined Risk Growth Fund as previously filed on November 16, 2018 to the Registrant's Registration Statement in Post-Effective Amendment No. 364, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1537140/000158064218005515/ex99h.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(xxiv) Expense Limitation Agreement between Howard Capital Management, Inc. and Registrant, with respect to HCM Dynamic Income Fund as previously filed on June 14, 2022 to the Registrant's Registration Statement in Post-Effective Amendment No. 544, and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1537140/000158064222003118/ex99h_xxxiv.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(xxv) Expense Limitation Agreement between Howard Capital Management, Inc., and Registrant, with respect to the HCM Multi-Asset Plus Fund as previously field on July 9, 2019 to the Registrant's Registration Statement in Post-Effective Amendment No. 414, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1537140/000158064219003146/ex99h.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(xxvi) ETF Fund Services Agreement between Registrant and Gemini Fund Services, LLC as previously filed on September 6, 2019 to the Registrant's Registration Statement in Post-Effective Amendment No. 426, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1537140/000158064219004201/ex99h.htm)

[(xxvii)(a) ETF Fund Services Agreement between Registrant and Ultimus Fund Solutions, LLC as previously filed on October 14, 2021 to the Registrant's Registration Statement in Post-Effective Amendment No. 522, and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1537140/000158064221004878/ex99hxxixa.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(xxviii) Amended and Restated Expense Limitation Agreement between Counterpoint Funds, LLC and Registrant, with respect to the Counterpoint High Yield Trend ETF as previously filed on August 30, 2023 to the Registrant's Registration Statement in Post Effective Amendment No. 578, and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1537140/000158064223004591/ex_hxxx.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(xxix) Expense Limitation Agreement between Centerstone Investors, LLC and Registrant, with respect to the Centerstone Investors Fund as previously filed on March 3, 2021 to the Registrant's Registration Statement in Post-Effective Amendment No. 505, and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1537140/000158064221000971/ex99_hxxxi.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(xxx) Expense Limitation Agreement between PlanRock Investment Management, LLC, and Registrant, with respect to the PlanRock Alternative Growth ETF as previously filed on December 19, 2023 to the Registrant's Registration Statement in Post-Effective Amendment No. 596, and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1537140/000158064223006789/ex99h-xxxiii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxi) *Reserved.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxii) Rule 12d1-4 Fund of Funds Investment Agreements.

[(xxxiii)(a) iShares ETFs and BlackRock Mutual Funds and Active ETFs Rule 12d1-4 Fund of Funds Investment Agreement as previously filed on February 25, 2022 to the Registrant's Registration Statement in Post-Effective Amendment No. 540, and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1537140/000158064222000951/ex99hxxxiii_a.htm)

[(xxxiii)(b) Direxion Shares ETF Trust Rule 12d1-4 Fund of Funds Investment Agreement as previously filed on February 25, 2022 to the Registrant's Registration Statement in Post-Effective Amendment No. 540, and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1537140/000158064222000951/ex99hxxxiii_b.htm)

[(xxxiii)(c) Direxion Funds Rule 12d1-4 Fund of Funds Investment Agreement as previously filed on February 25, 2022 to the Registrant's Registration Statement in Post-Effective Amendment No. 540, and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1537140/000158064222000951/ex99hxxxiii_c.htm)

[(xxxiii)(d) Fidelity Merrimack Street Trust, Fidelity Covington Trust and Fidelity Commonwealth Trust Rule 12d1-4 Fund of Funds Investment Agreement as previously filed on February 25, 2022 to the Registrant's Registration Statement in Post-Effective Amendment No. 540, and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1537140/000158064222000951/ex99hxxxiii_d.htm)

[(xxxiii)(e) Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Rule 12d1-4 Fund of Funds Investment Agreement as previously filed on February 25, 2022 to the Registrant's Registration Statement in Post-Effective Amendment No. 540, and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1537140/000158064222000951/ex99hxxxiii_e.htm)

[(xxxiii)(f) J.P. Morgan Exchange-Traded Fund Trust Rule 12d1-4 Fund of Funds Investment Agreement as previously filed on February 25, 2022 to the Registrant's Registration Statement in Post-Effective Amendment No. 540, and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1537140/000158064222000951/ex99hxxxiii_f.htm)

[(xxxiii)(g) Krane Shares Trust Rule 12d1-4 Fund of Funds Investment Agreement as previously filed on February 25, 2022 to the Registrant's Registration Statement in Post-Effective Amendment No. 540, and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1537140/000158064222000951/ex99hxxxiii_g.htm)

[(xxxiii)(h) ProFunds Rule 12d1-4 Fund of Funds Investment Agreement as previously filed on February 25, 2022 to the Registrant's Registration Statement in Post-Effective Amendment No. 540, and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1537140/000158064222000951/ex99hxxxiii_h.htm)

[(xxxiii)(i) ProShares Trust Rule 12d1-4 Fund of Funds Investment Agreement as previously filed on February 25, 2022 to the Registrant's Registration Statement in Post-Effective Amendment No. 540, and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1537140/000158064222000951/ex99hxxxiii_i.htm)

