# EDGAR Filing Document

**Accession Number:** 0001552947
**File Stem:** 0001580642-23-001690
**Filing Date:** 2023-3
**Character Count:** 122774
**Document Hash:** cc5f35c175d49f9b13f9f8b832aa56df
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-23-001690.hdr.sgml**: 20230324

**ACCESSION NUMBER**: 0001580642-23-001690

**CONFORMED SUBMISSION TYPE**: 497

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20230324

**DATE AS OF CHANGE**: 20230324

**EFFECTIVENESS DATE**: 20230324

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Two Roads Shared Trust
- **CENTRAL INDEX KEY:** 0001552947
- **IRS NUMBER:** 000000000

**FILING VALUES:**
- **FORM TYPE:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-182417
- **FILM NUMBER:** 23758952

**BUSINESS ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246
- **BUSINESS PHONE:** 402-895-1600

**MAIL ADDRESS:**
- **STREET 1:** 17605 WRIGHT STREET
- **STREET 2:** SUITE 200
- **CITY:** OMAHA
- **STATE:** NE
- **ZIP:** 68130

## Series and Classes Contracts Data

### Hunter Small Cap Value Fund (Series ID: S000079253)

---

|  |  |
|:---|:---|
| Class Name                          | Class ID   |
| Hunter Small Cap Value Fund Class I | C000240224 |

---

## Series and Classes Contracts Data

### Hunter Small Cap Value Fund (Series ID: S000079253)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000240224 | Hunter Small Cap Value Fund Class I |  |

**Hunter Small Cap Value Fund**

Class I HSCVX<br>

**PROSPECTUS**

**December 20, 2022**

www.hunterfunds.com

1-833-835-1171

This Prospectus provides important information about the Fund that you should know before investing. Please read it carefully and keep it for future reference.

These securities have not been approved or disapproved by the Securities and Exchange Commission ("SEC") nor has the SEC passed upon the accuracy or adequacy of the disclosure in this Prospectus. Any representation to the contrary is a criminal offense.

**<u>**TABLE OF CONTENTS**</u>**

**Page**

---

| | |
|:---|:---|
| **Hunter Small Cap Value Fund** | **1** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Objective | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fees and Expenses of the Fund | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio Turnover | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Investment Strategies | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Investment Risks | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Adviser | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio Managers | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase and Sale of Fund Shares | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax Information | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments to Broker-Dealers and Other Financial Intermediaries | 4 |
| **ADDITIONAL INFORMATION ABOUT INVESTMENT OBJECTIVES, PRINCIPAL INVESTMENT STRATEGIES AND RELATED RISKS** | **5** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Objective | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Investment Strategies | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal and Other Investment Risks | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio Holdings Disclosure | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cybersecurity | 11 |
| **MANAGEMENT** | **12** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Adviser | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio Managers | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes of Investment Policies | 12 |
| **HOW SHARES ARE PRICED** | **13** |
| **HOW TO PURCHASE SHARES** | **14** |
| **HOW TO REDEEM SHARES** | **16** |
| **FREQUENT PURCHASES AND REDEMPTIONS OF FUND SHARES** | **18** |
| **TAX STATUS, DIVIDENDS AND DISTRIBUTIONS** | **18** |
| **DISTRIBUTION OF SHARES** | **19** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributor | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional Compensation to Financial Intermediaries | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Householding | 19 |
| **FINANCIAL HIGHLIGHTS** | **19** |
| **PRIVACY NOTICE** | **20** |

---

**Hunter Small Cap Value Fund**

**Investment Objective** **:** The Hunter Small Cap Value Fund (the "Fund") seeks capital appreciation. There is no guarantee that the Fund will meet its investment objective.

**Fees and Expenses of the Fund** **:** This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Annual Fund Operating Expenses<br> (expenses that you pay each year as a <br> percentage of the value of your investment)** | &nbsp;&nbsp; <br> **Class I** |
| &nbsp;&nbsp;Management Fees | &nbsp;&nbsp;0.95% |
| &nbsp;&nbsp;Distribution and Service (12b-1) Fees |  |
| &nbsp;&nbsp;Other Expenses<sup>(1)</sup> | &nbsp;&nbsp;1.03% |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses | &nbsp;&nbsp;1.98% |
| &nbsp;&nbsp;Expense Waiver<sup>(2)</sup> | &nbsp;&nbsp;(0.73)% |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses After Expense Waiver | &nbsp;&nbsp;1.25% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Estimated for the current year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Fund's Adviser has contractually agreed
to reduce the Fund's fees and/or absorb expenses of the Fund through at least March 29, 2024 to ensure that total annual Fund operating
expenses after fee waiver and reimbursement (exclusive of any taxes, interest, brokerage commissions, expenses incurred in connection
with any merger or reorganization, indirect expenses, expenses of other investment companies in which the Fund may invest, or extraordinary
expenses such as litigation) will not exceed 1.25% of average daily net assets. This agreement may be terminated by the Fund's Board
of Trustees on 60 days' written notice to the Adviser. These fee waivers and expense reimbursements are subject to possible recoupment
from the Fund in future years on a rolling three-year basis (within the three years after the fees have been waived or reimbursed) if
such recoupment can be achieved without exceeding the foregoing expense limits as well as any expense limitation in effect at the time
the reimbursement is made.

***Example:*** This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same (except that the Example incorporates any applicable fee waiver and/or expense limitation arrangements for only the first year). Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**3 Years** |
| &nbsp;&nbsp;**Class** I | &nbsp;&nbsp;$127 | &nbsp;&nbsp;$551 |

---

**Portfolio Turnover** **:** The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance.

**Principal Investment Strategies:** The Fund pursues its objective by investing, under normal circumstances, at least 80% of its net assets (including borrowings for investment purposes) in a diversified portfolio consisting primarily of equity securities, such as common stocks, of issuers with small market capitalizations. The Fund currently defines a small capitalization (small cap) company as one whose market capitalization, at the time of purchase, is within the range of the market capitalizations of companies in the Russell 2000<sup>®</sup> Value Index. The Russell 2000<sup>®</sup> Value Index is an unmanaged index that contains stocks from the Russell 2000<sup>®</sup> Index with less than average growth orientation. The market capitalizations within the Russell 2000<sup>®</sup> Value Index will vary, but as of December 9, 2022, they ranged from approximately $17 million to $7.3 billion. The Fund may invest from time to time a portion of its assets, not to exceed 20% (under normal conditions) at the time of purchase, in securities of issuers with any market capitalization.

To identify investment opportunities for the Fund, the Adviser employs a disciplined, bottom-up investment process that relies on internally-generated fundamental research focused on positive secular trends in industries and companies, earnings power and growth, durable competitive advantage and other investment criteria. In selecting securities for the Fund, the Adviser examines various factors in determining the value characteristics of issuers, seeking out issuers with sustainable revenue and earnings growth, reasonable valuations, strong balance sheets, favorable reward to risk characteristics, strong management and undervalued stock prices. While technical analysis does not play a critical role in the Adviser's investment process, on occasion it will look at various technical indicators to inform potential trading decisions. Particular attention is paid to assessing the risk profiles of individual securities on a variety of vectors including customer concentration, product risk, legal liability, environmental, social and governance risk as well as balance sheet risk. The Fund also looks to construct a diversified portfolio of stocks with different return drivers to help mitigate sector specific risk.

