SCHOONER FUND INSTITUTIONAL CLASS SHARES (SCNIX) Exchange: NMFQS

DELISTED - The Schooner Fund seeks to achieve its investment objective by investing in equity securities of U.S. companies with large market capitalizations (“large-cap companies”).  The equity securities in which the Fund will invest include common and preferred stocks, convertible securities, and equity-linked securities such as warrants, rights, and equity options.  The Fund considers large-cap companies, at the time of purchase, to be those companies with market capitalization within the range of market capitalizations of the Russell 1000® Index.  As of May 27, 2016, the market capitalizations of companies in the Russell 1000® Index ranged from $2.0 billion to $549.7 billion. The Fund attempts to keep a consistent balance between risk and reward over the course of different market cycles and volatility regimes through various combinations of stocks, convertible securities, writing (selling) single issuer equity call options, and buying index put options to achieve what the Advisor believes to be an appropriate blend for the current market.  As the market environment changes, the Fund’s portfolio securities may change in an attempt to achieve a relatively consistent risk level over time.  The Advisor may engage in active trading of the Fund’s portfolio investments to achieve the Fund’s investment objective. To the extent deemed necessary or appropriate by Schooner Investment Group, LLC (the “Advisor”) for the efficient management of the Fund’s investment portfolio, the Fund may also invest a portion of its assets in derivative instruments as a substitute for taking positions in equity securities, to make speculative investments if the Advisor believes they offer an attractive stand-alone investment opportunity, or to reduce exposure to other risks.  The Fund may write call options with strike prices and expiration dates designed to reduce the volatility of the Fund’s investment portfolio and to earn premium income.  The Fund may also purchase index call and put options to achieve what the Advisor believes to be an appropriate blend for the current market. The Fund may invest up to 25% of its net assets in various types of fixed income securities, including convertible debt securities and bonds, including zero coupon bonds and bonds that are rated below investment grade, commonly known as “junk bonds.”  The Fund’s investments in fixed income securities will generally include bonds with an average term to maturity ranging from 2 to 10 years. The Fund’s investment strategy suggests the sale of a security if: the aggregate weight of the security is in excess of 5% of the Fund’s assets; the security is deemed to be overvalued by the Advisor, using the investment process described above; the security has deteriorating fundamentals; or a more attractive investment opportunity exists.