[(xxxiii)(j) Schwab Strategic Trust Rule 12d1-4 Fund of Funds Investment Agreement as previously filed on February 25, 2022 to the Registrant's Registration Statement in Post-Effective Amendment No. 540, and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1537140/000158064222000951/ex99hxxxiii_j.htm)

[(xxxiii)(k) The Select Sector SPDR Trust Rule 12d1-4 Fund of Funds Investment Agreement as previously filed on February 25, 2022 to the Registrant's Registration Statement in Post-Effective Amendment No. 540, and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1537140/000158064222000951/ex99hxxxiii_k.htm)

[(xxxiii)(l) SPDR Series Trust, SPDR Index Shares Funds and SSGA Active Trust Rule 12d1-4 Fund of Funds Investment Agreement as previously filed on February 25, 2022 to the Registrant's Registration Statement in Post-Effective Amendment No. 540, and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1537140/000158064222000951/ex99hxxxiii_l.htm)

[(xxxiii)(m) SPDR S&P 500 ETF Trust and SPDR Dow Jones Industrial Average ETF Trust Rule 12d1-4 Fund of Funds Investment Agreement as previously filed on February 25, 2022 to the Registrant's Registration Statement in Post-Effective Amendment No. 540, and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1537140/000158064222000951/ex99hxxxiii_m.htm)

[(xxxiii)(n) VanEck ETF Trust Rule 12d1-4 Fund of Funds Investment Agreement as previously filed on February 25, 2022 to the Registrant's Registration Statement in Post-Effective Amendment No. 540, and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1537140/000158064222000951/ex99hxxxiii_n.htm)

[(xxxiii)(o) Vanguard Fund Rule 12d1-4 Fund of Funds Investment Agreement as previously filed on February 25, 2022 to the Registrant's Registration Statement in Post-Effective Amendment No. 540, and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1537140/000158064222000951/ex99hxxxiii_o.htm)

[(xxxiii)(p) WisdomTree Trust Rule 12d1-4 Fund of Funds Investment Agreement as previously filed on February 25, 2022 to the Registrant's Registration Statement in Post-Effective Amendment No. 540, and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1537140/000158064222000951/ex99hxxxiii_p.htm)

[(xxxiii)(q) Tidal Trust II Rule 12d1-4 Fund of Funds Investment Agreement as previously filed on August 30, 2023 to Registrant's Registration Statement in Post-Effective Amendment No. 578, and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1537140/000158064223004591/ex_xxxiiiq.htm)

[(i) Legal Opinion of Thompson Hine LLP](https://www.sec.gov/Archives/edgar/data/1537140/000158064224005659/ex-i.htm) as previously filed on September 24, 2024 to Registrant's Registration Statement in Post-Effective Amendment No. 614 and hereby incorporated by reference.

[(i)(a) Legal Consent is filed herewith.](ex99i-a.htm)

(j) Other Opinions. [Consent of the Independent Registered Public Accounting Firm](ex99j.htm) is filed herewith.

(k) Omitted Financial Statements. None.

(l) Initial Capital Agreements. None.

(m) Rule 12b-1 Plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(i) Master Distribution and Shareholder Servicing Plan Pursuant to Rule 12b-1 for Class A Shares as previously filed on April 22, 2014 to the Registrant's Registration Statement in Post-Effective Amendment No. 104, and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1537140/000091047214001719/classamasterdistributionplan.htm)

[(i)(a) Amended and Restated exhibit A to Master Distribution and Shareholder Servicing Plan Pursuant to Rule 12b-1 for Class A Shares as previously filed on June 14, 2022 to the Registrant's Registration Statement in Post-Effective Amendment No. 544, and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1537140/000158064222003118/ex99m_i-a.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(ii) Master Distribution and Shareholder Servicing Plan Pursuant to Rule 12b-1 for Class C Shares as previously filed on April 22, 2014 to the Registrant's Registration Statement in Post-Effective Amendment No. 104, and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1537140/000091047214001719/classcmasterdistributionplan.htm)

([ii)(a) Amended and Restated exhibit A to Master Distribution and Shareholder Servicing Plan Pursuant to Rule 12b-1 for Class C Shares as previously filed on April 21, 2021 to the Registrant's Registration Statement in Post-Effective Amendment No. 507,and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1537140/000158064221001818/ex99miia.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(iii) Master Distribution and Shareholder Servicing Plan Pursuant to Rule 12b-1 for Class N Shares as previously filed on April 22, 2014 to the Registrant's Registration Statement in Post-Effective Amendment No. 104, and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1537140/000091047214001719/classnmasterdistributionplan.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(iv) Master Distribution and Shareholder Servicing Plan Pursuant to Rule 12b-1 for No-Load Shares as previously filed on August 19, 2013 to the Registrant's Registration Statement in Post-Effective Amendment No. 62, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1537140/000091047213003253/exm4classnoloadmasterdistrib.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(v) Amended Master Distribution and Shareholder Servicing Plan Pursuant to Rule 12b-1 for No-Load Shares as previously filed on December 19, 2023 to the Registrant's Registration Statement in Post-Effective Amendment No. 596, and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1537140/000158064223006789/ex99m-v.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(vi) Master Distribution and Shareholder Servicing Plan Pursuant to Rule 12b-1 for Class R Shares as previously filed on July 8, 2014 to the Registrant's Registration Statement in Post-Effective Amendment No. 119, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1537140/000091047214002922/classrmasterdistribution.htm)

