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HCM Dividend Sector Plus Fund

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HCM Tactical Growth FundClass A Shares: HCMGXClass I Shares: HCMIXClass R Shares: HCMSXInvestor Class Shares: HCMDXHCM Dividend Sector Plus FundClass A Shares: HCMNXClass I Shares: HCMQXClass R Shares: HCMZXClass A1 Shares: HCMWXInvestor Class Shares: HCMPXHCM Income Plus FundClass A Shares: HCMEXClass I Shares: HCMLXInvestor Class Shares: HCMKXSemi-Annual ReportDecember 31, 20201-855-969-8464www.howardcmfunds.comDistributed by Northern Lights Distributors, LLCMember FINRA/SIPC

HCM Tactical Growth FundPORTFOLIO REVIEW (Unaudited)December 31, 2020The Fund’s performance figures* for the period ended December 31, 2020 compared to its benchmarks:HCM Tactical Growth Fund – Class AHCM Tactical Growth Fund – Class A with loadHCM Tactical Growth Fund – Class IHCM Tactical Growth Fund – Class RHCM Tactical Growth Fund – Investor ClassS&P 500 TR Index***HFRX Equity Hedge Index****Six e lizedThree lizedFive lizedInception** December 31, 202014.70%13.65%14.71%14.69%13.96%12.83%2.02%* Performance data quoted here represents past performance. The performance comparison includes reinvestment of alldividends and capital gain distributions and has been adjusted for the Class A maximum applicable sales charge of 5.75%.Current performance may be lower or higher than the performance data quoted above. Past performance is no guaranteeof future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, whenredeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes thata shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund’s total annual operatingexpenses is 2.22% for Class A shares, 1.97% for Class I shares, and 2.97% for Investor Class shares as per the November1, 2020 prospectus. The Fund’s total annual operating expenses, before fee waiver and expense reimbursement, is 2.76%for Class R shares per the July 8, 2014 prospectus. Redemptions made in less than 30 days of purchase may be assessed aredemption fee of 1.00%. For performance information current to the most recent month-end, please call toll-free 1-855969-8464.** Inception date is July 30, 2014.*** The S&P 500 TR Index is a widely accepted, unmanaged index of U.S. stock market performance which doesnot take into account charges, fees and other expenses. Investors cannot invest directly in an index or benchmark.**** The HFRX Equity Hedge Index is an unmanaged index designed to measure daily performance representativeof long-short equity hedge funds. Indices are adjusted for the reinvestment of capital gains and income dividends.Investors cannot invest directly in an index.1

HCM Tactical Growth FundPORTFOLIO REVIEW (Unaudited)(Continued)December 31, 2020The Fund’s holdings by industry sector and investment type as of December 31, 2020 were as follows:Industry Sector/Investment Type% of Net AssetsExchange Traded FundsEquity97.4%Common StocksSemiconductors0.8%Technology Hardware0.4%E-Commerce Discretionary0.3%Automotive0.2%Specialty Finance0.2%Advertising & Marketing0.1%Beverages0.1%Home Construction0.1%Industrial Support Services0.1%Internet Media & Services0.1%Retail - Discretionary0.1%Software0.1%Technology Services0.1%Tobacco & Cannabis0.1%Money Market Fund1.0%Liabilities in Excess of Other Assets(1.2)%100.0%Please refer to the Portfolio of Investments in this Semi-Annual Report for a detailed listing of the Fund’s holdings.2