Under normal circumstances, the Fund expects to hold between 30-60 issuers, and does not expect to hold more than 10% of its assets in any one issuer. The Fund may invest up to 10% of its assets in foreign (non-U.S.) securities of issuers with any market capitalization. The Fund will sell a security when the Adviser determines the security no longer meets one or more investment criteria, either through obtaining target value or due to an adverse change in fundamentals or business momentum. Each holding has a target valuation established at purchase, which the Adviser monitors and adjusts as appropriate. If an investment achieves its target valuation faster than anticipated, the holding period for such investment may be shortened. When the Adviser's analysis indicates that market risks have risen, the Fund may invest in cash and/or cash equivalents to preserve portfolio returns.

The Fund may also engage in securities lending to generate income.

**Principal Investment Risks: As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. An investment in the Fund is not guaranteed to achieve its investment objective; is not a deposit with a bank; is not insured, endorsed or guaranteed by the Federal Deposit Insurance Corporation or any other government agency; and is subject to investment risks. The value of your investment in the Fund, as well as the amount of return you receive on your investment, may fluctuate significantly. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. The Fund is not intended to be a complete investment program but rather one component of a diversified investment portfolio. Many factors affect the Fund's net asset value and performance. Each risk summarized below is a principal risk of investing in the Fund and different risks may be more significant at different times depending upon market conditions or other factors.**

**As with any fund, there is no guarantee that the Fund will achieve its goal.** 

* *Market Risk.* Overall market risk may affect the value of individual
instruments in which the Fund invests. The Fund is subject to the risk that the securities markets will move down, sometimes rapidly and
unpredictably, based on overall economic conditions and other factors, which may negatively affect the Fund's performance. Factors
such as domestic and foreign (non-U.S.) economic growth and market conditions, real or perceived adverse economic or political conditions,
inflation, changes in interest rate levels, lack of liquidity in the bond or other markets, volatility in the equities or other securities
markets or adverse investor sentiment affect the securities markets and political events affect the securities markets. U.S. and foreign
stock markets have experienced periods of substantial price volatility in the past and may do so again in the future. Securities markets
also may experience long periods of decline in value. When the value of the Fund's investments goes down, your investment in the
Fund decreases in value and you could lose money. 

Local, state, regional, national or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Fund and its investments and could result in decreases to the Fund's net asset value. Political, geopolitical, natural and other events, including war, terrorism, trade disputes, government shutdowns, market closures, natural and environmental disasters, epidemics, pandemics and other public health crises and related events and governments' reactions to such events have led, and in the future may lead, to economic uncertainty, decreased economic activity, increased market volatility and other disruptive effects on U.S. and global economies and markets. Such events may have significant adverse direct or indirect effects on the Fund and its investments. For example, a widespread health crisis such as a global pandemic could cause substantial market volatility, exchange trading suspensions and closures, impact the ability to complete redemptions, and affect Fund performance. A health crisis may exacerbate other pre-existing political, social and economic risks. In addition, the increasing interconnectedness of markets around the world may result in many markets being affected by events or conditions in a single country or region or events affecting a single or small number of issuers.

* *Market Events Risk.* There has been increased volatility,
depressed valuations, decreased liquidity and heightened uncertainty in the financial markets during the past several years, including
what was experienced in 2020. These conditions may continue, recur, worsen or spread. The U.S. government and the Federal Reserve, as
well as certain foreign governments and central banks, have taken steps to support financial markets, including by lowering interest rates
to historically low levels. This and other government intervention may not work as intended, particularly if the efforts are perceived
by investors as being unlikely to achieve the desired results. The U.S. government and the Federal Reserve have recently reduced market
support activities, including by beginning to increase interest rates. Such reduction, including interest rate increases, could negatively
affect financial markets generally, increase market volatility and reduce the value and liquidity of securities in which the Fund invests.
Policy and legislative changes in the United States and in other countries may also continue to contribute to decreased liquidity and
increased volatility in the financial markets. The impact of these changes on the markets, and the practical implications for market participants,
may not be fully known for some time.

* *Management Risk.* The risk that investment strategies employed
by the Fund's adviser in selecting investments for the Fund may not result in an increase in the value of your investment or in
overall performance equal to other similar investment vehicles having similar investment strategies. Management risk includes the risk
that the quantitative model used by the Adviser may not perform as expected, particularly in volatile markets.

&nbsp;&nbsp;&nbsp;&nbsp;· *Small Cap Companies Risk .* The Fund will invest in
smaller issuers which are more volatile and less liquid than investments in issuers with larger market capitalizations. Small market capitalization
issuers are not as diversified in their business activities as issuers with larger market capitalizations and are more susceptible to
changes in the business cycle. The prices of securities of small market capitalization issuers generally are more volatile, less liquid,
and more likely to be adversely affected by poor economic or market conditions than securities of larger companies. Small companies may
have limited product lines, markets or financial resources, and they may be dependent upon a limited management group. Should a product
fail, or if management changes, or if there are other adverse developments, the Fund's investment in a small or mid-cap company
may lose substantial value. In addition, small-cap companies may be particularly affected by interest rate increases, as they may find
it more difficult to borrow money to continue or expand operations, or may have difficulty in repaying any loans.

The small capitalization equity securities in which the Fund invests may be traded only in the over-the-counter market or on a regional securities exchange, may be listed only in the quotation service commonly known as the "pink sheets," and may not be traded every day or in the volume typical of trading on a national securities exchange. These securities may also be subject to wide fluctuations in market value. The trading market for any given small capitalization equity security may be sufficiently small as to make it difficult for the Fund to dispose of a substantial block of such securities. The sale by the Fund of portfolio securities to meet redemptions may require the Fund to sell its small capitalization securities at a discount from market prices or during periods when, in the Adviser's judgment, such sale is not desirable. Moreover, the lack of an efficient market for these securities may make them difficult to value.

&nbsp;&nbsp;&nbsp;&nbsp;· *Equity Securities Risk.* The stock (i.e., equity) market can be volatile. Equity securities are
susceptible to general market fluctuations, volatile increases and decreases in value as market confidence in and perceptions of their
issuers change and unexpected trading activity among retail investors. The prices of stocks can fall rapidly in response to developments
affecting a specific company or industry, or to changing economic, political or market conditions.

&nbsp;&nbsp;&nbsp;&nbsp;· *Value-Style Investing Risk.* Value securities, including those selected by the portfolio manager
for the Fund, are subject to the risks that their intrinsic value may never be realized by the market and that their prices may go down.
In addition, value style investing may fall out of favor and underperform growth or other styles of investing during given periods. The
Fund's value discipline may result in a portfolio of stocks that differs materially from its illustrative index.

* *Cybersecurity Risk .* There
is risk to the Fund of an unauthorized breach and access to fund assets, customer data (including private shareholder information), or
proprietary information, or the risk of an incident occurring that causes the Fund, the investment adviser, custodian, transfer agent,
distributor and other service providers and financial intermediaries ("Service Providers") to suffer data breaches, data corruption
or lose operational functionality. Successful cyber-attacks or other cyber-failures or events affecting the Fund or its Service Providers
may adversely impact the Fund or its shareholders. 

* *Foreign (Non-U.S.) Investment Risk .* Foreign
(non-U.S.) securities present greater investment risks than investing in the securities of U.S. issuers and may experience more rapid
and extreme changes in value than the securities of U.S. companies, due to less information about foreign (non-U.S.) companies in the
form of reports and ratings than about U.S. issuers; different accounting, auditing and financial reporting requirements; smaller markets;
nationalization; expropriation or confiscatory taxation; currency blockage; or political changes or diplomatic developments. Foreign (non-U.S.)
securities may also be less liquid and more difficult to value than securities of U.S. issuers. 