[(vi)(a) Amended and Restated exhibit A to Master Distribution and Shareholder Servicing Plan Pursuant to Rule 12b-1 for Class R as previously filed on June 17, 2016 to the Registrant's Registration Statement in Post-Effective Amendment No. 247, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1537140/000158064216009403/ex99mvia.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(vii) Master Distribution and Shareholder Servicing Plan Pursuant to Rule 12b-1 for Class A1 as previously filed on March 3, 2015 to the Registrant's Registration Statement in Post-Effective Amendment No. 160, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1537140/000158064215001012/ex99m7.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(viii) Master Distribution and Shareholder Servicing Plan Pursuant to Rule 12b-1 for Investor Class Shares as previously filed on March 3, 2015 to the Registrant's Registration Statement in Post-Effective Amendment No. 160, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1537140/000158064215001012/ex99m8.htm)

[(viii)(a) Amended and Restated exhibit A to Master Distribution and Shareholder Servicing Plan Pursuant to Rule 12b-1 for Investor Class Shares as previously filed on October 19, 2023 to the Registrant's Registration Statement in Post-Effective Amendment No. 584, and hereby incorporated by reference](https://www.sec.gov/Archives/edgar/data/1537140/000158064223005595/ex99m_viii-a.htm).

[(viii)(b) Amended and Restated exhibit A to Master Distribution and Shareholder Servicing Plan Pursuant to Rule 12b-1 for Investor Class Shares as previously file on January 19, 2024 to the Registrant's Registration Statement in Post-Effective Amendment No. 598, and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1537140/000158064224000314/ex99m_viiib.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(ix) Master Distribution and Shareholder Servicing Plan Pursuant to Rule 12b-1 for ETF Shares as previously filed on December 27, 2019 to the Registrant's Registration Statement in Post-Effective Amendment No. 439, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1537140/000158064219005710/ex99mix.htm)

[(ix)(a) Amended and Restated Exhibit A to Master Distribution and Shareholder Servicing Plan Pursuant to Rule 12b-1 for ETF Shares as previously filed on December 11, 2023 to the Registrant's Registration Statement in Post-Effective Amendment No. 594, and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1537140/000158064223006636/ex-mix_a.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(x) Rule 18f-3 Plan as previously filed on July 8, 2014 to the Registrant's Registration Statement in Post-Effective Amendment No. 119, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1537140/000091047214002922/nlftiii18f3plan.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(xi) Amended and Restated Appendix A to Rule 18f-3 Plan as previously filed on October 19, 2023 to the Registrant's Registration Statement in Post-Effective Amendment No. 584, and hereby incorporated by reference](https://www.sec.gov/Archives/edgar/data/1537140/000158064223005595/ex99m_xi.htm).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(xii) Amended and Restated Appendix A to Rule 18f-3 Plan as previously filed on January 19, 2024 to the Registrant's Registration Statement in Post-Effective Amendment No. 598, and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1537140/000158064224000314/ex99m_xii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(xiii) Amended and Restated Appendix A to Rule 18f-3 Plan as previously filed on September 20, 2024 to the Registrant's Registration Statement in Post-Effective Amendment No. 614 and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1537140/000158064224005659/ex-mxii.htm)

(n) *Reserved*.