HCM Dividend Sector Plus FundPORTFOLIO REVIEW (Unaudited)December 31, 2020The Fund’s performance figures* for the period ended December 31, 2020, compared to its benchmark:HCM Dividend Sector Plus Fund – Class AHCM Dividend Sector Plus Fund – Class A with loadHCM Dividend Sector Plus Fund – Class IHCM Dividend Sector Plus Fund – Class RHCM Dividend Sector Plus Fund – Class A1HCM Dividend Sector Plus Fund – Class A1 with loadHCM Dividend Sector Plus Fund – Investor ClassS&P 500 TR Index***Six Months One AnnualizedAnnualized AnnualizedInception** Three Year Five Year December 31, .38%13.20%10.67%16.00%13.66%14.18%15.22%13.33%* Performance data quoted here represents past performance. The performance comparison includes reinvestment of alldividends and capital gain distributions and has been adjusted for the Class A and Class A1 maximum applicable salescharge of 5.75%. Current performance may be lower or higher than the performance data quoted above. Past performanceis no guarantee of future results. The investment return and principal value of an investment will fluctuate so that aninvestor’s shares, when redeemed, may be worth more or less than their original cost. Total returns as indicated above arecalculated using the traded net asset value on December 31, 2020. The returns shown do not reflect the deduction of taxesthat a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund’s total annual operatingexpenses are 2.09% for Class A shares, 2.24% for Class A1 shares, 1.84% for Class I shares and 2.84% for Investor Classshares per the November 1, 2020 prospectus. The Fund’s total annual operating expenses, before fee waiver and expensereimbursements, are 2.36% for Class R shares per the March 3, 2015 prospectus. Redemptions made less than 30 days ofpurchase may be assessed a redemption fee of 1.00%. For performance information current to the most recent month-end,please call toll-free 1-855-969-8464.** Inception date is March 11, 2015.*** The S&P 500 TR Index is a widely accepted, unmanaged index of U.S. stock market performance which doesnot take into account charges, fees and other expenses. Investors cannot invest directly in an index.3

HCM Dividend Sector Plus FundPORTFOLIO REVIEW (Unaudited)(Continued)December 31, 2020The Fund’s holdings by industry sector and investment type as of December 31, 2020 were as follows:Industry Sector/Investment Type% of Net AssetsExchange Traded FundsEquity100.00%Money Market Fund1.00%Liabilities in Excess of Other Assets(1.00)%100.0%Please refer to the Portfolio of Investments in this Semi-Annual Report for a detailed listing of the Fund’s holdings.4

HCM Income Plus FundPORTFOLIO REVIEW (Unaudited)December 31, 2020The Fund’s performance figures* for the period ended December 31, 2020, compared to its benchmark:HCM Income Plus Fund – Class AHCM Income Plus Fund – Class A with loadHCM Income Plus Fund – Class IHCM Income Plus Fund – Investor ClassBloomberg Barclays US Aggregate Bond Index ****Six Months24.84%17.66%24.96%24.43%1.29%One Year40.49%32.37%40.62%39.45%7.51%AnnualizedThree eption** Inception*** December 31, 2020 December 31, 202013.57%11.96%36.55%12.77%4.43%6.25%* Performance data quoted here represents past performance. The performance comparison includes reinvestment of alldividends and capital gain distributions and has been adjusted for the Class A maximum applicable sales charge of 5.75%.Current performance may be lower or higher than the performance data quoted above. Past performance is no guaranteeof future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, whenredeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes thata shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund’s total annual operatingexpenses, before fee waiver and expense reimbursements, are 1.70% for Class A shares, 2.45% for Investor Class shares,and 1.45% for Class I shares, per the November 1, 2020 prospectus. Redemptions made less than 30 days of purchasemay be assessed a redemption fee of 1.00%. For performance information current to the most recent month-end, pleasecall toll-free 1-855-969-8464.** Inception date for Class A and Investor Class is November 9, 2016.*** Inception date for Class I is September 11, 2019.**** The Bloomberg Barclays US Aggregate Bond Index is a market capitalization-weighted index, meaning thesecurities in the index are weighted according to the market size of each bond type. The index includes treasurysecurities, government agency bonds, mortgage-backed bonds, corporate bonds, and a small amount of foreignbonds traded in the U.S. investors cannot invest directly in an index.5

HCM Income Plus FundPORTFOLIO REVIEW (Unaudited)(Continued)December 31, 2020The Fund’s holdings by industry sector and investment type as of December 31, 2020 were as follows:Industry Sector/Investment Type% of Net AssetsExchange Traded FundsFixed Income56.40%Equity43.50%Money Market Fund1.80%Liabilities in Excess of Other Assets(1.70)%100.0%Please refer to the Portfolio of Investments in this Semi-Annual Report for a detailed listing of the Fund’s holdings.6

