Quant Long/Short Fund

Investment Philosophy
Analytic Investors believes it is possible to deliver consistent risk-adjusted returns, regardless of market cycle, through the proper weighting of variables and the utilization of methodologies that measures and anticipates the changing factors that affect the market price of securities.

Investment Process
Analytic invests in common stocks of large U.S. companies with positive growth prospects and selling short those companies which do not meet that criteria.  The Fund consists of companies whose market capitalizations are larger than $1 billion, and is benchmarked to the S&P 500. Via a multi-factor proprietary model, the goal of this strategy is designed to add value through stocks with a similar risk profile to the index. This is not a market neutral strategy, with the following equity exposure ranges to the Fund’s net asset percentages:

• Long/Short Fund’s equity exposure: 110% to 133%.
• Short equity exposure: 10% to 33%.
• Net long equity exposure: does not exceed 100%.

An investment in the Fund involves certain risks.

There is no guarantee that the use of long and short positions will succeed in limiting the Fund’s exposure to domestic stock market movements or other risk factors. Short selling involves certain risks. The Fund will have additional costs associated with covering short positions and a possibility of unlimited loss if the Fund must cover a short position when the value of a stock sold short increases. The Fund may borrow stocks that are sold short to make delivery to the buyer but it may not always be able to borrow a security it wants to sell short. The Fund also may be unable to close out an established short position at an advantageous price, and may have to sell related long positions at disadvantageous times. A portfolio involved in short selling will likely have a high portfolio turnover rate which may result in tax consequences for investors.

Before investing carefully consider a Fund’s investment objectives, risks, charges and expenses. Please read the prospectus carefully before you invest or send money.