DOWNSIDE PROTECTION

The Fund is value-driven and may become more defensive if asset prices rise without support from underlying fundamentals. The Fund may maintain short exposure, selectively using index securities, single name shorts, and cheap out of the money option hedges.

MARKET (BETA) DIVERSIFICATION

Fund exposures and sensitivity to traditional asset classes are generally low but vary over time. The Fund has exhibited a very low beta to the S&P 500 since inception and over the last few years, beta has been moderately negative.

SOURCE OF RETURNS (ALPHA)

Fund Managers seek to generate skillbased, rather that market-dependent, performance. They pursure unique value-oriented long and short opportunities and have displayed the ability to generate alpha in a variety of market environments.

COMPARATIVE RETURNS: Inception Date: 7/27/05

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the perform-ance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. Annualized returns current to the most recent month end can be obtained by calling the Fund at 888-99-ABSOLUTE. Returns include the reinvestment of dividends and capital gains. Some of the Fund’s fees were waived or expenses reimbursed; otherwise, returns would have been lower. The Absolute Strategies Fund’s total annual operating expense ratio (gross) for Institutional Shares is 2.37% and the net expense ratio is 1.67% through August 1, 2021. However, the Fund’s Adviser has contractually agreed to waive its fee and/ or reimburse Fund expenses to limit Total Annual Fund Operating Expenses to 1.99% (the“Expense Cap”) through August 1, 2021. This Expense Cap, which excludes all taxes, interest, portfolio transaction expenses, dividend and interest expenses on short sales, acquired fund fees and expenses, broker fees, proxy expenses and extraordinary expenses, may only be raised or eliminated with the consent of the Board of Trustees.

Recent Downside Protection

Visit www.absoluteadvisers.com for portfolio commentary, which explains Fund positioning and attribution.

ANNUAL TOTAL RETURNS

FUND INFORMATION

Ticker: ASFIX (Open-End 40Act)

Structure: Multi-Manager (see reverse)

Investment Objective: The Fund seeks to achieve long-term capital appreciation with an emphasis on absolute (positive) returns and low sensitivity to traditional financial market indices such as the S&P 500. There can be no assurance the Fund will achieve its objective.

Inception Date: July 2005

Minimum: No minimum for fee-based advisory accounts*

Shareholder Servicing / Fund Admin:
Apex Fund Services

Custodian: Union Bank

Quarter-End Information – As of 12/31/19

UNDERLYING STRATEGIES:

St. James Investment Company, LLC (Concentrated Equity) was founded in 1999 and is located in Dallas, Texas. St. James is an absolute return-oriented, “best ideas” equity manager whose philosophy focuses on valuation, independent fundamental research and the view that risk is defined as a permanent loss of capital. They seek to make investments in a limited number of businesses that are purchased with a significant margin of safety. St. James utilizes a long term investment horizon and they are willing to be patient and hold cash in the absence of bargains.

Kovitz Investment Group Partners, LLC (Fundamental Long/Short Equity) was founded in October 2003 and is located in Chicago, Illinois. Kovitz operated as an independent group within Rothschild Investment Corporation, from 1997 until their formation in 2003. Kovitz manages a Long/Short Equity strategy with an approach to investing based on Benjamin Graham’s concept of “Margin of Safety.” While Kovitz strives to maximize return, they believe the primary investment criterion should be safety of principal and a focus on minimizing permanent loss of capital. Their investment team relies on in-house research to screen for long and short ideas and focuses primarily on fundamental principles of balance sheet and cash flow analysis.

Mohican Financial Management, LLC (Convertible Arbitrage) was founded in November 2003, and is located in Wilton, CT. Mohican manages a disciplined Convertible Arbitrage strategy with an investment objective focused on capital preservation. The firm’s experienced investment team utilizes intensive fundamental research for sourcing ideas and constructing portfolios of small/mid capitalization convertible securities. Their versatile understanding of total return, credit, and volatility provides the foundation for successful portfolio diversification and risk management.