HCM Tactical Growth FundPORTFOLIO OF INVESTMENTS (Unaudited)December 31, 2020SharesFair ValueCOMMON STOCKS - 2.8%ADVERTISING - 0.1%10,598Omnicom Group, Inc. 660,997AUTOMOTIVE - 0.2%966Tesla, Inc. *681,677BEVERAGES - 0.1%7,197Monster Beverage Corporation *665,579E-COMMERCE - DISCRETIONARY - 0.3%19812,335Amazon.com, Inc. *eBay, Inc.644,872619,8341,264,706HOME CONSTRUCTION - 0.1%7,907Lennar Corp.1,550WW Grainger, Inc.602,751INDUSTRIAL SUPPORT SERVICES - 0.1%632,927INTERNET MEDIA SERVICES - 0.1%370Alphabet, Inc. *648,196RETAIL - DISCRETIONARY - 0.1%3,865Lowe's Companies, Inc.620,371SEMICONDUCTORS - 0.8%13,9102,4467,4481,1994,3314,397Intel Corp.KLA Corp.Maxim Integrated Products, Inc.NVIDIA Corp.Qualcomm, Inc.Xilinx, 5,821SOFTWARE - 0.1%2,884Microsoft Corp.5,521American Express Co.641,459SPECIALTY FINANCE - 0.2%667,544TECHNOLOGY HARDWARE - 0.4%5,07114,2875,390Apple, Inc.Cisco Systems, Inc.Garmin Ltd.672,871639,343644,9671,957,181TECHNOLOGY SERVICES - 0.1%2,674PayPal Holdings, Inc. *7,567Philip Morris International, Inc.626,251TOBACCO & CANNABIS - 0.1%626,472TOTAL COMMON STOCKS (Cost 13,998,412)See accompanying notes to financial statements.714,191,932

HCM Tactical Growth FundPORTFOLIO OF INVESTMENTS (Unaudited)(Continued)December 31, 2020SharesFair ValueEXCHANGE TRADED FUNDS - 97.4%EQUITY - 422,014Invesco QQQ Trust Series 1iShares U.S. Consumer Services ETF ProShares Ultra QQQProShares Ultra S&P500ProShares Ultra TechnologyVanguard Mega Cap Growth ETFVanguard Small-Cap Growth 8,52178,145,0525,892,267496,256,344TOTAL EXCHANGE TRADED FUNDS (Cost 319,899,178)SHORT-TERM INVESTMENT - 1.0%MONEY MARKET FUND - 1.0%5,270,311BlackRock Liquidity Funds FedFund Portfolio, Retail Class 0.01% (Cost 5,270,311)TOTAL INVESTMENTS - 101.2% (Cost 339,167,901)5,270,311 515,718,587 509,460,457(6,258,130)LIABILITIES IN EXCESS OF OTHER ASSETS - (1.2)%NET ASSETS - 100.0% Money market fund; interest rate reflects seven-day effective yield on December 31, 2020.* Non-income producing security.ETF - Exchange Traded Fund.See accompanying notes to financial statements.8

HCM Dividend Sector Plus FundPORTFOLIO OF INVESTMENTS (Unaudited)December 31, 2020SharesFair ValueEXCHANGE TRADED FUNDS - 100.0%EQUITY - 100.0%765,866iShares Select Dividend ETF 73,660,9921,394,216ProShares Ultra QQQ160,488,2041,747,619ProShares Ultra S&P500159,644,995634,423Vanguard Dividend Appreciation ETF89,561,495923,618Vanguard High Dividend Yield ETF84,520,283768,788WisdomTree US LargeCap Dividend Fund82,644,710TOTAL EXCHANGE TRADED FUNDS (Cost 459,537,504)650,520,679SHORT-TERM INVESTMENT - 1.0%MONEY MARKET FUND - 1.0%6,350,801BlackRock Liquidity Funds FedFund Portfolio, Retail Class 0.01% (Cost 6,350,801)TOTAL INVESTMENTS - 101.0% (Cost 465,888,305)6,350,801 LIABILITIES IN EXCESS OF OTHER ASSETS - (1.0)%NET ASSETS - 100.0%See accompanying notes to financial statements.(6,342,689) Money market fund; interest rate reflects seven-day effective yield on December 31, 2020.ETF - Exchange Traded Fund.9656,871,480650,528,791

