PINNACLE DYNAMIC GROWTH FUND CLASS A (PADGX) Exchange: NMFQS

The Fund operates as a fund of funds and seeks to meet its investment objective by investing, under normal market conditions in exchange traded funds (“ETFs”) that may invest in various asset classes including, but not limited to, foreign and domestic (i) equity securities of all market capitalizations, (ii) high yield bonds, floating and fixed rate corporate bonds, asset backed securities, U.S. government bonds and notes, mortgage backed securities, U.S. and non-U.S. government, corporate, and/or convertible bonds and preferred stocks, (iii) commodities (e.g., gold and securities of mining companies), and (iv) real estate investment trusts (“REITs”). The Fund considers ETFs from all the aforementioned asset classes, and may invest up to 100% of the Fund’s assets in any one asset class or cash. The Fund generally invests in a mix of asset classes with an emphasis on equity and fixed income securities, but may invest up to 100% of the Fund’s assets in any asset class or cash. The equity ETFs in which the Fund invests may include inverse ETFs. The Fund may also invest in cash and cash equivalents directly. The foreign securities held by the underlying ETFs may include those in emerging markets.   The Adviser actively manages the Fund’s dynamic growth strategy using a model provided by Dynamic Portfolio Strategies. The Adviser scores ETFs on a daily basis based on a combination of each ETF’s short-term (30 days or less) and intermediate term (120-200 days) momentum. The Adviser selects the top 8 scoring ETFs for the “recommended portfolio” for the day. If the total score of the “recommended portfolio” exceeds the score of the existing portfolio by the model’s proprietary statistically relevant amount, the Fund adopts the “recommended portfolio.” Otherwise, the Fund’s investments remain intact. The Adviser may engage in frequent trading of the Fund’s portfolio securities pursuant to its ETF scoring strategy.   The Fund may also invest in volatility exchange traded notes (“ETNs”) for hedging purposes. No more than 20% of the Fund’s assets are invested in ETNs for hedging purposes and any investment is short term (typically less than 20 days).