Investment Objective

The investment objective of the Fund is capital appreciation.

Principal Investment Strategy

The Fund seeks to achieve its investment objective by investing in a non-diversified portfolio consisting primarily of equity securities. Under normal market conditions, the Fund will invest at least 80% of its net assets in securities of companies located outside the United States.

The foreign securities the Fund purchases may not always be purchased on the principal market. For example, depositary receipts may be purchased if trading conditions make them more attractive than the underlying security. Depositary receipts include securities such as American Depositary Receipts (“ADRs”), European Depositary Receipts (“EDRs”), Global Depositary Receipts (“GDRs”) and Registered Depositary Certificates (“RDCs”). ADRs are securities, typically issued by a U.S. financial institution (a “depositary”), that represent ownership interests in a security or a pool of securities issued by a foreign issuer and deposited with the depositary. GDRs and EDRs are securities that represent ownership interests in a security or pool of securities issued by a foreign or U.S. Corporation. Depositary receipts may be available through “sponsored” or “unsponsored” facilities. A sponsored facility is established jointly by the issuer of the security underlying the receipt and the depositary, whereas an unsponsored facility is established by the depositary without participation by the issuer of the underlying security. The market value of depositary receipts is dependent on the market value of the underlying securities, and fluctuations in the relative value of the currencies in which the depositary receipts and the underlying securities are quoted.

Investor Class Ticker:

Class C Shares:

Class C Shares:

Institutional Shares Ticker:

Minimum Investments

Initial Investment - Investor Shares and Class C shares: $2,500

Initial Investment - Class C shares: $2,500

Initial Investment - Institutional Shares: $100,000.

Additional investments - Investor Shares: $100 or more

Additional investments –Class C Shares: $250 or more

Additional Investment - Institutional Shares: $10,000 or more

Shareholder Services: (800) 673-0550

Past performance is no guarantee of future results. Your Fund shares, when redeemed, may be worth more or less than their original cost. The Fund's investment objective, risks, charges and expenses must be considered carefully before investing; The prospectus contains this and other information about the investment company and may be obtained by calling (800) 673-0550. The prospectus should be read carefully before investing. There is no guarantee the Fund will achieve its stated investment objective. The Toreador Funds are distributed by First Dominion Capital Corp., Richmond, Virginia. (Member FINRA)