$2,500 is the current minimum investment for regular accounts. $1,000 is the minimum investment for individual retirement accounts.

Yes. A $1,000.00 minimum applies for IRA investments.

Yes, the Fund is for sale in all 50 states.

The Fund is typically invested in positions from a broad universe of international and domestic equities, ETFs and mutual funds. It may also invest in fixed income ETFs or mutual funds. During adverse market conditions, to mitigate market risk, the Fund will employ money market/cash or inverse mutual fund or ETF positions. The Fund cannot go short or net short, nor will the Fund employ leverage at any time.

Dividends from net investment income, if any, are normally declared and paid by the Fund typically in December.  Capital gain distributions, if any, are also normally made in December, but the Fund may make an additional payment of dividends or capital gain distributions if it deems it desirable at another time during any year.

All distributions will be reinvested in Fund shares unless you choose one of the following options: (1) receive dividends in cash while reinvesting capital gain distributions in additional Fund shares; (2) receive capital gain distributions in cash while reinvesting dividends in additional Fund shares; or (3) receive all distributions in cash.

If you elect to receive any distributions paid in cash, and the U.S. Postal Service cannot deliver the check, or if a check remains outstanding for six months, the Fund reserves the right to reinvest the distribution check in your account, at the Fund’s current NAV per share, and to reinvest all subsequent distributions.  If you wish to change your distribution option, notify the Transfer Agent in advance of the payment date for the distribution.

Any dividend or capital gain distribution paid by the Fund has the effect of reducing the NAV per share on the ex-dividend date by the amount of the dividend or capital gain distribution.  You should note that a dividend or capital gain distribution paid on shares purchased shortly before that dividend or capital gain distribution was declared will be subject to income taxes even though the dividend or capital gain distribution represents, in substance, a partial return of capital to you.

To avoid federal taxation, mutual funds must distribute all of their dividends and capital gains to the shareholders each year. All interest and dividends received from the securities in the portfolio, less expenses, are passed through to shareholders as income. Gains realized from selling securities that have been held less than one year are paid out as short-term capital gains. Gains realized from securities held for more than one year are passed through to shareholders as long-term capital gains which are taxed at a lower rate.

On the day the Fund pays a distribution (the “pay date”), the share price drops by the amount of the distribution. For example, if the share price on the day before the distribution (the “record date”) is $10.00, and the Fund pays a $1.00 distribution, the price on the pay date will be $9.00 (plus or minus any change in the market value of our portfolio securities.)

Suppose that you held 1,500 shares of the Fund on the record date with a market value of $15,000.00. You would receive $1,500.00 ($1.00 per share x 1,500 shares) in distributions on the pay date. Your 1,500 shares would now be worth $13,500.00. If you reinvested your distribution, your $1,500.00 would purchase an additional 166.667 ($1,500.00 / $9.00 per share) shares on the pay date. Your new share balance would be 1,666.667 still with a market value of $15,000.00. The loss in value per share is offset by the increase in number of shares owned.

Even when distributions are reinvested, shareholders pay taxes on the amounts they receive. Of course, if you own the Niemann Tactical Return Fund in an IRA or other tax-advantaged account, you do not pay taxes on distributions reinvested in the tax-advantaged account.

• Periodically update the “Frequently Asked Questions” section of our web site as many questions recur regularly
• Provide annual and semi-annual reports to shareholders
• Provide quarterly statements of your Fund account