HCM Income Plus FundPORTFOLIO OF INVESTMENTS (Unaudited)December 31, 2020SharesFair ValueEXCHANGE TRADED FUNDS - 99.9%EQUITY - 43.5%251,197Invesco QQQ Trust Series 1370,110Vanguard Mega Cap Growth ETF 78,810,54775,409,913154,220,460FIXED INCOME - 56.4%656,618iShares Convertible Bond ETF63,396,468744,033iShares Core Total USD Bond Market ETF40,609,321351,483iShares iBoxx High Yield Corporate Bond ETF30,684,466791,427SPDR Bloomberg Barclays Convertible Securities ETF65,522,241200,212,496354,432,956TOTAL EXCHANGE TRADED FUNDS (Cost 266,295,536)SHORT-TERM INVESTMENT - 1.8%MONEY MARKET FUND - 1.8%6,274,6716,274,671BlackRock Liquidity Funds FedFund Portfolio, Retail Class 0.01% (Cost 6,274,671)TOTAL INVESTMENTS - 101.7% (Cost 272,570,207) LIABILITIES IN EXCESS OF OTHER ASSETS - (1.7)%NET ASSETS - 100.0%ETF - Exchange Traded Fund.See accompanying notes to financial statements.(5,992,474) Money market fund; interest rate reflects seven-day effective yield on December 31, 2020.10360,707,627354,715,153

The HCM FundsSTATEMENTS OF ASSETS AND LIABILITIES (Unaudited)December 31, 2020ASSETSInvestment securities:At costAt fair valueMargin Deposit Held at BrokerReceivable for Fund shares soldDividends and interest receivablePrepaid expensesTOTAL ASSETS HCM TacticalHCM DividendHCM Income PlusGrowth FundSector Plus ,035516,397,192 40 IABILITIESPayable for investments purchasedPayable for Fund shares redeemedInvestment advisory fees payableDistribution (12b-1) fees payablePayable to related partiesAccrued expenses and other liabilitiesTOTAL LIABILITIESNET ASSETS 5509,460,457 9650,528,791 354,715,153Net Assets Consist Of:Paid in capitalAccumulated earningsNET ASSETSSee accompanying notes to financial statements. 11340,867,424168,593,033509,460,457 511,505,904139,022,887650,528,791 267,048,71987,666,434354,715,153

The HCM FundsSTATEMENTS OF ASSETS AND LIABILITIES (Unaudited)(Continued)December 31, 2020HCM TacticalHCM DividendHCM Income PlusGrowth FundSector Plus FundFundNet Asset Value Per Share:Class A Shares:Net Assets Shares of beneficial interest outstanding396,773,097 18,117,251499,411,771 31,453,249282,880,67018,525,033Net asset value (Net Assets Shares Outstanding) andredemption price per share (a) 21.90 15.88 15.27Maximum offering price per share (maximum sales charge of 5.75%) 23.24 16.85 16.20 2,720,071 22,509,873 1,770,161Class I Shares:Net AssetsShares of beneficial interest outstanding123,9911,414,424115,969Net asset value (Net Assets Shares Outstanding), offering priceand redemption price per share (a) 21.94 15.91 24 22 15.26 70,064,322Class R Shares:Net AssetsShares of beneficial interest outstanding11Net asset value (Net Assets Shares Outstanding), offering priceand redemption price per share (a) 21.91 *Class A1 Shares:Net Assets Shares of beneficial interest outstanding15.88 *50,3913,150Net asset value (Net Assets Shares Outstanding) andredemption price per share (a) 16.00Maximum offering price per share (maximum sales charge of 5.75%) 16.97 *Investor Class Shares:Net Assets Shares of beneficial interest outstanding109,967,265 5,241,333128,556,7348,272,3154,643,919Net asset value (Net Assets Shares Outstanding), offering priceand redemption price per share (a) (a) Redemptions of shares held less than 30 days may be assessed a redemption fee of 1.00%* NAV may not recalculate due to rounding of shares.See accompanying notes to financial statements.1220.98 15.54 15.09

