Market Commentary
Investors should consider the Fund's investment objectives, risks, charges, and expenses before investing. The prospectus contains this and other information about the Fund. A copy of the prospectus is available at https://gryphonfundinfo.com/mctox or by calling Shareholder Services at 800-711-9164. The prospectus should be read carefully before investing. Current and future holdings are subject to change and risk.
Investments in the Fund are subject to investment risks, including the possible loss of some or the entire principal amount invested. There can be no assurance that the Fund will be successful in meeting its investment objective. Investment in the Fund is also subject to the following risks:
· Active Trading Risk: Active trading may result in added expenses, a lower return, and increased tax liability. Since the Fund's advisor engages in high-turnover trading strategies, the Fund will have high portfolio turnover rates.
· Closed-End Fund Risk: Closed-end funds (CEFs) are subject to investment advisory and other expenses, which will be indirectly paid by the Fund resulting in duplicative fees and expenses. CEFs are also subject to management risk because the advisor to the underlying CEF may be unsuccessful in meeting the fund's investment objective.
· Equity Securities Risk: Equity securities are subject to changes in value, and their values may be more volatile than those of other asset classes. These changes in value may result from factors affecting individual issuers, industries, or the stock market.
More information about these risks can be found in the Fund's prospectus.
The Modern Capital Tactical Income Fund is distributed by Vigilant Distributors, LLC., Member FINRA/SIPC. There is no affiliation between Modern Capital Management Co., including its principals, and Vigilant Distributors, LLC.
Securities offered through Modern Capital Securities Inc. Member FINRA/SIPC. Fee Based advisory services offered by Modern Capital Advisors, LLC and Modern Capital Management Company, SEC registered investment advisory firms.
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