(o) Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(i) Code of Ethics for the Trust as previously filed on January 19, 2024 to the Registrant's Registration Statement in Post-Effective Amendment No. 598, and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1537140/000158064224000314/ex99o_i.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(ii) Code of Ethics for Northern Lights Distributors, LLC as previously filed on January 19, 2024 to the Registrant's Registration Statement in Post-Effective Amendment No. 598, and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1537140/000158064224000314/ex99o_ii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(iii) Code of Ethics of Swan Capital Management, Inc. as previously filed on January 19, 2024 to the Registrant's Registration Statement in Post-Effective Amendment No. 598, and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1537140/000158064224000314/ex99o_iii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) *Reserved*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(v) Code of Ethics of Pinnacle Family Advisors, LLC as previously filed on January 19, 2024 to the Registrant's Registration Statement in Post-Effective Amendment No. 598, and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1537140/000158064224000314/ex99o_v.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(vi) Code of Ethics of Stonebridge Capital Advisors, LLC as previously filed on January 19, 2024 to the Registrant's Registration Statement in Post-Effective Amendment No. 598, and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1537140/000158064224000314/ex99o_vi.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(vii) Code of Ethics of First Associated Investment Advisors, Inc. as previously filed on April 25, 2018 to the Registrant's Registration Statement in Post-Effective Amendment No. 337, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1537140/000158064218002192/ex99px.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(viii) Code of Ethics of RESQ Investment Partners, LLC as previously filed on January 19, 2024 to the Registrant's Registration Statement in Post-Effective Amendment No. 598, and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1537140/000158064224000314/ex99o_viii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) *Reserved*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(x) Code of Ethics of ABS Global Investments as previously filed on September 20, 2024 to the Registrant's Registration Statement in Post-Effective Amendment No. 614 and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1537140/000158064224005659/coe.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(xi) Code of Ethics of Howard Capital Management, Inc. as previously filed on January 23, 2023 to the Registrant's Registration Statement in Post-Effective Amendment No. 552, and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1537140/000158064223000304/ex99oxi.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(xii) Code of Ethics of Counterpoint Funds, LLC as previously filed on January 27, 2025 to the Registrant's Registration Statement in Post-Effective Amendment No. 621, and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1537140/000158064225000473/ex-o_xii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(xiii) Code of Ethics of PlanRock Investment Management, LLC as previously filed on December 11, 2023 to the Registrant's Registration Statement in Post-Effective Amendment No. 594, and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1537140/000158064223006636/ex-o_xiii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(xiv) Code of Ethics of Swan Global Management, LLC as previously filed on July 28, 2025 to the Registrant's Registration Statement in Post-Effective Amendment No. 630, and hereby incorporated by reference. .](https://www.sec.gov/Archives/edgar/data/1537140/000158064225004521/ex99o_xix.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(xv) Code of Ethics of Absolute Capital Management, LLC as previously filed on January 19, 2024 to the Registrant's Registration Statement in Post-Effective Amendment No. 598, and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1537140/000158064224000314/ex99o_xv.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(xvi) Code of Ethics of Boyd Watterson Asset Management, LLC as previously filed on January 19, 2024 to the Registrant's Registration Statement in Post-Effective Amendment No. 598, and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1537140/000158064224000314/ex99o_xvi.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(xvii) Code of Ethics for Centerstone Investors, LLC as previously filed on April 22, 2022 to the Registrant's Registration Statement in Post-Effective Amendment No. 542, and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1537140/000158064222002192/ex-o_xvii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(xviii) Code of Ethics for Dakota Wealth, LLC as previously filed on July 22, 2021 to the Registrant's Registration Statement in Post-Effective Amendment No. 511, and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1537140/000158064221003221/ex99o_xix.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Powers of Attorney.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(i) Powers of Attorney for the Trust, each trustee and a certificate with respect thereto, and each executive officer, as previously filed on May 30, 2023 to the Registrant's Registration Statement in Post-Effective Amendment No. 569, and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1537140/000158064223002963/ex99p_i.htm)

Item 29. Control Persons. None.

Item 30. Indemnification.

Generally, certain of the agreements with the Trust, or related to the Trust, provide indemnification of the Trust's Trustees, officers, the underwriter, and certain Trust affiliates. Insurance carried by the Trust provides indemnification of the Trustees and officers. The details of these sources of indemnification and insurance follow.

Article VIII, Section 2(a) of the Agreement and Declaration of Trust provides that to the fullest extent that limitations on the liability of Trustees and officers are permitted by the Delaware Statutory Trust Act of 2002, the officers and Trustees shall not be responsible or liable in any event for any act or omission of: any agent or employee of the Trust; any investment adviser or principal underwriter of the Trust; or with respect to each Trustee and officer, the act or omission of any other Trustee or officer, respectively. The Trust, out of the Trust Property, is required to indemnify and hold harmless each and every officer and Trustee from and against any and all claims and demands whatsoever arising out of or related to such officer's or Trustee's performance of his or her duties as an officer or Trustee of the Trust. This limitation on liability applies to events occurring at the time a person serves as a Trustee or officer of the Trust whether or not such person is a Trustee or officer at the time of any proceeding in which liability is asserted. Nothing contained in the Agreement and Declaration of Trust indemnifies, holds harmless or protects any officer or Trustee from or against any liability to the Trust or any shareholder to which such person would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such person's office.

Article VIII, Section 2(b) provides that every note, bond, contract, instrument, certificate or undertaking and every other act or document whatsoever issued, executed or done by or on behalf of the Trust, the officers or the Trustees or any of them in connection with the Trust shall be conclusively deemed to have been issued, executed or done only in such Person's capacity as Trustee and/or as officer, and such Trustee or officer, as applicable, shall not be personally liable therefore, except as described in the last sentence of the first paragraph of Section 2 of Article VIII.

Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to trustees, officers and controlling persons of the Registrant pursuant to the provisions of Delaware law and the Agreement and Declaration of the Registrant or the By-Laws of the Registrant, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a trustee, officer or controlling person of the Trust in the successful defense of any action, suit or proceeding) is asserted by such trustee, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

