Herbst Capital Management,

LLC

Fund Investment Objectives

The Fund is an opportunistic long/short US equity fund focused on absolute returns. The Fund and the Manager believe that high absolute returns with moderate leverage and risk can be achieved by correctly anticipating catalysts that generate revenue and earnings momentum for companies that the Manager has determined to have superior business models and healthy balance sheets, trade at a discount to their intrinsic value, have quality products featuring a competitive edge, and are driven by dynamic leadership teams. The Fund expects to capitalize on these catalysts by taking directional positions with time frames typically ranging from 1 to 12 months. The Manager, on behalf of the Fund, anticipates finding a majority of these opportunities within underfollowed US small and microcap companies traded on the NASDAQ stock market.