* *Gap Risk.* The Fund is subject to the risk that stock price or
derivative value will change dramatically from one level to another with no trading in between and/or before the Fund can exit from the
investment. Usually such movements occur when there are adverse news announcements, which can cause a stock price or derivative value
to drop substantially from the previous day's closing price. Trading halts may lead to gap risk.

* *Geographic Risk.* The risk that if the Fund invests a significant portion of its total assets in certain
issuers within the same geographic region, an adverse economic, business or political development or natural or other event, including
war, terrorism, natural and environmental disasters, epidemics, pandemics and other public health crises, affecting that region may affect
the value of the Fund's investments more than if the investments were not so focused.

* *Issuer-Specific Risk.* The value of a specific security can be
more volatile than the market as a whole and may perform worse than the market as a whole.

* *Liquidity Risk.* Liquidity risk exists when particular investments
of the Fund would be difficult to purchase or sell, possibly preventing the Fund from selling such illiquid securities at an advantageous
time or price, or possibly requiring the Fund to dispose of other investments at unfavorable times or prices in order to satisfy its obligations.
In the past, in stressed markets, certain types of securities suffered periods of illiquidity if disfavored by the market. All of these
risks may increase during periods of market turmoil, such as that experienced in 2020 with COVID-19, and could have a negative effect
on the Fund's performance.

* *New Fund Risk.* The Fund is recently formed. Investors bear the
risk that the Fund may not grow to or maintain economically viable size, not be successful in implementing its investment strategy, and
may not employ a successful investment strategy, any of which could result in the Fund being liquidated at any time without shareholder
approval and/or at a time that may not be favorable for certain shareholders. Such a liquidation could have negative tax consequences
for shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;· *Portfolio Turnover Risk.* The Fund may experience high portfolio turnover, including investments
made on a shorter-term basis, which may lead to increased Fund expenses that may result in lower investment returns. High portfolio turnover
may also result in higher short-term capital gains taxable to shareholders.

* *Sector Risk.* If the Fund invests a significant portion of its
total assets in certain issuers within the same economic sector, there is a risk that an adverse economic, business or political development
or natural or other event, including war, terrorism, natural and environmental disasters, epidemics, pandemics and other public health
crises, affecting that sector may affect the value of the Fund's investments more than if the Fund's investments were not
so focused. While the Fund may not concentrate in any one industry, the Fund may invest without limitation in a particular sector. 

&nbsp;&nbsp;&nbsp;&nbsp;· *Securities Lending Risk.* The Fund may lend portfolio securities to institutions, such as banks
and certain broker-dealers. The risks associated with lending portfolio securities, as with other extensions of secured credit, include,
but are not limited to, possible delays in receiving additional collateral or in the recovery of the securities loaned, possible loss
of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value
of the investments made with the collateral. In certain market conditions, the portion of the Fund's securities on loan may be significant
and may magnify the risk of such a loss or delay.

&nbsp;&nbsp;&nbsp;&nbsp;· *U.S. Government Securities Risk* *.* Treasury
obligations may differ in their interest rates, maturities, times of issuance and other characteristics. Obligations of U.S. Government
agencies and authorities are supported by varying degrees of credit but generally are not backed by the full faith and credit of the U.S.
Government. No assurance can be given that the U.S. Government will provide financial support to its agencies and authorities if it is
not obligated by law to do so. In addition, the value of U.S. Government securities may be affected by changes in the credit rating of
the U.S. Government.

* *Valuation Risk.* The sale price that the Fund could receive
for a portfolio security may differ from the Fund's valuation of the security, particularly for securities that trade in low volume
or volatile markets, or that are valued using a fair value methodology. In addition, the value of the securities in the Fund's portfolio
may change on days when shareholders will not be able to purchase or sell the Fund's shares.

* *Volatility Risk.* The Fund's investments may appreciate or decrease significantly in value over
short periods of time. The value of an investment in the Fund's portfolio may fluctuate due to events or factors that affect industries,
sectors or markets generally or that affect a particular investment, industry or sector. The value of an investment in the Fund's
portfolio may also be more volatile than the market as a whole. This volatility may affect the Fund's net asset value per share,
including by causing it to experience significant increases or declines in value over short periods of time.

**Performance:** Because the Fund has only recently commenced investment operations, no performance information is presented for the Fund at this time. In the future, performance information will be presented in this section of this Prospectus. In addition, shareholder reports containing financial and performance information will be available to shareholders semi-annually. Updated performance information will be available at no cost by visiting www.hunterfunds.com or by calling 1-833-835-1171.

**Investment Adviser** **:** Hunter Perkins Capital Management, LLC d/b/a Hunter Capital Management ("Hunter" or the "Adviser") serves as investment adviser to the Fund.

**Portfolio Managers** **:** The Fund is jointly managed by Alec Perkins, Founder, Chief Executive Officer and Portfolio Manager of Hunter, Bob Perkins, Founder and Portfolio Manager of Hunter and Tom Perkins, Founder and Portfolio Manager of Hunter. Alec Perkins, Bob Perkins and Tom Perkins have managed the Fund since its inception in 2022.

**Purchase and Sale of Fund Shares** **:** You may purchase and redeem shares of the Fund on any day that the New York Stock Exchange is open for trading by written request, by telephone at 1-833-835-1171 or through your broker. Redemptions will be paid by automated clearing house funds ("ACH"), check or wire transfer. The Fund or its Adviser may waive any of the minimum initial and subsequent investment amounts.

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Minimum Investment** | &nbsp;&nbsp;**Minimum Investment** |
| &nbsp;&nbsp;**Class** | &nbsp;&nbsp;**Initial** | &nbsp;&nbsp;**Subsequent** |
| &nbsp;&nbsp;I | &nbsp;&nbsp;$100000 | &nbsp;&nbsp;$1 |

---

**Tax Information** **:** Dividends (including qualified dividend income) and capital gain distributions you receive from the Fund, whether you reinvest your distributions in additional Fund shares or receive them in cash, are generally taxable to you at either ordinary income or capital gains tax rates unless you are investing through a tax-deferred plan such as an IRA or 401(k) plan.

**Payments to Broker-Dealers and Other Financial Intermediaries** **:** If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies, including the Adviser, may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

**ADDITIONAL INFORMATION ABOUT INVESTMENT OBJECTIVES, PRINCIPAL INVESTMENT STRATEGIES AND RELATED RISKS**

This section provides more detailed information about the investment objectives, principal investment strategies and certain risks of investing in the Hunter Small Cap Value Fund (the "Fund"). This section also provides information regarding the Fund's disclosure of portfolio holdings.

**Investment Objective** **:** The Hunter Small Cap Value Fund (the "Fund") seeks capital appreciation. There is no guarantee that the Fund will meet its investment objective. The Fund's investment objective may be changed by the Fund's Board of Trustees upon 60 days, prior written notice to shareholders.

**Principal Investment Strategies** **:** The Fund pursues its objective by investing, under normal circumstances, at least 80% of its net assets (including borrowings for investment purposes) in a diversified portfolio consisting primarily of equity securities, such as common stocks, of issuers with small market capitalizations. The Fund currently defines a small capitalization (small cap) company as one whose market capitalization, at the time of purchase, is within the range of the market capitalizations of companies in the Russell 2000<sup>®</sup> Value Index. The Russell 2000<sup>®</sup> Value Index is an unmanaged index that contains stocks from the Russell 2000<sup>®</sup> Index with less than average growth orientation. The market capitalizations within the Russell 2000<sup>®</sup> Value Index will vary, but as of December 9, 2022, they ranged from approximately $17 million to $7.3 billion. The Fund may invest from time to time a portion of its assets, not to exceed 20% (under normal conditions) at the time of purchase, in securities of issuers with any market capitalization.