The HCM FundsSTATEMENTS OF OPERATIONS (Unaudited)For the Six Months Ended December 31, 2020HCM TacticalGrowth FundINVESTMENT INCOMEDividendsInterestTOTAL INVESTMENT INCOME 762,7261,295764,021HCM DividendHCM Income PlusSector Plus FundFund 4,137,1219984,138,119 4,228,5031,0994,229,602EXPENSESInvestment advisory feesDistribution (12b-1) fees:Class AClass A1Investor ClassAdministrative services feesTransfer agent feesRegistration feesAccounting services feesThird party administrative servicing feesPrinting and postage expensesCustodian feesLegal feesAudit feesTrustees fees and expensesCompliance officer feesInsurance expenseOther expensesTOTAL EXPENSESNET EXPENSESNET INVESTMENT INCOME ,079,763(412,841)2,149,839REALIZED AND UNREALIZED GAIN ON INVESTMENTSNet realized gain from investmentsNet change in unrealized appreciation on investmentsNET REALIZED AND UNREALIZED GAIN ON INVESTMENTSNET INCREASE IN NET ASSETS RESULTING FROM OPERATIONSSee accompanying notes to financial statements.13 44,127,67857,247,006121,931,958 143,714,837 59,396,845

HCM Tactical Growth FundSTATEMENTS OF CHANGES IN NET ASSETSSix Months EndedDecember 31, 2020Year Ended(Unaudited)June 30, 2020FROM OPERATIONSNet investment lossNet realized gain from investments and options writtenNet change in unrealized appreciation on investmentsNet increase in net assets resulting from operations (2,673,186)124,605,144121,931,958 IONS TO SHAREHOLDERSTotal distributions paid:Class AInvestor ClassClass RClass INet decrease in net assets resulting from distributions to ,358,909)-FROM SHARES OF BENEFICIAL INTERESTProceeds from shares sold:Class AInvestor ClassClass INet asset value of shares issued in reinvestment of distributions:Class AInvestor ClassClass RClass IRedemption fee proceeds:Class AClass RInvestor ClassClass IPayments for shares redeemed:Class AInvestor 627)Class INet increase (decrease) in net assets resulting from shares of beneficial interest(436,640)124,039,236(18,298,100)TOTAL INCREASE IN NET ASSETS230,612,28540,951,401NET ASSETSBeginning of PeriodEnd of Period Amount represents less than 0.50See accompanying notes to financial statements.14278,848,172509,460,457 237,896,771278,848,172

HCM Tactical Growth FundSTATEMENTS OF CHANGES IN NET ASSETS (Continued)Six Months EndedDecember 31, 2020Year Ended(Unaudited)June 30, 2020SHARE ACTIVITYClass A:Shares SoldShares ReinvestedShares RedeemedNet increase (decrease) in shares of beneficial interest 951,194)4,819,907(2,215,721)Class I:Shares SoldShares ReinvestedShares RedeemedNet increase in shares of beneficial interest outstanding142,1983,404(21,612)123,990-Class R:Shares SoldNet increase in shares of beneficial interest outstanding- --Investor Class:Shares SoldShares ReinvestedShares RedeemedNet increase in shares of beneficial interest outstanding 1,477,026164,041(337,186)1,303,881Amount represents less than one share.See accompanying notes to financial statements.151,636,299(863,352)772,947

The HCM Dividend Sector Plus FundSTATEMENTS OF CHANGES IN NET ASSETSSix Months EndedDecember 31, 2020Year Ended(Unaudited)June 30, 2020FROM OPERATIONSNet investment lossNet realized gain from investments and options writtenNet change in unrealized appreciation on investmentsNet increase in net assets resulting from operations (412,841)97,915144,029,763143,714,837 S TO SHAREHOLDERSFrom return of capital:Class AClass IClass RClass A1Investor ClassTotal distributions paid:Class AClass IClass RClass A1Investor ClassNet decrease in net assets resulting from distributions to shareholders-(133,105)(20)- (32)(24,366)-(2,446,345)(513)- (494)(69,145)(2,674,020)FROM SHARES OF BENEFICIAL INTERESTProceeds from shares sold:Class AClass IClass RClass A1Investor ClassNet asset value of shares issued in reinvestment of distributions:Class AClass IClass RClass A1Investor ClassRedemption fee proceeds:Class AInvestor 99,3547,36131,284,830-2,131,973533- 52692,60217,1912,64613,7571,843Payments for shares redeemed:Class AClass IClass A1Investor ClassNet increase (decrease) in net assets resulting from shares of beneficial (65,160,288)TOTAL INCREASE (DECREASE) IN NET ASSETS250,018,666(28,820,442)NET ASSETSBeginning of PeriodEnd of Period Amount represents less than 0.50See accompanying notes to financial statements.16400,510,125650,528,791 429,330,567400,510,125

