Management

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Management

NWM Fund Group, LLC is the investment adviser of the Fund and has responsibility for the management of the Fund’s affairs, under the supervision of the Trust’s Board of Trustees. The Adviser is a newly registered investment adviser and does not have assets under management other than the Fund. The Fund’s investment portfolio is primarily managed on a day-to-day basis by Timothy L. Ayles and George P. McCuen.

Mr. Ayles and Mr. McCuen have managed the Fund since its inception in April, 2014. Mr. Ayles and Mr. McCuen are portfolio managers and principals of the Adviser. The firm was organized in 2013 as a California Limited Liability Company and its address is 1836 Second Street, Napa, CA 94559-2328.

Timothy L. Ayles, Lead Portfolio Manager. Since 2008, Tim has served as Chief Investment Officer of Napa Wealth Management. He attended Biola University.

George P. McCuen, CFP and co-portfolio manager. He has been in the investment business since 1987 and is the president of Napa Wealth Management which he founded in 1997. George earned his BA in Management from Sonoma State University.

The Fund’s SAI provides information about the portfolio manager’s compensation, other accounts managed by the portfolio manager, and the portfolio manager’s ownership of Fund shares.

The Adviser manages the investment portfolio of the Fund, subject to the policies adopted by the Trust’s Board of Trustees. Under the Management Agreement, the Adviser, at its own expense and without reimbursement from the Trust, furnishes office space and all necessary office facilities, equipment and executive personnel necessary for managing the assets of the Fund. Effective July 31, 2015, the Adviser receives an investment management fee equal to 0.99% of the Fund’s average daily net assets up to $200 million and 0.90% of the Fund’s average daily net assets in excess of $200 million. Prior to July 31, 2015, the Adviser received an investment management fee equal to 1.25% of the Fund’s average daily net assets up to $100 million, 1.10% of the Fund’s average daily net assets between $100 million and $150 million, 1.00% of the Fund’s average daily net assets between $150 million and $200 million and 0.90% of the Fund’s average daily net assets in excess of $200 million. Under the Services Agreement the Adviser receives an additional fee of 0.50% and is obligated to pay the operating expenses of the Fund excluding management fees, brokerage fees and commissions, 12b-1 fees, taxes, borrowing costs (such as (a) interest and (b) dividend expenses on securities sold short), ADR fees, fees and expenses of acquired funds, and extraordinary expenses.

Past Performance Is No Guarantee Of Future Results
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