To identify investment opportunities for the Fund, the Adviser employs a disciplined, bottom-up investment process that relies on internally-generated fundamental research focused on positive secular trends in industries and companies, earnings power and growth, durable competitive advantage and other investment criteria. In selecting securities for the Fund, the Adviser examines various factors in determining the value characteristics of issuers, seeking out issuers with sustainable revenue and earnings growth, reasonable valuations, strong balance sheets, favorable reward to risk characteristics, strong management and undervalued stock prices. While technical analysis does not play a critical role in the Adviser's investment process, on occasion it will look at various technical indicators to inform potential trading decisions. Particular attention is paid to assessing the risk profiles of individual securities on a variety of vectors including customer concentration, product risk, legal liability, environmental, social and governance risk as well as balance sheet risk. The Fund also looks to construct a diversified portfolio of stocks with different return drivers to help mitigate sector specific risk.

Under normal circumstances, the Fund expects to hold between 30-60 issuers, and does not expect to hold more than 10% of its assets in any one issuer. The Fund may invest up to 10% of its assets in foreign (non-U.S.) securities of issuers with any market capitalization. From time to time, the Fund may invest in shares of companies through initial public offerings (IPOs). The Fund will sell a security when the Adviser determines the security no longer meets one or more investment criteria, either through obtaining target value or due to an adverse change in fundamentals or business momentum. Each holding has a target valuation established at purchase, which the Adviser monitors and adjusts as appropriate. If an investment achieves its target valuation faster than anticipated, the holding period for such investment may be shortened. When the Adviser's analysis indicates that market risks have risen, the Fund may invest in cash and/or cash equivalents to preserve portfolio returns.

The Fund may also engage in securities lending to generate income.

*Temporary Defensive Position:* In anticipation of or in response to adverse market, economic, political or other conditions, the Fund may temporarily invest up to 100% of its total assets, without limitation, in high-quality short-term debt securities, money market instruments, cash and/or cash equivalents. These short-term debt securities and money market instruments include: shares of money market mutual funds, commercial paper, certificates of deposit, bankers' acceptances, U.S. Government securities and repurchase agreements. While the Fund is in a temporary defensive position, the opportunity to achieve upside return may be limited and it may be unable for a time to achieve its investment objective.

**Principal and Other Investment Risks:** As with all funds, there is the risk that you could lose money through your investment in the Fund. An investment in the Fund is not guaranteed to achieve its investment objective; is not a deposit with a bank; is not insured, endorsed or guaranteed by the Federal Deposit Insurance Corporation or any other government agency; and is subject to investment risks. The Adviser cannot guarantee that the Fund will achieve its objective. The value of your investment in the Fund, as well as the amount of return you receive on your investment, may fluctuate significantly. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. The Fund is not intended to be a complete investment program but rather one component of a diversified investment portfolio. Many factors affect the Fund's net asset value and performance. It is important that investors closely review and understand these risks before making an investment in the Fund. Additional information regarding the principal and certain other risks of investing in the Fund is provided below. The Fund's Statement of Additional Information ("SAI"), which is incorporated by reference into this Prospectus, includes more information about the Fund and its investments and risks. The risks described in this Prospectus (and in the SAI) are not intended to include every potential risk of investing in the Fund. The Fund could be subject to additional risks because the types of investments it makes may change over time. The following section provides additional information regarding certain of the principal risks identified under "Principal Risk SFactors" in the Fund's summary along with additional risk information.

* *Cash Positions Risk.* At times, the Fund may hold a significant position in cash, cash equivalent securities
or U.S. Treasury investments. When the Fund's investment in cash, cash equivalent securities or U.S. Treasury investment increases,
the Fund may not participate in market advances or declines to the same extent that it would if the Fund were more fully invested.

* *Cybersecurity Risk.* There is risk to the Fund of an unauthorized
breach and access to fund assets, customer data (including private shareholder information), or proprietary information, or the risk of
an incident occurring that causes the Fund, or its Service Providers to suffer data breaches, data corruption or lose operational functionality.
Successful cyber-attacks or other cyber-failures or events affecting the Fund, or its Service Providers may adversely impact the Fund
or its shareholders. Because information technology ("IT") systems and digital data underlie most of the Fund's operations,
the Fund and its Service Providers are exposed to the risk that their operations and data may be compromised as a result of
internal and external cyber-failures, breaches or attacks ("Cyber Risk"). This could occur as a result of malicious or criminal
cyber-attacks. Cyber-attacks include actions taken to: (i) steal or corrupt data maintained online or digitally, (ii) gain unauthorized
access to or release confidential information, (iii) shut down the Fund or Service Provider website through denial-of-service
attacks, or (iv) otherwise disrupt normal business operations. Events arising from human error, faulty or inadequately implemented
policies and procedures or other systems failures unrelated to any external cyber-threat may have effects similar to those caused by deliberate
cyber-attacks.

* *Equity Securities Risk.* The stock (*i.e*., equity) market can be volatile. Equity securities are
susceptible to general market fluctuations, volatile increases and decreases in value as market confidence in and perceptions of their
issuers change and unexpected trading activity among retail investors. The prices of stocks can fall rapidly in response to developments
affecting a specific company or industry, or to changing economic, political or market conditions.

* *Emerging Markets Risk.* To the extent the Fund invests in emerging
market securities, the risks associated with foreign (non-U.S.) investment risk may be particularly high. The Fund's investments
in emerging market countries are subject to all of the risks of foreign investing generally, and have additional heightened risks due
to a lack of established legal, political, business and social frameworks to support securities markets. These risks include less social,
political and economic stability; smaller securities markets with low or nonexistent trading volume and greater illiquidity and price
volatility; more restrictive national policies on foreign investment, including restrictions on investment in issuers or industries deemed
sensitive to national interests; less transparent and established taxation policies; less developed regulatory or legal structures governing
private and foreign investment; more pervasiveness of corruption and crime; less financial sophistication, creditworthiness and/or resources
possessed by, and less government regulation of, the financial institutions and issuers with which the Fund transacts; less government
supervision and regulation of business and industry practices, stock exchanges, brokers and listed companies than in the U.S.; greater
concentration in a few industries resulting in greater vulnerability to regional and global trade conditions; higher rates of inflation
and more rapid and extreme fluctuations in inflation rates; greater sensitivity to interest rate changes; increased volatility in currency
exchange rates and potential for currency devaluations and/or currency controls; greater debt burdens relative to the size of the economy;
more delays in settling portfolio transactions and heightened risk of loss from share registration and custody practices; and less assurance
that recent favorable economic developments will not be slowed or reversed by unanticipated economic, political or social events in such
countries. Because of these risk factors, the Fund's investments in developing market countries are subject to greater price volatility
and illiquidity than investments in developed markets. Governments of emerging market countries may own or control parts of the private
sector. Accordingly, government actions could have a significant impact on economic conditions. Certain emerging market countries require
governmental approval prior to investments by foreign persons, limit the amount of investment by foreign persons in a particular sector
and/or company, limit the investment by foreign persons to a specific class of securities of an issuer that may have less advantageous
rights than a domestically available class, require foreign investors to maintain a trading account with only one licensed securities
company in the relevant market and/or impose additional taxes on foreign investors. These may contribute to the illiquidity of the relevant
securities market, as well as create inflexibility and uncertainty as to the trading environment. The legal remedies for investors in
emerging markets may be more limited than the remedies available in the U.S., and the ability of U.S. authorities (e.g., SEC and the U.S.
Department of Justice) to bring actions against bad actors may be limited.