Pursuant to the Underwriting Agreement between the Trust and Northern Lights Distributors, LLC ("NLD"), the Trust agrees to indemnify, defend and hold NLD, its several officers and managers, and any person who controls NLD within the meaning of Section 15 of the Securities Act free and harmless from and against any and all claims, demands, liabilities and expenses (including the reasonable cost of investigating or

defending such claims, demands or liabilities and any reasonable counsel fees incurred in connection therewith) which NLD, its officers and managers, or any such controlling persons, may incur under the Securities Act, the 1940 Act, or common law or otherwise, arising out of or based upon: (i) any untrue statement, or alleged untrue statement, of a material fact required to be stated in either any Registration Statement or any Prospectus, (ii) the breach of any representations, warranties or obligations set forth in the Underwriting Agreement, (iii) any omission, or alleged omission, to state a material fact required to be stated in any Registration Statement or any Prospectus or necessary to make the statements in any of them not misleading, (iv) the Trust's failure to maintain an effective Registration statement and Prospectus with respect to Shares of the Funds that are the subject of the claim or demand, (v) the Trust's failure to provide NLD with advertising or sales materials to be filed with the FINRA on a timely basis, (vi) the Trust's failure to properly register Fund Shares under applicable state laws, or (vii) reasonable actions taken by NLD resulting from NLD's reliance on instructions received from an officer, agent or legal counsel of the Trust.

Pursuant to the Underwriting Agreement, NLD agrees to indemnify, defend and hold the Trust, its several officers and Board members, and any person who controls the Trust within the meaning of Section 15 of the Securities Act, free and harmless from and against any and all claims, demands, liabilities and expenses (including the reasonable cost of investigating or defending such claims, demands or liabilities and any reasonable counsel fees incurred in connection therewith) which the Trust, its officers or Board members, or any such controlling person, may incur under the Securities Act, the 1940 Act, or under common law or otherwise, but only to the extent that such liability or expense incurred by the Trust , its officers or Board members, or such controlling person results from such claims or demands: (i) arising out of or based upon any sales literature, advertisements, information, statements or representations made by NLD and unauthorized by the Trust or any Disqualifying Conduct in connection with the offering and sale of any Shares, or (ii) arising out of or based upon any untrue, or alleged untrue, statement of a material fact contained in information furnished in writing by NLD to the Fund specifically for use in the Trust's Registration Statement and used in the answers to any of the items of the Registration Statement or in the corresponding statements made in the Prospectus, or shall arise out of or be based upon any omission, or alleged omission, to state a material fact in connection with such information furnished in writing by NLD to the Trust and required to be stated in such answers or necessary to make such information not misleading.

Pursuant to the Fund Services Agreement and the ETF Fund Services Agreement (the "Fund Services Agreements"), each between the Trust and Ultimus Fund Solutions, LLC (UFS), the Trust agrees to indemnify and hold UFS harmless from and against any and all losses, damages, costs, charges, reasonable counsel fees, payments, expenses and liability arising out of or attributable to the Trust's refusal or failure to comply with the terms of each Fund Services Agreement, or which arise out of the Trust's lack of good faith, gross negligence or willful misconduct with respect to the Trust's performance under or in connection with each Fund Services Agreement.

Pursuant to the Fund Services agreements, UFS shall indemnify and hold the Trust and each applicable Fund harmless from and against any and all losses, damages, costs, charges, reasonable attorney or consultant fees, payments, expenses and liability arising out of or attributable to UFS's refusal or failure to comply with the terms of each Fund Services Agreement, breach of any representation or warranty made by UFS contained in each Fund Services Agreement or which arise out of UFS's lack of good faith, gross negligence, willful misconduct or reckless disregard of its duties with respect to UFS's performance under or in connection with each Fund Services Agreement.

Pursuant to the Consulting Services Agreement ("Consulting Agreement") with Northern Lights Compliance Services, LLC (NLCS), the Trust agrees to indemnify and hold NLCS harmless from and against any and all losses, damages, costs, charges, reasonable counsel fees, payments, expenses and liability arising out of or attributable to (i) the Trust's refusal or failure to comply with the terms of the Consulting Agreement, (ii) the Trust's lack of good faith, gross negligence or willful misconduct with respect to the Trust's performance under or in connection with this Agreement, or (iii) all reasonable actions taken by NLCS hereunder in good faith.

Pursuant to the Consulting Agreement, NLCS shall indemnify and hold the Trust and each Fund harmless from and against any and all losses, damages, costs, charges, reasonable counsel fees, payments, expenses and liabilities arising out of or attributable to NLCS's refusal or failure to comply with the terms of the Consulting Agreement, or which arise out of NLCS's lack of good faith, gross negligence or willful misconduct with respect to NLCS' performance under or in connection with the Consulting Agreement.

The Trust maintains a mutual fund directors and officers liability policy. The policy, under certain circumstances, such as the inability of the Trust to indemnify Trustees and officers provides coverage to Trustees and officers. Coverage under the policy would include losses by reason of any act, error, omission, misstatement, misleading statement, neglect or certain breaches of duty.

