IRON STRATEGIC INCOME FUND

Fund Objective

The Fund seeks to maximize total return by effectively maintaining an optimal exposure to credit through time. To vary credit exposure and in an effort to hedge against potential credit, rate, and liquidity risks, the Fund utilizes an allocation to cash and credit derivatives.

Reasons to consider Investing

Liquid Alternative

A 1940 Act Mutual Fund with daily liquidity and highly transparent investment process.

Total Return Focus

The Fund seeks to capture both capital appreciation and income by actively participating in various credit opportunities in every market environment.

Duration Management

The Fund strives to protect during periods of rising interest rates and periods of heightened inflation.

Disclosure

The value of derivatives may rise or fall more rapidly than other investments. For some derivatives, it is possible to lose more than the amount invested in the derivative. It is possible that the hedge may not succeed. Alternative investments can be highly speculative and may not be suitable for all clients. Fixed income investments are affected by a number of risks, including fluctuations in interest rates, credit risk, and prepayment risk. In general, as prevailing interest rates rise, fixed income securities prices will fall.
No investment strategy, including a total return strategy, can ensure a profit or guarantee against loss. The value of derivatives may rise or fall more rapidly than other investments. For some derivatives, it is possible to lose more than the amount invested in the derivative. It is possible that the hedge may not succeed.

Fund Philosophy

IRON believes a portfolio that responds to the directional trends of the overall credit market by adjusting exposures and utilizing hedging techniques is essential to delivering consistent risk-adjusted total returns.

Disclosure

Fixed income investments are affected by a number of risks, including fluctuation in interest rates, credit risk, and prepayment risk. In general, as prevailing rise, fixed income securities prices will fall. No investment strategy, including a total return strategy, can ensure a profit or guarantee against loss. The value of derivatives may rise or fall more rapidly than other investments. For some derivatives, it is possible to lose more than the amount invested in the derivative. It is possible that the hedge may not succeed.

Fund Process

We believe an investment process that effectively responds to those key factors that have the greatest impact on credit market pricing over time may result in consistently superior risk-adjusted returns over full credit market cycles.

Risk Management

Investors should be prepared for potential volatility risks. Preparing your portfolio to weather market storms is a critical step toward meeting long-term investment goals. The Fund seeks to provide flexibility and agility with regards to exposure in various fixed income sectors. The Fund measures risk from several perspectives with a focus on mitigating downside risk while striving to maximize long-term total return performance through the combination of price appreciation and income generation.

Effective risk management is the cornerstone of the investment process used in managing the IRON Strategic Income Fund. The Fund’s goal is to adjust the exposure to credit dynamically using a combination of cost effective hedging and tactical allocation. We believe this potentially lowers volatility and may generate superior risk-adjusted returns consistently over time.

Disclosure

Fixed income investments are affected by a number of risks, including fluctuation in interest rates, credit risk, and prepayment risk. In general, as prevailing rise, fixed income securities prices will fall. No investment strategy, including a total return strategy, can ensure a profit or guarantee against loss. The value of derivatives may rise or fall more rapidly than other investments. For some derivatives, it is possible to lose more than the amount invested in the derivative. It is possible that the hedge may not succeed.

Fund Fit

How Can Investors use IFUNX?


DAILY PRICING

as of 11/22/2017

NAV

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$Change

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Average Annualized Total Returns

IRON Strategic Income Fund Since Inception 10/11/2006-9/30/2017

Source: IRON Financial  

Performance quoted is past performance and does not guarantee future results.  The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.  Current performance of the Fund may be lower or higher than the performance quoted.  Performance data current to the most recent month end may be obtained by calling 1-877-322-0575.

All performance information and Fund statistics are calculated off of monthly data of the Institutional share class. All Since Inception data reported since the 10/11/2006 inception of the IRON Strategic Income Fund.

As disclosed in the IRON Strategic Income Fund’s current prospectus, gross expense ratio for the Institutional share class is 1.77%. 