* *Foreign (Non-U.S.) Investment Risk .* Foreign
(non-U.S.) securities present greater investment risks than investing in the securities of U.S. issuers and may experience more rapid
and extreme changes in value than the securities of U.S. companies. Foreign securities involve risks related to less information about
foreign companies in the form of reports and ratings than about U.S. issuers; less stringent investor protections and corporate governance;
more or less foreign government regulation; different accounting, auditing and financial reporting requirements; smaller markets; nationalization;
expropriation or confiscatory taxation; currency blockage; or political, financial, social and economic events (including, for example,
military confrontations, war and terrorism) or diplomatic developments. To the extent that the Fund invests a significant portion of its
assets in a specific geographic region, the Fund will generally have more exposure to regional economic risks associated with foreign
investments. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers. In addition, foreign
markets may have greater volatility than domestic markets and foreign securities may be less liquid and harder to value than domestic
securities. Certain foreign markets may rely heavily on particular industries or foreign capital and are more vulnerable to diplomatic
developments, the imposition of economic sanctions against a particular country or countries, organizations, entities and/or individuals,
changes in international trading patterns, trade barriers, and other protectionist or retaliatory measures. International trade barriers
or economic sanctions against foreign countries, organizations, entities and/or individuals may adversely affect the Fund's foreign
holdings or exposures.

* Foreign securities include direct investments in non-U.S. dollar-denominated securities traded primarily outside
of the United States and dollar-denominated securities of foreign issuers. Foreign securities also include indirect investments such as
American Depositary Receipts ("ADRs"), European Depositary Receipts ("EDRs") and Global Depositary Receipts ("GDRs").
ADRs are U.S. dollar-denominated receipts representing shares of foreign-based corporations. ADRs are receipts that are traded in the
United States, and entitle the holder to all dividend and capital gain distributions that are paid out on the underlying foreign shares.
EDRs and GDRs are receipts that often trade on foreign exchanges. They represent ownership in an underlying foreign or U.S. security and
generally are denominated in a foreign currency. Foreign government obligations may include debt obligations of supranational entities,
including international organizations (such as The International Bank for Reconstruction and Development, also known as the World Bank)
and international banking institutions and related government agencies.

Foreign securities, and in particular foreign debt securities, are sensitive to changes in interest rates. In addition, investment in the securities of foreign governments involves the risk that foreign governments may default on their obligations or may otherwise not respect the integrity of their obligations. The performance of investments in securities denominated in a foreign currency also will depend, in part, on the strength of the foreign currency against the U.S. dollar and the interest rate environment in the country issuing the currency. Absent other events which otherwise could affect the value of a foreign security (such as a change in the political climate or an issuer's credit quality), appreciation in the value of the foreign currency generally results in an increase in value of a foreign currency-denominated security in terms of U.S. dollars. A decline in the value of the foreign currency relative to the U.S. dollar generally results in a decrease in value of a foreign currency-denominated security. Additionally, many countries throughout the world are dependent on a healthy U.S. economy and are adversely affected when the U.S. economy weakens or its markets decline.

Investment in foreign securities may involve higher costs than investment in U.S. securities, including higher transaction and custody costs as well as the imposition of additional taxes by foreign governments. Foreign investments also may involve risks associated with the level of currency exchange rates, less complete financial information about the issuers, less market liquidity, more market volatility and political instability. Future political and economic developments, the possible imposition of withholding taxes on dividend income, the possible seizure or nationalization of foreign holdings, the possible establishment of exchange controls or freezes on the convertibility of currency, trade restrictions (including tariffs) or the adoption of other governmental restrictions might adversely affect an investment in foreign securities. Additionally, foreign banks and foreign branches of domestic banks may be subject to less stringent reserve requirements and to different accounting, auditing and recordkeeping requirements.

While the Fund's investments may, if permitted, be denominated in foreign currencies, the portfolio securities and other assets held by the Fund or underlying funds are valued in U.S. dollars. Price fluctuations may occur in the dollar value of foreign securities because of changing currency exchange rates or, in the case of hedged positions, because the U.S. dollar declines in value relative to the currency hedged. Currency exchange rates may fluctuate significantly over short periods of time causing the Fund's or underlying fund's NAV to fluctuate as well. Currency exchange rates can be affected unpredictably by the intervention or the failure to intervene by U.S. or foreign governments or central banks, or by currency controls or political developments in the United States or abroad. To the extent that the Fund or underlying fund is invested in foreign securities while also maintaining currency positions, it may be exposed to greater combined risk. The net currency positions of the Fund or underlying funds may expose them to risks independent of their securities positions.

The Fund may operate in euros and/or may hold euros and/or euro-denominated bonds and other obligations. The euro requires participation of multiple sovereign states forming the Euro zone and is therefore sensitive to the credit and general economic and political positions of each such state, including, each state's actual and intended ongoing engagement with and/or support for the other sovereign states then forming the European Union ("EU"), in particular those within the Euro zone. Changes in these factors might materially and adversely impact the value of securities in which the Fund or underlying fund has invested.

On January 31, 2020, the United Kingdom ("UK") left the EU (commonly referred to as "Brexit"). The UK and the EU signed the EU-UK Trade and Cooperation Agreement ("TCA"), which is an agreement on the terms governing certain aspects of the EU's and UK's relationship post Brexit. However, under the TCA, many aspects of the EU-UK relationship remain subject to further negotiation. The full effects of Brexit are unknown at this time and could negatively impact the value of the Fund's investments. Securities issued by companies domiciled in the UK could be subject to changing regulatory and tax regimes. Banking and financial services companies that operate in the UK or EU could be disproportionately impacted by those actions. Further insecurity in EU membership or the abandonment of the euro could exacerbate market and currency volatility and negatively impact the Fund's investments in securities issued by companies located in EU countries. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far-reaching. A number of countries in Europe have suffered terror attacks, and additional attacks may occur in the future. Ukraine has experienced ongoing military conflict; this conflict may expand and military attacks could occur in Europe. Europe has also been struggling with mass migration from the Middle East and Africa. Recent and upcoming European elections could, depending on the outcomes, further call into question the future direction of the EU. The ultimate effects of these events and other socio-political or geopolitical issues are not known but could profoundly affect global economies and markets. The impact of these actions, especially if they occur in a disorderly fashion, is not clear, but could be significant and far-reaching. Whether or not the Fund invests in securities of issuers located in Europe or with significant exposure to European issuers or countries, these events could negatively affect the value and liquidity of the Fund's investments.

* *Gap Risk .* The Fund
is subject to the risk that a stock price or derivative value will change dramatically from one level to another with no trading in between
and/or before the Fund can exit the investment. Usually such movements occur when there are adverse news announcements, which can cause
a stock price or derivative value to drop substantially from the previous day's closing price. For example, the price of a stock
can drop from its closing price one night to its opening price the next morning. The difference between the two prices is the gap. Trading
halts may lead to gap risk. 

* *Geographic Risk.* The risk that if the Fund invests a significant
portion of its total assets in certain issuers within the same geographic region, an adverse economic, business or political development
or natural or other event, including war, terrorism, natural and environmental disasters, epidemics, pandemics and other public health
crises, affecting that region may affect the value of the Fund's investments more than if the Fund's investments were not
so focused. 