The HCM Dividend Sector Plus FundSTATEMENTS OF CHANGES IN NET ASSETS (Continued)Six Months EndedDecember 31, 2020Year Ended(Unaudited)June 30, 2020SHARE ACTIVITYClass A:Shares SoldShares ReinvestedShares RedeemedNet increase (decrease) in shares of beneficial interest ,501,060)4,234,280(7,052,742)Class I:Shares SoldShares ReinvestedShares RedeemedNet increase in shares of beneficial interest ,834,5982,768,2357,640(1,420,358)1,355,517Class A1:Shares SoldShares ReinvestedShares RedeemedNet increase (decrease) in shares of beneficial interest outstandingInvestor Class:Shares SoldShares ReinvestedShares RedeemedNet increase in shares of beneficial interest outstandingSee accompanying notes to financial statements.17

The HCM Income Plus FundSTATEMENTS OF CHANGES IN NET ASSETSSix Months EndedDecember 31, 2020Year Ended(Unaudited)June 30, 2020FROM OPERATIONSNet investment incomeNet realized gain from investmentsNet change in unrealized appreciation on investmentsNet increase in net assets resulting from operations 2,149,83957,247,00659,396,845 468,6875,778,63427,847,09634,094,417DISTRIBUTIONS TO SHAREHOLDERSTotal distributions paid:Class AClass IInvestor ClassNet decrease in net assets resulting from distributions to 23,455,12037,112,86495,46019,111,936FROM SHARES OF BENEFICIAL INTERESTProceeds from shares sold:Class AClass IInvestor ClassNet asset value of shares issued in reinvestment of distributions:Class AClass IInvestor ClassRedemption fee proceeds:Class AClass IInvestor Class1,367,23411,866181,142990,620- 39,09611,66652,2207,304613Payments for shares redeemed:Class AClass IInvestor ClassNet increase (decrease) in net assets resulting from shares of beneficial (66,221,804)(7,677,021)(16,540,932)TOTAL INCREASE IN NET ASSETS150,154,79616,359,656NET ASSETSBeginning of PeriodEnd of Period Amount represents less than 0.50See accompanying notes to financial statements.18204,560,357354,715,153 188,200,701204,560,357

The HCM Income Plus FundSTATEMENTS OF CHANGES IN NET ASSETS (Continued)Six Months EndedDecember 31, 2020Year Ended(Unaudited)June 30, 2020SHARE ACTIVITYClass A:Shares SoldShares ReinvestedShares RedeemedNet increase (decrease) in shares of beneficial interest 50(6,240,264)5,115,043(2,732,127)Class I:Shares SoldShares ReinvestedShares RedeemedNet increase in shares of beneficial interest tor Class:Shares SoldShares ReinvestedShares RedeemedNet increase in shares of beneficial interest outstandingSee accompanying notes to financial 9,9923,620(721,251)1,002,361

