Ensemble Fund

The Ensemble Fund seeks to achieve long-term capital appreciation. The Fund invests in a focused portfolio of approximately 15 to 30 securities that meet our demanding criteria. Our philosophy revolves around the idea that a small number of core concepts — competitively advantaged business models, talented management teams, understandable businesses and buying stocks at a discount to their intrinsic value — drive the majority of investment outcomes.

We are business analysts, not stock market timers. After identifying strong businesses that meet our valuation requirements, we take a meaningful position that we intend to hold for three to five years or longer. In the short-term, stock prices are primarily driven by investor sentiment. Over the long-term, stock prices are primarily driven by corporate fundamentals. Our multiyear holding period is designed to allow the corporate fundamentals, on which we base on investment decisions, to emerge as the primary driver of investment performance.

The Portfolio Manager of the Ensemble Fund, Sean Stannard-Stockton, CFA has 100% of his personal US equity allocation invested alongside shareholders of the Ensemble Fund.

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.