CAVALIER DYNAMIC GROWTH FUND CLASS A SHARES (CDGAX) Exchange: NMFQS

DELISTED - The Fund's portfolio managers seek to achieve the Fund's investment objective of capital appreciation by investing in mutual, exchange-traded, and/or closed end funds that are registered under the Investment Company Act of 1940, as amended (the "1940 Act") and not affiliated with the Fund (together, the "Portfolio Funds"). In order to hedge these investments, the portfolio managers will also buy and sell options. The Fund is considered "diversified" under the 1940 Act.The investments of the Portfolio Funds will be comprised primarily of U.S. equities, international equities, and emerging market equities that the portfolio managers believe represent the performance of the overall market.The Fund may also take long and short positions in options on the Fund's portfolio securities to hedge the Fund's portfolio and in options on the Chicago Board Options Exchange Volatility Index ("VIX") to hedge volatility. The Fund hedges its portfolio by purchasing put options, which seek to hedge against a decline in the value of the Fund's portfolio securities. By buying a put option, the Fund acquires a right to sell such underlying securities or instruments at the exercise price, thus limiting the Fund's risk of loss through a decline in the market value of the securities or instruments until the put option expires.The Fund purchases call options on the VIX at a specific strike price while also selling the same number of calls of the same asset and expiration date but at a higher strike. This strategy is used when a moderate rise in the price of the underlying asset is expected.The Fund's investments will not be limited by market capitalization or sector criteria, and the Portfolio Funds may invest in foreign securities, including foreign securities in emerging markets.