PACIFIC FINANCIAL CORE EQUITY FUND CLASS INVESTOR (PFLQX) Exchange: NMFQS

DELISTED - The Fund pursues its investment objective by implementing the strategies detailed below. Individual securities are purchased and sold based on the adviser’s proprietary “Rational Analysis” process, which is described below. The term “exchange traded fund” is abbreviated as “ETF” throughout this prospectus. An ETF is an investment company that seeks to track the performance of an index by holding in its portfolio either the contents of the index or a representative sample of the securities in the index.   The Core Equity Fund invests, under normal circumstances, at least 80% of its assets in equity securities. These equity securities will consist primarily of other investment companies, including ETFs, (“Underlying Funds”) that invest primarily in U.S. common stock.   In selecting the Core Equity Fund’s positions, the adviser will use its proprietary “Rational Analysis” processes, as described below. The particular allocation of positions will change from time to time as market forces dictate.   The adviser utilizes a proprietary investment research process called “Rational Analysis” to select securities for each Fund’s portfolio. The adviser uses Fundamental Analysis, Technical Analysis, and Quantitative Studies in selecting the positions. Rather than using one of the above methods exclusively, the adviser integrates the optimal elements of each method into a “Rational” decision-making model. The adviser may engage in frequent buying and selling of securities to achieve the Fund’s investment objective.   • Technical Analysis: is a method of evaluating securities by analyzing statistics generated by market activity, such as past prices and volume. Technical analysts do not attempt to measure a security’s intrinsic value, but instead use charts and other tools to identify patterns that can suggest future activity. Such analysis enables the adviser to identify relational situations and opportunities that are key considerations in buying and, even more importantly, in selling positions.   • Fundamental Analysis: is a method of evaluating a security by attempting to measure its intrinsic value by examining related economic, financial and other qualitative and quantitative factors. Fundamental analysts attempt to study everything that can affect the security’s value, including macroeconomic factors (like the overall economy and industry conditions) and individually specific factors (like the financial condition and management of companies). The adviser uses information from various sources to evaluate the fundamental position of the market, sectors, mutual funds, and stocks. Such analysis is essential in making decisions to buy particular positions, as it can reveal weaknesses or flaws in investment positions that might appear positive in technical analyses or quantitative studies.   • Quantitative Studies: The adviser uses mathematic analytics and modeling of portfolios. Such studies are useful in removing the emotion from the decision-making process, in furthering understanding of portfolio trends, and in developing decisive information for buying and selling positions. The mathematical and statistical calculations involved in such studies include analysis of Beta, standard deviation, Sharpe ratios, among others.