Generally, each management agreement or investment advisory agreement provides that neither the adviser nor any director, manager, officer or employee of the adviser performing services for the Trust at the direction or request of the adviser in connection with the adviser's discharge of its obligations under the agreement shall be liable for any error of judgment or mistake of law or for any loss suffered by the Trust in connection with any matter to which the agreement relates, and the adviser shall not be responsible for any action of the Trustees of the Trust in following or declining to follow any advice or recommendation of the adviser or any sub-adviser retained by the adviser pursuant to Section 9 of the agreement; PROVIDED, that nothing contained in the agreement shall be construed (i) to protect the adviser against any liability to the Trust or its shareholders to which the adviser would otherwise be subject by reason of willful misfeasance, bad faith, or gross negligence in the performance of the adviser's duties, or by reason of the adviser's reckless disregard of its obligations and duties under the agreement, or (ii) to protect any director, manager, officer or employee of the adviser who is or was a Trustee or officer of the Trust against any liability of the Trust or its shareholders to which such person would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such person's office with the Trust. Additionally, generally, each sub-advisory agreement provides that the subadviser shall indemnify the adviser, the Trust and each Fund, and their respective affiliates and controlling persons for any liability and expenses, including without limitation reasonable attorneys' fees and expenses, which the adviser, the Trust and/or the Fund and their respective affiliates and controlling persons may sustain as a result of the subadviser's willful misfeasance, bad faith, gross negligence, reckless disregard of its duties hereunder or violation of applicable law, including, without limitation, the federal and state securities laws. Generally, each sub-advisory agreement provides that adviser shall indemnify the subadviser, its affiliates and its controlling persons, for any liability and expenses, including without limitation reasonable attorneys' fees and expenses, which may be sustained as a result of the adviser's willful misfeasance, bad faith, gross negligence, reckless disregard of its duties hereunder or violation of applicable law, including, without limitation, the federal and state securities laws.

Item 31. Activities of Investment Advisor and Sub-Advisor.

Certain information pertaining to the business and other connections of each Advisor of each series of the Trust is hereby incorporated herein by reference to the section of the respective Prospectus captioned "Investment Advisor" and to the section of the respective Statement of Additional Information captioned "Investment Advisory and Other Services." The information required by this Item 31 with respect to each director, officer or partner of each Advisor is incorporated by reference to the Advisor's Uniform Application for Investment Adviser Registration ("Form ADV") on file with the Securities and Exchange Commission ("SEC"). Each Advisor's Form ADV may be obtained, free of charge, at the SEC's website at www.adviserinfo.sec.gov, and may be requested by File No. as follows:

Swan Capital Management, LLC, the Advisor of the Swan Defined Risk Fund, Swan Defined Risk Growth Fund and Swan Enhanced Dividend Income ETF – File No. 801-76701.

Swan Global Management, LLC, the Sub-Advisor of the Swan Defined Risk Fund, Swan Defined Risk Growth Fund and Swan Enhanced Dividend Income ETF – File No. 801-80552.

Pinnacle Family Advisors, LLC, the Advisor of the Pinnacle Multi-Strategy Core Fund – File No. 801-78013.

Stonebridge Capital Advisors, LLC, the Advisor of The Covered Bridge Fund– File No. 801-53760.

First Associated Investment Advisors, the Sub-Advisor of The Teberg Fund – File No. 801-60972.

RESQ Investment Partners, LLC, the Advisor of the RESQ Dynamic Allocation Fund and RESQ Strategic Income Fund – File No. 801-78822.

Howard Capital Management, Inc., the Advisor of the HCM Tactical Plus Fund, HCM Sector Plus Fund, HCM Multi-Asset Plus Fund, HCM Defender 500 Index ETF, HCM Defender 100 Index ETF and HCM Dynamic Income Fund – File No. 801-69763.

Counterpoint Funds, LLC, the Advisor of the Counterpoint Tactical Income Fund, Counterpoint Tactical Equity Fund, Counterpoint Tactical Municipal Fund, Counterpoint High Yield Trend ETF and Counterpoint Quantitative Equity ETF – File No. 801-80197.

Absolute Capital Management, LLC, the Advisor of Absolute Capital Asset Allocator Fund, Absolute Capital Defender Fund and The Teberg Fund – File No. 801-61336.

Boyd Watterson Asset Management, LLC, the Advisor of Boyd Watterson Limited Duration Enhanced Income Fund – File No. 801-57468.

Centerstone Investors, LLC, the Advisor of the Centerstone Investors Fund – File No. 801-107361.

Dakota Wealth, LLC, the Advisor of the Persimmon Long/Short Fund File No. 801-114097.

PlanRock Investment Management, LLC, the Advisor of the PlanRock Income Rotation ETF, Plan Rock Equity Rotation ETF, and PlanRock Alternative Equity ETF File No. 801-118167

ABS Global Investments, the Adviser of the ABS Insights Emerging Markets Fund File No. 801-62188.

Item 32. Principal Underwriter.

(a) Northern Lights Distributors, LLC ("NLD"), is the principal underwriter for all series of Mutual Fund & Variable Insurance Trust. NLD also acts as principal underwriter for the following:

NLD also acts as a principal underwriter to the following investment companies: Atlas U.S. Government Money Market Fund, Inc., Atlas U.S. Tactical Income Fund, Inc. Boyar Value Fund Inc., Capitol Series Trust, Copeland Trust, DGI Investment Trust, Grandeur Peak Global Trust, Humankind Benefit Corporation, Liberty One Spectrum ETF, Miller Investment Trust, Mutual Fund and Variable Insurance Trust, Mutual Fund Series Trust, Northern Lights Fund Trust, Northern Lights Fund Trust II, Northern Lights Fund Trust III, Northern Lights Fund Trust IV, Northern Lights Variable Trust, OCM Mutual Fund, Rayliant Trust, The North Country Funds, Texas Capital Funds Trust, The Saratoga Advantage Trust, Segall Bryant & Hamill Trust, Tributary Funds, Inc., Two Roads Shared Trust, Ultimus Managers Trust, Unified Series Trust, Valued Advisers Trust, and Zacks Trust.

