• The Fund primarily invests in a portfolio of small capitalization common stocks.  The Fund considers small-cap companies to be those that, at the time of investment, have a market capitalization of less than $10 billion.

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• Under normal circumstances, the Fund will hold common stocks
  of fewer than 40 different companies.

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• The Adviser to the Fund is Palm Valley Capital Management.  The
  Adviser narrows down its investable universe by primarily focusing on those small-cap companies that it believes are more likely to grow consistently, have long operating histories, are profitable and have historically generated positive free cash flow, and possess strong balance sheets.

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• Once the Adviser has identified companies meeting its
  quantitative and qualitative criteria, it seeks to purchase high-quality businesses that it believes to be trading below fair value
  and are less likely to experience a permanent loss in value.

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• The Adviser uses the discounted cash flow (“DCF”) valuation
  model as its primary valuation methodology.

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• To manage risk, the Adviser uses a flexible and opportunistic
  approach to the Fund's cash position.  The Fund may hold a
  significant position in cash or cash equivalents for an extended
  period of time.