Absolute Investment Advisers LLC (Portfolio Overlay and Hedging) is an Independent, employee-owned firm founded in 2004 by partners from various parts of the mutual fund, hedge fund and financial services industries. Located in Hingham, Massachusetts, Absolute Advisers is the adviser to the Fund and responsible for manager research, selection and ongoing allocations. Along with asset allocation, Absolute also runs a portfolio overlay to manage/hedge exposures.

Definitions: The S&P 500 Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks. The HFRX Global Hedge Fund Index, calculated by Hedge Fund Research, Inc., tracks the performance of international hedge funds and is designed to be representative of the overall composition of the hedge fund universe. It is comprised of eight strategies; convertible arbitrage, distressed securities, equity hedge, equity market neutral, event driven, macro, merger arbitrage, and relative value arbitrage. The strategies are asset weighted based on the distribution of assets in the hedge fund industry. It is not possible to invest directly in an index or average. Beta is the measure of a fund’s relative volatility as compared to the S&P 500 Index which by definition is 1.00. Accordingly, a fund with a 1.10 beta is expected to perform 10% better than the Index in up markets and 10% worse in down markets. Drawdown is the measure of the decline from historical peak.

Since the Fund utilizes a multi-manager strategy with multiple subadvisers, it may be exposed to varying forms of risk. The Fund’s net asset value and investment return will fluctuate based upon changes in the value of its portfolio securities. There is no assurance that the Fund will achieve its investment objective, and an investment in the Fund is not by itself a complete or balanced investment program. For a complete description of the Fund’s principal investment risks please refer to the prospectus.

The Fund is non-diversified and may focus its investments in the securities of a comparatively small number of issuers. Concentration in securities of a limited number of issuers exposes a fund to greater market risk and potential monetary losses than if its assets were diversified among the securities of a greater number of issuers.

The Fund may invest in small- and medium-sized companies which involve greater risk than investing in larger, more established companies, such as increased volatility of earnings and prospects,higher failure rates, and limited markets, product lines or financial resources.

The Fund may invest in foreign or emerging markets securities which involve special risks, including the volatility of currency exchange rates and, in some cases, limited geographic focus, political and economic instability, and relatively illiquid markets.

The Fund may invest in debt securities which are subject to interest rate risk. An increase in interest rates typically causes a fall in the value of the debt securities in which the Fund may invest. The Fund may also investin high yield, lower rated (junk) bonds which involve a greater degree of risk and price fluctuation than investment grade bonds in return

for higher yield potential. The Fund’s distressed debt strategy may involve a substantial degree of risk, including investments in sub-prime mortgage securities.

The Fund may purchase securities of companies in initial public offerings. Special risks associated with these securities may include a limited number of shares available for trading, unseasoned trading, lack of investor knowledge of the company and limited operating history. The Fund may leverage transactions which include selling securities short as well as borrowing for other than temporary or emergency purposes. Leverage creates the risk of magnified capital losses.

The Fund may also invest in derivatives which can be volatile and involve various types and degrees of risks, depending upon the characteristics of a particular derivative. The Fund may invest in options and futures which are subject to special risks and may not fully protect the Fund against declines in the value of its stocks. In addition, an option writing strategy limits the upside profit potential normally associated with stocks. Futures trading is very speculative, largely due to the traditional volatility of futures prices.

Investors should carefully consider the Fund’s investments objectives, risks, charges and expenses before investing. This and other information is in the prospectus, a copy of which may be obtained by calling (888) 992-2765 or visiting the Fund’s web site: www.absoluteadvisers.com. Please read the prospectus carefully before you invest.

Distributor: Foreside Fund Services, LLC

Absolute Strategies Fund, Absolute Investment Advisers and their
logos are service marks of Absolute Investment Advisers LLC

Three Canal Plaza, Suite 600, Portland, Maine 04101
(888) 99-ABSOLUTE or (888) 992-2765
www.absoluteadvisers.com
SKU: ASF-FS

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