(b) NLD is registered with the Securities and Exchange Commission as a broker-dealer and is a member of the Financial Industry Regulatory Authority ("FINRA"). The principal business address of NLD is 4221 North 203<sup>rd</sup> St., Suite 100, Elkhorn, NE 68022 NLD is an affiliate of Ultimus Fund Solutions, LLC. Both NLD and Ultimus Fund Solutions, LLC are under common ownership of The Ultimus Fund Group, LLC. To the best of Registrant's knowledge, the following are the members and officers of NLD:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name** | &nbsp;&nbsp;&nbsp; **Positions and Offices<br> with Underwriter** | &nbsp;&nbsp;&nbsp; **Positions and Offices<br> with the Fund** |
| &nbsp;&nbsp;&nbsp;Kevin Guerette | &nbsp;&nbsp;&nbsp;President | &nbsp;&nbsp;&nbsp;None |
| &nbsp;&nbsp;&nbsp;Stephen Preston | &nbsp;&nbsp;&nbsp;Treasurer, Chief Compliance Officer, Finance and Operations Principal, and AML Compliance Officer | &nbsp;&nbsp;&nbsp;None |
| &nbsp;&nbsp;&nbsp;William J. Strait | &nbsp;&nbsp;&nbsp;Manager, Secretary, and General Counsel | &nbsp;&nbsp;&nbsp;None |
| &nbsp;&nbsp;&nbsp;Melvin Van Cleave | &nbsp;&nbsp;&nbsp;Chief Information Securities Officer | &nbsp;&nbsp;&nbsp;None |
| &nbsp;&nbsp;&nbsp;David James | &nbsp;&nbsp;&nbsp;Manager | &nbsp;&nbsp;&nbsp;None |

---

(c) Not Applicable. No underwriting commissions are paid in connection with the sale of Registrant's Shares.

Item 33. Location of Accounts and Records.

All accounts, books and documents required to be maintained by the Registrant pursuant to Section 31(a) of the Investment Company Act of 1940 and Rules 31a-1 through 31a-3 thereunder are maintained at the office of the Registrant, Adviser, Sub-Adviser, Principal Underwriter, Transfer Agent, Fund Accountant, Administrator and Custodian at the addresses stated in the SAI.

Swan Capital Management, LLC 1099 Main Ave., Ste. 260, Durango, CO 81301, pursuant to the Investment Advisory Agreement with the Trust, maintains all records required pursuant to such agreement with respect to the Swan Defined Risk Fund, Swan Defined Risk Growth Fund and Swan Enhanced Dividend Income ETF.

Pinnacle Family Advisors, LLC, 620 W. Republic Road, Suite 104, Springfield, MO 65810 pursuant to the Advisory Agreement with Trust, maintains all records required pursuant to such agreement with respect to the Pinnacle Multi-Strategy Core Fund.

Stonebridge Capital Advisors, LLC, 2550 University Avenue West, Suite 180 South, Saint Paul, MN 55114 pursuant to the Advisory Agreement with Trust, maintains all records required pursuant to such agreement with respect to The Covered Bridge Fund.

RESQ Investment Partners, LLC 9383 East Bahia Drive, Suite 120, Scottsdale, AZ 85260 pursuant to the Advisory Agreement with Trust, maintains all records required pursuant to such agreement with respect to RESQ Dynamic Allocation Fund and RESQ Strategic Income Fund.

Howard Capital Management, Inc., 1145 Hembree Road, Rosewell, GA 30076 pursuant to the Advisory Agreement with Trust, maintains all records required pursuant to such agreement with respect to the HCM Tactical Plus Fund, HCM Sector Plus Fund, HCM Multi-Asset Plus Fund, HCM Defender 500 Index ETF, HCM Defender 100 Index ETF and HCM Dynamic Income Fund.

Counterpoint Funds, LLC 12760 High Bluff Drive, Suite 280, San Diego, CA 92130 pursuant to the Advisory Agreement with Trust, maintains all records required pursuant to such agreement with respect to the Counterpoint Tactical Income Fund, Counterpoint Tactical Equity Fund, Counterpoint Tactical Municipal Fund, Counterpoint High Yield Trend ETF and Counterpoint Quantitative Equity ETF.

Swan Global Management, LLC 41 Shell Castle, Humacao, PR 00791 pursuant to the Sub-Advisory Agreement with Swan Capital Management, Inc., maintains all records required pursuant to such agreement with respect to the Swan Defined Risk Fund, Swan Defined Risk Growth Fund and Swan Enhanced Dividend Income ETF.

