Investment objective & strategy
As of Oct. 27, 2025 · prospectusObjective. Long-term capital appreciation.
Strategy. The Fund seeks to achieve its investment objective through investments in: (i) dividend paying equity securities of companies included in the S&P 500; (ii) ?plus? other investment companies (mutual funds, closed-end funds and ETFs), sometimes referred to in this Prospectus as ?Underlying Funds,? including investment companies that use leverage; and (iii) cash and cash equivalents and put and call options. Unlike typical dividend funds, the Fund may use leverage through investment companies that use leverage. The Adviser (as defined below) uses the HCM BuyLine (?HCM-BuyLine ?), its proprietary quantitative investment model, to determine when the Fund should be in or out of the market. The HCM-BuyLine uses trend analysis to help identify the broad trend in the equity market. When … The Fund seeks to achieve its investment objective through investments in: (i) dividend paying equity securities of companies included in the S&P 500; (ii) ?plus? other investment companies (mutual funds, closed-end funds and ETFs), sometimes referred to in this Prospectus as ?Underlying Funds,? including investment companies that use leverage; and (iii) cash and cash equivalents and put and call options. Unlike typical dividend funds, the Fund may use leverage through investment companies that use leverage. The Adviser (as defined below) uses the HCM BuyLine (?HCM-BuyLine ?), its proprietary quantitative investment model, to determine when the Fund should be in or out of the market. The HCM-BuyLine uses trend analysis to help identify the broad trend in the equity market. When the trend is down, the Adviser reduces the Fund?s exposure to equities, and, when the trend is up, the Adviser increases the Fund?s exposure to equities. When the Fund is out of the market, it invests in cash and cash equivalents and/or put options. Put options generally have an inverse relationship to the underlying security on which the option is held. When the Fund is in the market, it invests in equity securities and/or call options. Call options generally have a direct relationship to the underlying security on which the option is held. The Fund is designed to maximize returns through tactical allocations and investing in any combination of sectors, asset classes, and sub-sectors as determined by the HCM-BuyLine . To respond to adverse market, economic, political or other conditions, the Adviser may temporarily hold more cash and cash equivalents than indicated by the HCM-BuyLine .
Top holdings
As of March 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| iShares Trust ISHARES 0-3 MONTH TREASURY BOND ETF | SGOV | $379.16M | 20.79% |
| STATE STREET SPDR BLOOMBERG 1-3 MONTH T-BILL ETF MUTUAL FUND | BIL | $379.15M | 20.79% |
| VANGUARD DVD A E | VIG US | $258.49M | 14.17% |
| SPDR S&P 500 ETF Trust | — | $174.48M | 9.57% |
| VANGUARD HIGH DVD YIELD ETF MUTUAL FUND | VYM | $167.79M | 9.20% |
| ISHARES SELECT DIVIDEND ETF MUTUAL FUND | DVY | $153.14M | 8.40% |
| BBH SWEEP VEHICLE | — | $92.50M | 5.07% |
| RALPH LAUREN CORP | — | $9.06M | 0.50% |
| CITIGROUP INC | — | $8.37M | 0.46% |
| ENTERGY CORP | — | $7.25M | 0.40% |
Portfolio moves
Dec 31, 2025 → Mar 31, 2026How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| HCM Tactical Plus Fund · HCMGX, HCMDX, HCMIX, HCMSX | 47% | 1.73% |
| HCM Dynamic Income Fund · HCMFX, HCMBX, HCMUX | 46% | 1.97% |
| The Gold Bullion Strategy Portfolio | 42% | 1.63% |
Advisers
| Firm | Role |
|---|---|
| Howard Capital Management, Inc. | Adviser |
Footnotes
- Expense ratio as of October 27, 2025, from the fund's prospectus.
- Net assets and holdings count as of March 31, 2026, from the fund's N-PORT filing.
- Total return for calendar year 2025, before tax and after fund expenses. Computed by compounding the twelve monthly total returns the fund reported in its SEC N-PORT filings for 2025 (the latest prospectus does not yet chart this year).
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