* *IPO Risk.* IPO risk is the risk that the market value of IPO shares
will fluctuate considerably due to certain factors, such as the absence of a prior public market, unseasoned trading, the small number
of shares available for trading and limited information about the issuer. The purchase of IPO shares may involve high transaction costs.
IPO shares are subject to market risk and liquidity risk. Because of the price volatility of IPO shares, the Fund may choose to hold IPO
shares for a very short period of time. This may increase the turnover of the Fund's portfolio and may lead to increased expenses
to the Fund, such as commissions and transaction costs. In addition, the Adviser cannot guarantee continued access to IPOs.

* *Issuer-Specific Risk.* The value of a specific security or option
can be more volatile than the market as a whole and may perform worse than the market as a whole. The value of large cap securities, as
represented by the S&P 500 Index, can be more volatile than smaller cap securities due to differing market reactions to adverse issuer,
political, regulatory, market, or economic developments.

* *Large Shareholder Transactions Risk.* The Fund may experience
adverse effects when certain large shareholders purchase or redeem large amounts of shares from the Fund. Such large shareholder redemptions
may cause the Fund to sell securities at times when it would not otherwise do so, which may negatively impact the Fund's NAV and
liquidity. Such sales may also accelerate the increase of taxable income to shareholders if these sales result in gains and may also increase
transaction costs. In addition, a large redemption could result in the Fund's current expenses being allocated over a smaller asset
base, leading to an increase in the Fund's expense ratio. Similarly, large share purchases may adversely affect the Fund's
performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily
would.

* *Liquidity Risk.* There is risk that the Fund may not be able to
pay redemption proceeds within the time periods described in this Prospectus because of unusual market conditions, an unusually high volume
of redemption requests, legal restrictions impairing its ability to sell particular securities or or other reasons. Certain portfolio
securities may be less liquid than others, which may make them difficult or impossible to sell at the time and the price that the Fund
would like or difficult to value. The Fund may have to lower the price, sell other securities instead or forgo an investment opportunity.
In addition, less liquid securities may be more difficult to value and markets may become less liquid when there are fewer interested
buyers or sellers or when dealers are unwilling or unable to make a market for certain securities. Any of these events could have a negative
effect on fund management or performance. Funds with principal investment strategies that involve investments in securities of companies
with smaller market capitalizations, foreign securities, or securities with substantial market and/or credit risk tend to have the greatest
exposure to liquidity risk. In the past, in stressed markets, certain types of securities suffered periods of illiquidity if disfavored
by the market. All of these risks may increase during periods of market turmoil, such as that experienced
in 2020 with COVID-19 and could have a negative effect on the Fund's performance.

* *Management Risk .* The
net asset value of the Fund changes daily based on the performance of the securities in which it invests. The Adviser's judgments
about the attractiveness, value and potential appreciation of particular securities in which the Fund invests may prove to be incorrect
and may not produce the desired results. Additionally, the Adviser may have conflicts of interest that could interfere with its management
of the Fund's portfolio. For example, the Adviser or its affiliates may manage other investment funds or have other clients that
may be similar to, or overlap with, the investment objective and strategy of the Fund, creating potential conflicts of interest when making
decisions regarding which investments may be appropriate for the Fund and other clients. Further information regarding conflicts of interest
is available in the SAI. 

* *Market Events Risk.* There has been increased volatility, depressed
valuations, decreased liquidity and heightened uncertainty in the financial markets during the past several years, including what was
experienced in 2020. These conditions are an inevitable part of investing in capital markets and may continue, recur, worsen or spread.
The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, have taken steps to support financial
markets, including by lowering interest rates to historically low levels. This and other government intervention may not work as intended,
particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. The U.S. government and the Federal
Reserve have recently reduced market support activities, including by beginning to increase interest rates. Such reduction, including
interest rate increases, could negatively affect financial markets generally, increase market volatility and reduce the value and liquidity
of securities in which the Fund invests. Policy and legislative changes in the United States and in other countries may also continue
to contribute to decreased liquidity and increased volatility in the financial markets. The impact of these changes on the markets, and
the practical implications for market participants, may not be fully known for some time.

* COVID-19 has resulted in travel restrictions, closed international borders,
enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged
quarantines, cancellations, business and school closings, supply chain disruptions, and lower consumer demand, as well as general concern
and uncertainty. The impact of COVID-19, and other infectious illness outbreaks that may arise in the future, could adversely affect the
economies of many nations or the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen.

* *Market Risk .* Overall
market risk may affect the value of individual instruments in which the Fund invests. The Fund is subject to the risk that the securities
markets will move down, sometimes rapidly and unpredictably, based on overall economic conditions and other factors, which may negatively
affect the Fund's performance. Factors such as domestic and foreign (non-U.S.) economic growth and market conditions, real or
perceived adverse economic or political conditions, inflation, changes in interest rate levels, lack of liquidity in the bond or other
markets, volatility in the securities markets, adverse investor sentiment affect the securities markets and political events affect the
securities markets. U.S. and foreign stock markets have experienced periods of substantial price volatility in the past and may do so
again in the future. Securities markets also may experience long periods of decline in value. When the value of the Fund's investments
goes down, your investment in the Fund decreases in value and you could lose money.

Equity securities generally have greater price volatility than fixed income securities, although under certain market conditions fixed income securities may have comparable or greater price volatility. During a general downturn in the securities markets, multiple asset classes may decline in value simultaneously. Adverse market conditions may be prolonged and may not have the same impact on all types of securities. Different sectors of the market and different security types may react differently to such developments. Changes in value may be temporary or may last for extended periods. The Fund may experience a substantial or complete loss on any individual security. Even when securities markets perform well, there is no assurance that the investments held by the Fund will increase in value along with the broader market. Market factors, such as the demand for particular portfolio securities, may cause the price of certain portfolio securities to fall while the prices of other securities rise or remain unchanged.

Local, state, regional, national or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Fund and its investments and could result in decreases to the Fund's net asset value. Political, geopolitical, natural and other events, including war, terrorism, trade disputes, government shutdowns, market closures, natural and environmental disasters, epidemics, pandemics and other public health crises and related events and governments' reactions to such events have led, and in the future may lead, to economic uncertainty, decreased economic activity, increased market volatility and other disruptive effects on U.S. and global economies and markets. Such events may have significant adverse direct or indirect effects on the Fund and its investments. For example, a widespread health crisis such as a global pandemic could cause substantial market volatility, exchange trading suspensions and closures, impact the ability to complete redemptions, and affect Fund performance. A health crisis may exacerbate other pre-existing political, social and economic risks. In addition, the increasing interconnectedness of markets around the world may result in many markets being affected by events or conditions in a single country or region or events affecting a single or small number of issuers.

* *Money Market Fund Risk.* The Fund may invest in money market mutual funds. An investment in a money
market mutual fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although
money *market* mutual funds that invest in U.S. government securities seek to preserve the value of the Fund's investment at
$1.00 per share, it is possible to lose money by investing in a stable NAV money market mutual fund. Moreover, SEC rules require prime
money market mutual funds to use floating NAVs that do not preserve the value of the Fund's investment at $1.00 per share. These
rule amendments may impact the Fund's use of prime money market mutual funds for capital preservation purposes.

* *Micro-Cap Companies Risk.* Investments in micro-cap companies will be subject to the same risks as investments
in small-cap companies. In addition, the securities of micro-cap companies may be particularly volatile in price, and such securities
have significantly lower trading volumes than small-cap companies. As a result, the purchase or sale of more than a limited number of
shares may affect its market price. Micro-cap companies may not have much publicly available information relative to larger companies.
Micro-cap companies may have limited markets, financial resources, or product lines, may lack management depth, and may be more vulnerable
to adverse business or market developments relative to larger companies.