HCM Tactical Growth FundFINANCIAL HIGHLIGHTSPer Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout each PeriodSix Months EndedDecember 31, 2020Class ANet asset value, beginning of period (Unaudited)16.32Activity from investment operations:Net investment loss (1)Year EndedYear EndedYear EndedYear EndedYear EndedJune 30, 2020 12.80June 30, 2019 14.68June 30, 2018 11.64June 30, 2017 8.75June 30, 20169.71 (0.12)(0.17)(0.10)(0.17)(0.09)(0.00) .89(0.83)Net realized and unrealized gain(loss) on investmentsTotal from investment operationsLess distributions from:Net realized gainsTotal distributionsPaid-in-Capital From Redemption Fees (6)Net asset value, end of period-(0.59)--(0.13)(0.68)-(0.59)--(0.13)0.00 21.90Total return (2)Net assets, at end of period (000s)(0.68)0.00 16.32 216,98138.44% (10) 396,7730.00 12.80 198,59527.50%0.00 14.68 137,794(8.36)%0.00 11.64 51,91626.12%0.00 33.03%8.75(8.55)% 25,631Ratio of gross expenses to averagenet assets (3)(4)(9)1.63%1.71%1.73%1.80% (8)2.06%2.26%Ratio of net expenses to averagenet assets (4)(9)1.63%1.71%1.73%1.97% .04)%140%532%18%67%238%Ratio of net investment lossto average net assets (4)(5)(9)Portfolio Turnover Rate31% (10)(1) Per share amounts calculated using the average shares method, which more appropriately presents the per share data for each period.(2) Total returns shown are historical in nature and assume changes in share price, reinvestment of dividends and distributions, if any, and exclude the effect of applicable sales charges and redemption fees. Had the adviser not absorbed a portion ofthe Fund expenses for the year ended June 30, 2017 and June 30, 2016, total returns would have been lower.(3) Represents the ratio of expenses to average net assets absent fee waivers, expense reimbursements and/or expense recaptures by the adviser.(4) Does not include the expenses of other investment companies in which the Fund invests, as these expenses are included in the realized and unrealized gain/(loss) on investments.(5) Recognition of net investment income (loss) by the Fund is affected by the timing of declaration of dividends by the underlying investments in which the Fund invests as well as timing of subscriptions and redemptions within each share class.(6) Amount represents less than 0.005 per share.(7) Represents the ratio of expenses to average net assets after adviser recapture of waived/reimbursements fees from prior periods.(8) Represents the ratio of expenses to average net assets before adviser recapture of waived/reimbursed fees from prior periods.(9) Annualized for periods less than one year.(10) Not annualized.See accompanying notes to financial statements.20

HCM Tactical Growth FundFINANCIAL HIGHLIGHTSPer Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout each PeriodSix Months EndedDecember 31, 2020Class IYear EndedYear EndedYear EndedYear EndedYear EndedJune 30, 2020 12.81June 30, 2019 14.69June 30, 2018 11.65June 30, 2017 8.76June 30, 20169.72 .90)6.293.52(1.29)3.042.89(0.83)(Unaudited)Net asset value, beginning of period Activity from investment operations:Net investment income (loss) (1)16.33Net realized and unrealized gain(loss) on investmentsTotal from investment operationsLess distributions from:Net realized gainsTotal distributionsNet asset value, end of period Total return (2)Net assets, at end of .94 38.60% (11) 2,72016.33 27.48% 16 (6) 12.81 (8.35)%14 (6) 14.69 26.09%15 (6) 11.65 32.99%8.76(8.54)%12 (6) 9 (6)Ratio of gross expenses to averagenet assets (3)(4)(9)(10)1.38%1.46%1.48%1.55% (8)1.81%2.01%Ratio of net expenses to averagenet assets (4)(9)(10)1.38%1.46%1.48%1.72% 40%532%18%67%238%Ratio of net investment income (loss)to average net assets (4)(5)(10)Portfolio Turnover Rate31% (11)(1) Per share amounts calculated using the average shares method, which more appropriately presents the per share data for each period.(2) Total returns shown are historical in nature and assume changes in share price, reinvestment of dividends and distributions, if any, and exclude the effect of applicable sales charges and redemption fees. Had the adviser not absorbed a portion ofthe Fund expenses for the year ended June 30, 2017 and June 30, 2016, total returns would have been lower.(3) Represents the ratio of expenses to average net assets absent fee waivers, expense reimbursements and/or expense recaptures by the adviser.(4) Does not include the expenses of other investment companies in which the Fund invests, as these expenses are included in the realized and unrealized gain/(loss) on investments.(5) Recognition of net investment income (loss) by the Fund is affected by the timing of declaration of dividends by the underlying investments in which the Fund invests as well as timing of subscriptions and redemptions within each share class.(6) Actual net assets, not truncated.(7) Represents the ratio of expenses to average net assets after adviser recapture of waived/reimbursements fees from prior periods.(8) Represents the ratio of expenses to average net assets before adviser recapture of waived/reimbursed fees from prior periods.(9) The ratio presented is adjusted for 12b-1 fee class allocations and is based upon the expected expense level for the class provided in the Fund’s prospectus.(10) Annualized for periods less than one

The Fund’s total annual operating expenses is 2.22% for Class A shares, 1.97% for Class I shares, and % for Investor Class shares as per the November 2.97 1, 2020 prospectus. The Fund’s total annual ating expenses, before fee waiver and expense reimbursement, oper 2.7