Absolute Capital Management, LLC 101 Pennsylvania Boulevard, Pittsburgh, PA 15228 pursuant to the Advisory Agreement with Trust, maintains all records required pursuant to such agreement with respect to the Absolute Capital Asset Allocator Fund, Absolute Capital Defender Fund and The Teberg Fund.

Boyd Watterson Asset Management, LLC 1301 East 9<sup>th</sup> Street, Suite 2900, Cleveland, OH 44114 pursuant to the Advisory Agreement with Trust, maintains all records required pursuant to such agreement with respect to the Boyd Watterson Limited Duration Enhanced Income Fund.

Centerstone Investors, LLC 228 Park Avenue S, Suite 75938, New York, NY 10003 pursuant to the Advisory Agreement with Trust, maintains all records required pursuant to such agreement with respect to the Centerstone Investors Fund.

Dakota Wealth, LLC 11376 N. Jog Road Suite 101, Palm Beach Gardens, FL 33418 pursuant to the Advisory Agreement with Trust, maintains all records required pursuant to such agreement with respect to the Persimmon Long/Short Fund.

PlanRock Investment Management, LLC, 7105 Peach Court, Suite 106, Brentwood, TN 37027 pursuant to the Advisory Agreement with Trust, maintains all records required pursuant to such agreement with respect to the PlanRock Income Rotation ETF, Plan Rock Growth Rotation ETF, and PlanRock Alternative Growth ETF.

ABS Global Investments, 537 Steamboat Road, Greenwich, CT 06830 pursuant to the Advisory Agreement with Trust, maintains all records required pursuant to such agreement with respect to the ABS Insights Emerging Markets Fund.

Item 34. Management Services. Not applicable.

Item 35. Undertakings. Not applicable.

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this 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, duly authorized, in the City of Fort Salonga, and State of New York, on the 27th day of October, 2025.

---

| | |
|:---|:---|
| **Northern Lights Fund Trust III** | **Northern Lights Fund Trust III** |
| By: | /s/ Brian Curley |
|  | Brian Curley, President |

---

Pursuant to the requirements of the Securities Act, this registration statement has been signed below by the following persons in the capacities indicated on the dates indicated.

**Northern Lights Fund Trust III**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Title** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Brian Curley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President and Principal Executive Officer |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Richard Gleason\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasurer and Principal Accounting Officer |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Patricia Luscombe\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Independent Trustee |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;John V. Palancia\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Independent Trustee |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mark H. Taylor\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Independent Trustee |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jeffery D. Young\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Independent Trustee |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\*By: | <u>Date:</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Brian Curley</u> | October 27, 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brian Curley |  |

---

[\* &nbsp;&nbsp;&nbsp;&nbsp;Attorney-in-Fact – Pursuant to Powers of Attorney as previously filed on May 30, 2023.](https://www.sec.gov/Archives/edgar/data/1537140/000158064223002963/ex99p_i.htm)

**<u>EXHIBIT INDEX</u>**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Exhibit** | &nbsp;&nbsp;**Exhibit No.** |
| &nbsp;&nbsp;[Legal Consent](ex99i-a.htm) | &nbsp;&nbsp;(i)(a) |
| &nbsp;&nbsp;[Consent of the Independent Registered Public Accounting Firm](ex99j.htm) | &nbsp;&nbsp;(j) |

---

## Ex-99.I

![](image_001.jpg)

October 2 7 , 2025

Northern Lights Fund Trust III

225 Pictoria Drive, Suite 450

Cincinnati, OH 45246

**Re: <u>Northern Lights Fund Trust III - File Nos. 333-178833 and 811-22655</u>**

Ladies and Gentlemen:

A legal opinion (the "Legal Opinion") that we prepared was filed with Post-Effective Amendment No. 614 to the Northern Lights Fund Trust III Registration Statement. We hereby give you our consent to incorporate by reference the Legal Opinion into Post-Effective Amendment No. 634 under the Securities Act of 1933 (Amendment No. 637 under the Investment Company Act of 1940) (the "Amendment") and consent to all references to us in the Amendment.

Very truly yours,

/s/ Thompson Hine LLP

THOMPSON HINE LLP

![](image_002.jpg)

## Ex-99.J

**Consent of Independent Registered Public Accounting Firm**

We consent to the incorporation by reference in this Registration Statement on Form N-1A of HCM Tactical Plus Fund (formerly "HCM Tactical Growth Fund"), HCM Sector Plus Fund (formerly "HCM Dividend Sector Plus Fund"), HCM Multi-Asset Plus Fund (formerly "HCM Income Plus Fund"), and HCM Dynamic Income Fund, each a series of Northern Lights Fund Trust III, of our report dated August 28, 2025, relating to the financial statements and financial highlights of HCM Tactical Plus Fund, HCM Sector Plus Fund, HCM Multi-Asset Plus Fund, and HCM Dynamic Income appearing in the Form N-CSR for the year ended June 30, 2025, which are part of such Registration Statement.

We also consent to the references to our firm under the captions "Financial Highlights", "Policies and Procedures for Disclosure of Portfolio Holdings", and "Independent Registered Public Accounting Firm" in such Registration Statement.

/s/ RSM US LLP

Denver, Colorado

October 27, 2025