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The investment objective of the Nakoma Absolute Return Fund is to provide positive absolute returns with low volatility independent of market conditions. The Fund seeks to achieve its objective by selecting investments intended to provide protection of capital in declining stock and bond markets and to participate in appreciating stock and bond markets. The Fund invests primarily in equity securities traded in U.S. markets taking long positions in companies where the Adviser believes operating results will exceed investor's expectations and establishing short positions in companies the Adviser believes will disappoint or as hedged offsets to long positions.

Investment Strategy

The Nakoma Absolute Return Fund's investment approach is composed of three integrated processes: dynamic asset allocation, fundamental stock selection and risk management.

With respect to dynamic asset allocation, the Adviser assesses trends in stock and bond markets. When the underlying economic drivers in the stock or bond market are positive, the Adviser will increase the Fund's allocation to the market that benefits from the favorable environment. The Fund decreases the amount invested when markets are expected to decline. This allocation process is designed to determine the Fund's net equity exposure. The Fund principally invests in equity securities.

The fundamental stock selection process is designed to identify companies with the potential for positively or negatively surprising business results over a six- to eighteen-month time horizon. For each stock, the Adviser monitors key business drivers (macroeconomic, secular trends, industry dynamics and company specific events) that will affect the underlying company's business over the investment time horizon. The Adviser believes that when a company's key drivers exceed expectations, the company's share price can be expected to increase until investor expectations and actual company performance converge. Conversely, if a company's results fall short of investors' expectations, its share price may decrease until investor expectations converge with actual performance. The Adviser's analysis of each opportunity (long or short) considers the level of investor expectations in assessing the potential reward for a correct call versus the potential loss for an error. Therefore, the strategy is not short-term trading oriented; rather the Advisor relies on fundamental analysis of a company's future business prospects. The Fund principally invests in mid to large capitalization U.S. traded companies, but may consider issuers of all sizes in all markets.

The Fund's risk management process analyzes sources of volatility in the portfolio (e.g. capitalization, style, interest rate sensitivity, etc.) in an effort to match Fund risk exposures with the Fund's overall market view and avoid unintended risk exposures. Additional risk management techniques are employed in a further effort to minimize volatility.

Required Disclosures

Short sales are speculative transactions and involve special risks, including the reliance on the portfolio managers' ability to accurately anticipate the future value of a security. The Fund's losses are potentially unlimited in a short sale transaction. The Fund also may borrow money from banks to the extent permitted by the 1940 Act, including for investment purposes. The Fund's use of leverage may result in risks and can magnify the effect of any losses. There is no assurance that a leveraging strategy will be successful. All securities investments involve risk, including the risk that an investor may lose some or all of an investment.

The Nakoma Absolute Return Fund is available for purchase in all 50 states and the District of Columbia. Nothing on this website should be considered a solicitation to buy or an offer to sell shares of the Nakoma Absolute Return Fund in any jurisdiction where the offer or solicitation would be unlawful under the securities laws of such jurisdiction.

You should consider the Fund's investment objectives, risks, charges and expenses carefully before investing. For a prospectus, which contains this and other information about the Nakoma Absolute Return Fund, call 1-866-6NAKOMA (1-866-662-5662) or click on the Prospectus tab at the left. Please read the prospectus carefully before investing.

The Nakoma Absolute Return Fund is distributed by UMB Distribution Services, LLC.