Pin Oak Equity Fund seeks long-term capital growth by concentrating investments in stocks the manager believes are underappreciated by the market, irrespective of market capitalization.

Pin Oak is a concentrated mutual fund that invests primarily in common stocks of U.S. companies within a wide range of market capitalizations, focusing on the manager’s best ideas within a limited number of sectors. As a result, the Fund may own stocks of smaller capitalization companies. Aware of the pitfalls of, and empirical evidence against, rapid turnover, the manager adheres to a long-term approach. In addition, despite the focus on growth stocks, the manager incorporates the idea of fundamental value into his analysis, searching for opportunities that not only offer potential for growth in sales and earnings, but which are underappreciated by the market. This value can present itself not only in the traditional form of various quantitative metrics, but also in the form of a superior business model. Industry weightings and stock selection are based on fundamental analysis and an assessment of a stock’s risk-reward.

The investment process begins with an analysis of the economy and various macroeconomic factors, followed by an evaluation of industry sectors. It then focuses on the most attractive companies in these areas based on qualitative and quantitative factors. The manager’s investment approach is highly disciplined, employing a consistent investment strategy and growth style. On the occasion that the market works against the Fund’s style, the manager does not chase performance by playing yesterday’s winners – a discipline that we believe leads to outperformance over the long-term. Behavioral finance plays a large role in the management of the Fund, as does the disparity in time horizon between the manager and the increasingly short-term oriented market. The manager often makes calculated bets, buying where fear is high and selling or avoiding areas or stocks that the market is pricing too dearly. The manager believes that having the conviction, experience and confidence to go against the crowd is integral to long-term outperformance.

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, please click on the individual fund name in the Fund Center on the homepage or call 1-888-462-5386. Holdings are subject to change. Investments in smaller companies typically exhibit higher volatility.

The Advisor has contractually agreed for a period of 1 year from the date of the prospectus to waive all or a portion of its fee for the Fund (and to reimburse expenses to the extent necessary) in order to limit Fund total operating expenses to 1.25%. The Total Annual Fund Operating Expenses for POGSX is 1.60%.

All returns for periods greater than one year are annualized. If the Fund is less than 1 year old, cumulative since inception returns are shown. If the Fund is less than 10 years old, annualized return since inception is shown. All year-to-date returns are cumulative.

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