SPABX : SilverPepper Merger Arbitrage Fund Advisor Class

Fund Summary

The investment seeks returns that are largely uncorrelated with the returns of the general stock market; the fund also seeks capital appreciation. Under normal circumstances, the fund invests primarily in equity securities of U.S. and Canadian issuers, which may include American Depository Receipts ("ADRs"). ADRs are receipts that represent interests in foreign securities held on deposit by U.S. banks. Under normal market conditions, it will primarily invest using merger arbitrage strategies. The fund is non-diversified.