Waycross Long/Short Equity Fund (WAYEX) Diversifiers

The advisor pursues the investment objective by investing in long and short equity positions. The fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities traded in the U.S. Under normal market conditions, the adviser expects to maintain a net long exposure (i.e., the market value of the fund’s long positions minus the market value of the fund’s short positions) of at most 60%; however, the adviser seeks to target a net long exposure of approximately 50% over a full market cycle.