The Funds benchmark is the Credit Suisse Hedge Fund Index. The Credit Suisse Hedge fund Index is compiled by Credit Suisse Hedge Fund Index LLC and CME Group Index Services LLC. It is an asset-weighted hedge fund index and includes only funds, as opposed to separate accounts. The BarCap Agg (Barclays Capital US Aggregate Bond Index) is the rebranded Lehman Aggregate Bond Index, a widely recognized measure of the US bond market. The Indices’ returns do not reflect the deduction of expenses, which have been deducted from the Fund’s returns. The Indices’ returns assume reinvestment of all distributions and do not reflect the deduction of taxes and fees. Individuals cannot invest directly in these Indices, however, an individual can invest in exchange traded funds or other investment vehicles that attempt to track the performance of a benchmark index. Management fees of 1.00% annually have been deducted from the Fund’s results. Therefore, all Fund results shown are net of fees. The advisor’s advisory fees are described in our ADV Part II. 

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Hypothetical Investment Growth

Source: IRON Financial

Past performance is no guarantee of future results.

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Calendar Year Total Returns

as of 9.30.17

 

*Since Inception October 10, 2006 – December 31, 2006.  Source: IRON Financial

Past performance is no guarantee of future results.

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Risk Return Profile since inception

Source: IRON Financial

Past performance is no guarantee of future results.

Standard deviation is a statistical measurement that sheds light on historical volatility. A measure of the dispersion of a set of data from its mean, the more spread apart the data, the higher the deviation. Standard deviation is calculated as the square root of variance.

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Fund Information

1 Figures are reported in the Fund’s current Prospectus.

Total Annual Fund Operating Expenses do not correlate to the ratio of Expenses to Average Net Asset found in the “Financial Highlights” section of this prospectus.  The Fund’s financial highlights reflect the operating expenses of the Fund and do not include the effect of Acquired Fund Fees and Expenses.  Without the Fees and Expenses of Acquired Funds, the Total Annual Fund Operating Expenses would be 1.63% for the Investor Class and 1.28% for the Institutional Class.

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Distributions

Distribution Schedule

The Fund distributes income four times per year and capital gains once a year in December.

Distribution History

Please note: Dividend distributions reduce the NAV of the fund by the corresponding amount on the Ex-Dividend Date

There are no guarantees that dividend paying stocks will continue to pay dividends.  Dividend paying stocks may not experience the same capital appreciation potential as non-dividend paying stocks. 

Performance data current to the most recent month end may be obtained by calling our toll-free number. Of course there can be no assurance that the funds will achieve their objectives or that their investment strategies will be successful. Distributed by Unified Financial Securities, LLC.,(Member FINRA). No investment strategy, including a total return strategy, can ensure a profit or protect against loss.

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Morningstar Ratings

CATEGORIES as of 6/30/17

© 2017 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. The Morningstar RatingTM for funds methodology rates funds based on an enhanced Morningstar Risk-Adjusted Return measure, which also accounts for the effects of all sales charges, loads, or redemption fees. The IRON Strategic Income Fund was rated against the following numbers of U.S.-domiciled funds over the following time periods.  Morningstar Category: Nontraditional Bond. Past performance is no guarantee of future results.

The Morningstar Rating for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history.  Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes.  It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance.  The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star.  The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics.  The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns.  While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

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Related News & Insights

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management team

 - Aaron Izenstark

Aaron Izenstark

Managing Director,

Co-Portfolio Manager,

IRON Strategic Income Fund

 - Daniel Sternberg

Daniel Sternberg

Co-Portfolio Manager,

IRON Strategic Income Fund

Disclosure

Given the significant differences between separately managed accounts and mutual funds, investors should consider the differences in expenses, tax
implications and the overall objectives between separately managed accounts and mutual funds before investing. Past performance of the strategy/separately managed account is not indicative of future performance of the fund.

The Fund’s prospectus contains this and other information about the Fund, and should be read carefully before investing. You may obtain a current copy of the Fund’s prospectus by calling 1-877-322-0575 or download a prospectus. Past performance is no guarantee of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted.

Performance data current to the most recent month end may be obtained by calling our toll-free number. Of course there can be no assurance
that the funds will achieve their objectives or that their investment strategies will be successful. Distributed by Unified Financial Securities, LLC., (Member FINRA). No investment strategy, including a total return strategy, can ensure a profit or protect against loss.