Ensemble Fund

“Active share” measures the extent to which our portfolio overlaps the holdings in our stated benchmark, the S&P 500. To illustrate, if our portfolio owned all the stocks in the same proportion as the S&P 500, our active share would be zero percent. If we didn’t own any S&P 500 companies, our active share would be 100%. We currently own some non-index names along with some S&P 500 stocks, but the S&P 500 stocks we own are held in a significantly different proportion to their weightings within the index. As such, our active share is typically around 90%.

Why does this matter? A high level of active share demonstrates that we manage a truly distinctive portfolio. Our value offering to you as an investor is building a sufficiently diversified portfolio while pursuing our goal to outperform the S&P 500 over the long-term. To this end, we make high conviction investments in 15 to 30 companies we believe have significant potential.

Disclosure

Active Share is measured against the SPDR® S&P 500® ETF (SPY). The SPDR® S&P 500® ETF seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of the S&P 500® Index (the “Index”).

Investors should consider the investment objectives, risks, and charges and expenses of the Fund carefully before investing. The prospectus contains this and other information about the Fund. You may obtain a prospectus on this website or by calling the transfer agent at 1-800-785-8165. The prospectus should be read carefully before investing.

Important Risk Information

An investment in the Fund is subject to investment risks, including the possible loss of the principal amount invested. There can be no assurance that the Fund will be successful in meeting its objectives. The Fund invests in common stocks which subjects investors to market risk. The Fund invests in small and mid-cap companies, which involve additional risks such as limited liquidity and greater volatility. The Fund invests in undervalued securities. Undervalued securities are, by definition, out of favor with investors, and there is no way to predict when, if ever, the securities may return to favor. The Fund may invest in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. More information about these risks and other risks can be found in the Fund’s prospectus. The Fund is a non-diversified fund and therefore may be subject to greater volatility than a more diversified investment.

Distributed by Arbor Court Capital, LLC member FINRA/SIPC.