* *New Fund Risk.* The Fund is recently formed. Investors bear the
risk that the Fund may not grow to or maintain economically viable size, not be successful in implementing its investment strategy, and
may not employ a successful investment strategy, any of which could result in the Fund being liquidated at any time without shareholder
approval and/or at a time that may not be favorable for certain shareholders. Such a liquidation could have negative tax consequences
for shareholders.

* *Portfolio Turnover Risk.* The Fund may experience high portfolio turnover, including investments made
on a shorter-term basis, which may lead to increased Fund expenses that may result in lower investment returns. High portfolio turnover
may also result in higher short-term capital gains taxable to shareholders.

* *Sector Risk.* At times, some economic sectors may represent a
larger portion of the Fund's overall investment portfolio than other sectors. Sector risk is the risk that if the Fund invests a
significant portion of its total assets in certain issuers within the same economic sector, an adverse economic, business or political
development or natural or other event, including war, terrorism, natural and environmental disasters, epidemics, pandemics and other public
health crises, affecting that sector may affect the value of the Fund's investments more than if the Fund's investments were
not so focused. While the Fund may not concentrate in any one industry, the Fund may invest without limitation in a particular sector.

* *Financials Sector Risk.* Companies in the financials sector may
be adversely impacted by many factors, including, among others, changes in government regulations, economic conditions, and interest rates,
credit rating downgrades, and decreased liquidity in credit markets. In addition, in recent years, cyber-attacks and technology malfunctions
and failures have become increasingly frequent in this sector and have caused significant losses to companies in this sector.

* *Information Technology Sector Risk.* Companies in the information
technology sector face intense competition, both domestically and internationally, which may have an adverse effect on their profit margins.
Like other technology companies, information technology companies may have limited product lines, markets, financial resources or personnel.
Companies in the information technology sector may face obsolescence and are heavily dependent on patent and intellectual property rights.
The loss or impairment of these rights may adversely affect the profitability of these companies.

&nbsp;&nbsp;&nbsp;&nbsp;· *Securities Lending Risk.* The Fund may lend portfolio securities
to institutions, such as banks and certain broker-dealers. The risks associated with lending portfolio securities, as with other extensions
of secured credit, include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the securities
loaned, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral
or the value of the investments made with the collateral. In certain market conditions, the portion of the Fund's securities on
loan may be significant and may magnify the risk of such a loss or delay.

&nbsp;&nbsp;&nbsp;&nbsp;· *Small Cap Companies Risk.* The Fund will invest in smaller issuers which are more volatile and less
liquid than investments in issuers with larger market capitalizations. Small market capitalization issuers are not as diversified in their
business activities as issuers with larger market capitalizations and are more susceptible to changes in the business cycle. The prices
of securities of small market capitalization issuers generally are more volatile, less liquid, and more likely to be adversely affected
by poor economic or market conditions than securities of larger companies. Small companies may have limited product lines, markets or
financial resources, and they may be dependent upon a limited management group. Should a product fail, or if management changes, or if
there are other adverse developments, the Fund's investment in a small or mid-cap company may lose substantial value. In addition,
small and mid-cap companies may be particularly affected by interest rate increases, as they may find it more difficult to borrow money
to continue or expand operations, or may have difficulty in repaying any loans.

The small capitalization equity securities in which the Fund invests may be traded only in the over-the-counter market or on a regional securities exchange, may be listed only in the quotation service commonly known as the "pink sheets," and may not be traded every day or in the volume typical of trading on a national securities exchange. These securities may also be subject to wide fluctuations in market value. The trading market for any given small capitalization equity security may be sufficiently small as to make it difficult for the Fund to dispose of a substantial block of such securities. The sale by the Fund of portfolio securities to meet redemptions may require the Fund to sell its small capitalization securities at a discount from market prices or during periods when, in the Adviser's judgment, such sale is not desirable. Moreover, the lack of an efficient market for these securities may make them difficult to value.

&nbsp;&nbsp;&nbsp;&nbsp;· *Underlying* *Funds Risk.* The risk that the Fund's
investment performance and its ability to achieve its investment objective are directly related to the performance of the underlying funds
in which it invests. There can be no assurance that the Fund's investments in underlying funds will achieve their respective investment
objectives. The Fund is subject to the risks of the underlying funds in direct proportion to the allocation of its assets among the underlying
funds. In addition, when the Fund invests in underlying funds, it will bear additional expenses based on its pro rata share of the underlying
fund's operating expenses, including the potential duplication of management fees.

* *U.S. Government Securities Risk .* Treasury
obligations may differ in their interest rates, maturities, times of issuance and other characteristics. Obligations of U.S. Government
agencies and authorities are supported by varying degrees of credit but generally are not backed by the full faith and credit of the U.S.
Government. No assurance can be given that the U.S. Government will provide financial support to its agencies and authorities if it is
not obligated by law to do so. In addition, the value of U.S. Government securities may be affected by changes in the credit rating of
the U.S. Government. 

* *Valuation Risk .* The
sale price the Fund could receive for a security may differ from the Fund's valuation of the security, particularly for securities
that trade in low volume or volatile markets, or that are valued using a fair value methodology. Because portfolio securities of the Fund
may be traded on non-U.S. exchanges, and non-U.S. exchanges may be open on days when the Fund does not price its shares,
the value of the securities in the Fund's portfolio may change on days when shareholders will not be able to purchase or sell the
Fund's shares. 

* *Value-Style Investing Risk.* Value securities, including those selected by the portfolio manager for the Fund,
are subject to the risks that their intrinsic value may never be realized by the market and that their prices may go down. In addition,
value style investing may fall out of favor and underperform growth or other styles of investing during given periods. The Fund's
value discipline may result in a portfolio of stocks that differs materially from its illustrative index.

* *Volatility Risk.* The Fund's investments may appreciate or decrease significantly in value over
short periods of time. The value of an investment in the Fund's portfolio may fluctuate due to events or factors that affect industries,
sectors or markets generally or that affect a particular investment, industry or sector. The value of an investment in the Fund's
portfolio may also be more volatile than the market as a whole. This volatility may affect the Fund's net asset value per share,
including by causing it to experience significant increases or declines in value over short periods of time.

**Portfolio Holdings Disclosure** **:** A description of the Fund's policies regarding the release of portfolio holdings information is available in the Fund's SAI. Shareholders may request portfolio holdings schedules at no charge by calling 1-833-835-1171.

**Cybersecurity** 

The computer systems, networks and devices used by the Fund and its Service Providers to carry out routine business operations employ a variety of protections designed to prevent damage or interruption from computer viruses, network failures, computer and telecommunication failures, infiltration by unauthorized persons and security breaches. Despite the various protections utilized by the Fund and its Service Providers, systems, networks, or devices potentially can be breached. The Fund and its shareholders could be negatively impacted as a result of a cybersecurity breach. The Fund and the Adviser have limited ability to prevent or mitigate cybersecurity incidents affecting third-party Service Providers.

Cybersecurity breaches can include unauthorized access to systems, networks, or devices; infection from computer viruses or other malicious software code; and attacks that shut down, disable, slow, or otherwise disrupt operations, business processes, or website access or functionality. Cybersecurity breaches may cause disruptions and impact the Fund's business operations, potentially resulting in financial losses; interference with the Fund's ability to calculate its NAV; impediments to trading; the inability of the Fund, the Adviser, and other Service Providers to transact business; prevention of Fund investors from purchasing, redeeming or exchanging shares or receiving distributions; violations of applicable privacy and other laws; regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs; as well as the inadvertent release of confidential information.

