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Investments
Contact

4695 MacArthur Ct, Ste. 1500, Newport Beach, CA 92660

contact@ambrusfunds.com

949-341-4250

DISCLOSURES
Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about the Fund, please call 833-996-2101 or visit our website at AmbrusFunds.com or click here. Read the prospectus or summary prospectus carefully before investing.

A word about risk:
Mutual fund investing involves risk. Principal loss is possible. Fixed income investments are subject to interest rate risk, and their value will decline as interest rates rise. Investments in fixed income securities are subject to the risks associated with debt securities generally, including credit, liquidity and interest rate risk. The Funds may invest in high yield (“junk”) and non-rated bonds, which are subject to greater credit and market risks. High yield, lower rated investments involve greater price volatility and present greater risks, including greater liquidity risk, than higher rated fixed income securities. The Funds are subject to the risk that the liquidity of particular issuers or industries, or of all securities within a particular investment category, will shrink or disappear as a result of adverse economic, market or political events or adverse investor perception. The Funds may make investments that are or may become illiquid. At times, the Funds may be unable to sell illiquid investments without a substantial drop in price, if at all. The Funds may be more sensitive to adverse economic, business or political developments if they invest a substantial portion of assets in bonds of similar projects or in particular types of municipal securities. Because the Funds may invest heavily in investments in particular states and sectors, the Funds are subject to greater risk of loss as a result of adverse events affecting those states and sectors than if its investments were not so focused. The Funds may be adversely impacted by changes in tax rates and policies. The Fund’s investments are also subject to market risk, which means that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions. The Fund’s investments in other investment companies (including ETFs) subject it to additional expenses. These risks may increase the Fund’s share price volatility. There is no guarantee the Fund’s objective will be achieved. Read the prospectus for additional risk exposures. The Funds are newly formed mutual funds and have no history of operations and the Adviser has not previously managed a U.S. registered mutual fund.

Glossary:
Duration measures the sensitivity of bond (and bond mutual fund) prices to interest rate movements, that considers a bond’s dollar price, coupon rate, maturity, call structure, and more. Effective Maturity is a measure of maturity which considers the possibility of bonds being called prior to maturity and refers to the most likely date that the final principal value will be received. Credit quality is calculated using the highest rating assigned by nationally recognized statistical rating organizations (NRSRO) Moody’s, S&P, or Fitch. The Not Rated category consists of securities that have not been rated by an NRSRO. If ratings agencies assign different ratings to the same security, the Adviser will use the highest rating as the credit rating for that security. Ratings are expressed as letters ranging from ‘AAA’, which is the highest grade, to ‘D’, which is the lowest grade. Cash and cash equivalents (such as money market funds) as well as bonds pre-refunded with AAA-rated collateral are categorized as AAA. Yield to Worst (YTW), also known as Effective Yield, refers to the lowest potential yield that can be received on a bond without the issuer defaulting. The YTW is calculated by making worst-case scenario assumptions on the issue by calculating the return that would be received if the issuer uses provisions, including prepayments. Yield to maturity refers to the rate of return an investor would receive if a security is held to its maturity date. Average coupon refers to the weighted average coupon rate of the underlying bonds in the fund. Current yield refers to the weighted average income (interest or dividends) of the underlying bonds divided by their current prices. Current yield is not the actual return an investor would receive if holding a bond to maturity. Distribution Yield is a measurement of cash flow paid by a mutual fund or exchange-traded fund (ETF), calculated by annualizing the most recent distribution divided by the net asset value (NAV) of the security at the time of the payment. Corporate sector exposure is represented by GICS sectors. Weighted average values are calculated using the current market value of holdings. Portfolio composition and asset allocation data source is from Bloomberg and is unaudited. Due to data availability, statistics may not be as of current reporting period. The Bloomberg Intermediate US Government/Credit Bond Index is an unmanaged index that measures the non-securitized component of the US Aggregate Index with less than 10 years to maturity. The index includes investment grade, US dollar-denominated, fixed-rate treasuries, government-related and corporate securities. The Bloomberg Municipal Inter-Short (1-10 Year) Index is an unmanaged index that measures the USD-denominated investment grade tax-exempt municipal bond market consisting of bonds with maturities between 1 and 10 years. The Bloomberg California Municipal Inter-Short (1-10 Year) Index is an unmanaged index that measures the USD-denominated investment grade tax-exempt municipal bond market consisting of bonds with maturities between 1 and 10 years and issued by municipalities in California. An investment cannot be made directly in an index.

The method of calculation of the 30-Day Standardized Subsidized Yield is mandated by the Securities and Exchange Commission and is determined by dividing the net investment income per share earned during the last 30 days of the period by the maximum public offering price (“POP”) per share on the last day of the period. This number is then annualized. The 30-Day Standardized Subsidized Yield reflects fee waivers and/or expense reimbursements recorded by the Fund during the period. Without waivers and/or reimbursements, yields would be reduced. This yield does not necessarily reflect income actually earned and distributed by the Fund and, therefore, may not be correlated with the dividends or other distributions paid to shareholders. The 30-Day Standardized Unsubsidized Yield does not adjust for any fee waivers and/or expense reimbursements in effect. If the Fund does not incur any fee waivers and/or expense reimbursements during the period, the 30-Day Standard Subsidized Yield and 30-Day Standardized Unsubsidized Yield will be identical.

Nothing contained in this communication constitutes tax or investment advice. Any tax or legal information provided is merely a summary of our understanding and interpretation of some of the current income tax regulations and is not exhaustive. Investors must consult their tax advisor for advice and information concerning their particular situation. Neither the Fund nor any of its representatives may give legal or tax advice. The final characterization of distributions will be reported annually on Form 1099-DIV. The final tax status of the distributions may differ substantially from the above dividend information.

Fund holdings and allocations shown are unaudited, and may not be representative of current or future investments. Fund holdings and allocations may not include the Fund’s entire investment portfolio, which may change at any time. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

The Ambrus Funds are distributed by Foreside Funds Distributors, LLC, a member of FINRA. https://brokercheck.finra.org/

This material is being provided for informational or educational purposes only and does not take into account the investment objectives or financial situation of any client or prospective clients. The information is not intended as investment advice and is not a recommendation. Clients seeking information regarding their particular investment needs should contact their financial professional. This material contains the current opinions of the manager and such opinions are subject to change without notice. Information contained here in has been obtained from sources believed to be reliable, but not guaranteed. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission.