Investment Objective

The investment objective of the Toreador Explorer Fund (the “Fund”) is long-term capital appreciation.

Principal Investment Strategy

The Fund invests primarily in equity securities of U.S. and foreign companies of a size similar to those in the Russell 2000® Index. As of January 2, 2015, the Russell 2000® Index was composed of companies having market capitalizations of between $6 million and $2.45 billion.

In choosing investments, Toreador Research & Trading, LLC (the “Adviser”) typically selects equity securities that it believes offer superior return potential and may consider, among other factors, a company’s valuation, projected future earnings, growth potential, recent performance, and business strategy.

The Fund seeks to diversify its investments across a broad spectrum of economic sectors in an attempt to reduce portfolio volatility and investment risk without sacrificing potential returns. In selecting securities within a particular sector, the Adviser’s goal is to identify companies that it believes have the potential for superior performance within each sector.

Investor Shares Ticker:

Institutional Shares Ticker:

Minimum Investments

Initial investment - Investor Shares is $1,000

Initial investment - Institutional Shares: $10,000

Additional investments - Investor Shares and Institutional Shares: $100 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)