IMPORTANT INFORMATION
Past Performance Does Not Guarantee Future Results. There can be no guarantee that any strategy (risk management or otherwise) will be successful. All investing involves risk, including potential loss of principal.

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Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. To obtain performance current to the most recent month-end, please call 877-593-8637. Periods greater than one year are annualized. 

^The Adviser has contractually agreed to reduce its fees and to reimburse expenses, at least through 03/31/2023, to ensure that total annual Fund operating expenses after fee waiver and reimbursement will not exceed 1.10% of the Fund’s average daily net assets. These fee waivers and expense reimbursements are subject to possible recoupment from the Fund within three years of the date on which the waiver or reimbursement occurs, if such recoupment can be achieved within the lesser of the foregoing expense limits or the expense limits in place at the time of recoupment. This agreement may be terminated only by the Fund's Board of Trustees, on 60 days written notice to the Fund's Adviser.

Holdings as a percent of total assets. The top ten holdings, industry sectors, and asset allocation are presented to illustrate examples of the securities that the Fund has bought and the diversity of areas in which the Fund may invest and may not be representative of the Fund's current or future investments. The top ten holdings do not include money market instruments. Portfolio holdings are subject to change and should not be considered investment advice.
 

The Morningstar US Technology index measures the performance of companies engaged in design, development, and support of computer operating systems and applications, manufacturing of computer equipment, data storage products, networking products, semiconductors, and components

Lipper Science & Technology Funds Average - Funds that invest primarily in the equity securities of domestic companies engaged in science and technology. You cannot invest directly in an index.

An investor should consider the Fund’s investment objectives, risks, charges and expenses carefully before investing. This and other important information about the investment company can be found in the Fund’s prospectus and summary prospectus. To obtain a prospectus or summary prospectus, call 877-593-8637. Please read the prospectus carefully before investing.

Mark Oelschlager previously served as the sole portfolio manager for over 12 years for the mutual fund Red Oak Technology Select.

Towpath Funds are distributed by Ultimus Fund Distributors, LLC (Member FINRA). Ultimus Fund Distributors, LLC and Towpath Funds are separate and unaffiliated.