Fund Family Overview

HSUAX | HSUCX | HSUTX

The Defensive Growth Fund seeks long-term capital appreciation. The Fund utilizes a screening process that identifies companies based on situs; one or more geographical locations that the Advisor believes are positioned and likely to allow the companies to outperform those in other locations.

Investing in the Fund carries certain risks. The value of the Fund may decrease in response to the activities and financial prospects of an individual security in the Fund’s portfolio. To the extent the Fund invests in the stocks of smaller-sized companies, the Fund may be subject to additional risks, including the risk that earnings and prospects of these companies are more volatile than larger companies. Smaller-sized companies may experience higher failure rates than larger companies and normally have lower trading volume than larger companies. These factors may affect the value of your investment. Investments in international markets present special risks including currency fluctuation, the potential for diplomatic and political instability, regulatory and liquidity risks, foreign taxations and differences in auditing and other financial standards. Risks of foreign investing are generally intensified for investment in emerging markets. Derivatives are investments in which the value is “derived” from the value of an underlying asset, reference rate, or index. 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. If the Fund uses derivatives to “hedge” the overall risk of its portfolio, it is possible that the hedge may not succeed. Options involve risks that are not suitable for all investors. No strategy, including option strategies, can eliminate risk. Options strategies in particular may result in the total loss of principal over a short period of time.

HGSAX | HGSIX

The Risk Managed Emerging Markets Fund seeks total return. The Fund focuses on companies that are organized, have a majority of their assets, or generate a majority of their operating income in emerging markets. The manager employs a “top-down” macro-economic analysis to identify those countries believed to have the best prospects for sustainable growth. A “bottom-up” process then seeks to identify securities expected to provide what the manager believes will be superior risk-adjusted returns in those countries. A systematic currency overlay program is applied utilizing a four-factor dynamic hedging model in an effort to neutralize currency risk, with hedge ratios normally updated on a weekly basis.

Investing in the Fund carries certain risks. The value of the Fund may decrease in response to the activities and financial prospects of an individual security in the Fund’s portfolio. Investments in international markets present special risks including currency fluctuation, the potential for diplomatic and political instability, regulatory and liquidity risks, foreign taxations and differences in auditing and other financial standards. Risks of foreign investing are generally intensified for investment in emerging markets. Emerging market securities tend to be more volatile and less liquid than securities traded in developed countries.

HRSAX | HRSTX

The Real Strategies Fund seeks total return consisting of capital appreciation and income. The Fund normally pursues its objective by making investments that have performed well relative to general U.S. stocks and bonds during periods of increased inflation. The managers invest in a strategic combination of companies that own or invest in real estate, companies based on commodities such as agricultural products, oil and gas or metals, companies that provide services to any of these industries, as well as index-based securities and inflation protected securities. In an effort to lower volatility, the Fund may write call options and put options on individual stocks.

Investing in the Fund carries certain risks. The value of the Fund may decrease in response to the activities and financial prospects of an individual security in the Fund’s portfolio. Investments in real estate investment trusts (REITS) involve special risks associated with an investment in real estate, such as limited liquidity and interest rate risk, and may be more volatile than other securities. Investments in commodities may be affected by overall market movements, changes in interest rates, and other factors such as weather, disease, embargoes and international economic and political developments. These instruments may subject the Fund to greater volatility than investment in traditional securities. Derivatives are investments in which the value is “derived” from the value of an underlying asset, reference rate, or index. 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. If the Fund uses derivatives to “hedge” the overall risk of its portfolio, it is possible that the hedge may not succeed. Options involve risks that are not suitable for all investors. No strategy, including option strategies, can eliminate risk. Options strategies in particular may result in the total loss of principal over a short period of time. While Inflation-Protected Securities (IPS) adjust positively in response to inflation, their value may under circumstances decline or underperform relative to other fixed-income securities. In addition, the tax and other characteristics of IPS held by the Fund could require the Fund to liquidate other portfolio securities at disadvantageous times in order to pay taxes, and could cause fluctuations in the Fund’s income distributions. Because the Fund may invest its assets in underlying mutual funds or ETFs that have their own fees and expenses in addition to those charge directly by the Fund, the Fund may bear higher expenses than a Fund that invests directly in individual securities.

HBAFX

The Strategic Allocation Fund seeks current income and moderate appreciation of capital. The Fund invests in a combination of underlying mutual funds and exchange-traded funds (“ETFs”) which are managed by Rational Advisors and its affiliates, as well as unaffiliated mutual funds and ETFs. The Fund will invest in a combination of equity, income and uncorrelated investment strategies.

Investing in the Fund carries certain risks. The value of the Fund may decrease in response to the activities and financial prospects of an individual security in the Fund’s portfolio. Because the Advisor is primarily responsible for managing both the Fund and certain Underlying Funds, the Advisor is subject to conflict of interest with respect to how it allocates the Fund’s assets among the Underlying Funds. Derivatives are investments in which the value is “derived” from the value of an underlying asset, reference rate, or index. 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. If the Fund uses derivatives to “hedge” the overall risk of its portfolio, it is possible that the hedge may not succeed. Options involve risks that are not suitable for all investors. No strategy, including option strategies, can eliminate risk. Options strategies in particular may result in the total loss of principal over a short period of time. An investment in an exchange-traded fund (ETF) generally presents the same primary risks as an investment in a conventional fund that has the same investment objectives, strategies, and policies. In addition, ETFs may be subject to the following risks that do not apply to conventional funds: the market price of an ETF’s shares may trade above or below their net asset value; an active trading market for an ETF’s shares may not develop or be maintained; trading of an ETF’s shares may be halted if the listing exchange’s officials deem such action appropriate, the shares are delisted from the exchange, or the activation of market-wide circuit breakers halts stock trading generally. Because the Fund may invest its assets in underlying mutual funds or ETFs that have their own fees and expenses in addition to those charge directly by the Fund, the Fund may bear higher expenses than a Fund that invests directly in individual securities.