Similar adverse consequences could result from cybersecurity breaches affecting issuers of securities in which the Fund invests; counterparties with which the Fund engages in transactions; governmental and other regulatory authorities; exchange and other financial market operators, banks, brokers, dealers, insurance companies, and other financial institutions (including financial intermediaries and service providers for the Fund's shareholders); and other parties. In addition, substantial costs may be incurred by these entities in order to prevent any cybersecurity breaches in the future.

**Investment by Other Investment Companies** 

For purposes of the 1940 Act, the Fund is a registered investment company, and the acquisition of the Fund's shares by other investment companies is subject to the restrictions of Section 12(d)(1) thereof. Rule 12d1-4 under the 1940 Act allows a registered investment company to invest in Fund shares beyond the limits of Section 12(d)(1) subject to certain conditions, including that a registered investment company enters into an Investment Agreement with the Trust regarding the terms of the investment. Any investment company considering purchasing shares of the Fund in amounts that would cause it to exceed the restrictions of Section 12(d)(1) should contact the Fund.

**Description of Index**

The Russell 2000<sup>®</sup> Value Index is an unmanaged index that measures the performance of the small-cap value segment of the US equity universe. It includes those Russell 2000 companies with relatively lower price-to-book ratios, lower I/B/E/S forecast medium term (2 year) growth and lower sales per share historical growth (5 years). The index is completely reconstituted annually. As of November 30, 2022, the median market capitalization of the companies in the Russell 2000<sup>®</sup> Value Index was $879 million. Please note that this is as of a particular point in time and is subject to change.

**MANAGEMENT**

**Investment Adviser**

Hunter Perkins Capital Management, LLC dba Hunter Capital Management ("Hunter" or the "Adviser") serves as the investment adviser to the Fund. Its principal place of business is 377 E. Butterfield Road, Suite 220 Lombard, IL 60148. Hunter was founded in 2020. As of November 30, 2022, the Adviser had approximately $850 million in assets under management.

Hunter has entered into an investment advisory agreement with the Fund. Under the agreement, Hunter receives an annual fee equal to 0.95% of the Fund's average daily net assets. In addition to investment advisory fees, the Fund pays other expenses including costs incurred in connection with the maintenance of its securities law registration, printing and mailing prospectuses and SAIs to shareholders, certain financial accounting services, taxes or governmental fees, custodial, transfer and shareholder servicing agent costs, expenses of outside counsel and independent accountants, preparation of shareholder reports and expenses of trustee and shareholders meetings.

Hunter has contractually agreed to reduce the Fund's fees and/or to make payments to limit Fund expenses through at least March 29, 2024, so that the total annual operating expenses (exclusive of any front-end or contingent deferred loads, taxes, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, underlying fund fees and expenses or extraordinary expenses such as litigation) of the Fund do not exceed 1.25%.

These fee waivers and expense reimbursements are subject to possible recoupment by Hunter from the Fund in future years on a rolling three-year basis (within the three years of when the amount has been waived or reimbursed) if such recoupment can be achieved within the foregoing expense limits as well as any expense limitation that was in effect at the time the waiver or reimbursement was made.

A discussion regarding the basis for the Board of Trustees' approval of the investment advisory agreement is expected to be available in the Fund's report to shareholders for the semi-annual period ending January 31, 2023.

**Portfolio Managers** 

 

*Alec Perkins*

Mr. Perkins, a founder of Hunter, has served as Chief Executive Officer and Portfolio Manager of Hunter since its inception in 2020. Mr. Perkins has over 20 years of financial industry experience. Prior to co-founding Hunter, he worked as a portfolio manager and analyst at Perkins Investment Management from 2012 to 2020. During his time at Perkins Investment Management, Mr. Perkins also served as an analyst covering REITs, homebuilders, media, education, building products, and real estate services industries. He received his bachelor of arts degree in history with a minor in economics and Chinese from Middlebury College, and earned his master of arts degree from Stanford University and MBA from the University of California – Berkeley, Haas School of Business.

*Bob Perkins*

Mr. Perkins, a founder of Hunter, has served Portfolio Manager of Hunter since its inception in 2020. Mr. Perkins has over 50 years of investing experience. Prior to co-founding Hunter, he was a founder of Perkins Wolf McDonnell, its successor firm PWMCO and its successor firm, Perkins Investment Management, where he served as president and a portfolio manager from 1980 to 2020. Prior to that, he was a portfolio manager at Kemper Financial. Mr. Perkins received a bachelor of science degree in business from Miami University, after which he served in the U.S. Navy for four years.

*Tom Perkins*

Mr. Perkins, a founder of Hunter, has served Portfolio Manager of Hunter since its inception in 2020. Mr. Perkins has over 50 years of investing experience. Prior his time at Hunter, he was a founder of PWMCO and its successor firm, Perkins Investment Management, where he served as chief executive officer and a portfolio manager from 1998 to 2018. Prior to that, he served as a managing director and portfolio manager at Alliance Capital. Earlier in his career, Mr. Perkins worked at Kemper Financial management. Mr. Perkins graduated from Harvard College.

**Changes of Investment Policies**

The Fund has adopted a non-fundamental investment policy that it will, under normal conditions, invest at least 80% of its net assets (including borrowings for investment purposes) in a diversified portfolio consisting primarily of equity securities, such as common stocks of issuers with small market capitalizations. This requirement is applied at the time of investment. The 80% investment policy of the Fund may be changed at any time by the Board of Trustees. Shareholders will be given written notice at least 60 days prior to any change by the Fund of its 80% investment policy.

**HOW SHARES ARE PRICED**

The net asset value ("NAV") and offering price (NAV plus any applicable sales charges) of the Fund's shares is determined at 4:00 p.m. (Eastern Time) on each day the New York Stock Exchange ("NYSE") is open for business. NAV is computed by determining the aggregate market value of all assets of the Fund, less its liabilities, divided by the total number of shares outstanding ((assets liabilities)/number of shares = NAV). The NYSE is closed on weekends and New Year's Day, Martin Luther King, P.O. Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth, Independence Day, Labor Day, Thanksgiving Day and Christmas Day. The NAV takes into account the expenses and fees of the Fund, including management, administration, and distribution fees, which are accrued daily. The determination of the Fund's NAV for a particular day is applicable to all applications for the purchase of shares, as well as all requests for the redemption of shares, received by the Fund (or an authorized broker or agent, or its authorized designee) before the close of trading on the NYSE on that day.

Generally, the Fund's securities listed on an exchange are valued each day at the last quoted sales price on each security's primary exchange. Securities traded or dealt in upon one or more securities exchanges (whether domestic or foreign) for which market quotations are readily available and not subject to restrictions against resale shall be valued at the last quoted sales price on the primary exchange or, in the absence of a sale on the primary exchange, at the mean between the current bid and ask prices on such exchange. Securities primarily traded in the National Association of Securities Dealers' Automated Quotation System ("NASDAQ") National Market System for which market quotations are readily available shall be valued using the NASDAQ Official Closing Price. Securities that are not traded or dealt in any securities exchange (whether domestic or foreign) and for which over-the-counter market quotations are readily available generally shall be valued at the last sale price or, in the absence of a sale, at the mean between the current bid and ask price on such over-the- counter market. Debt securities not traded on an exchange may be valued at prices supplied by a pricing agent(s) based on broker or dealer supplied valuations or matrix pricing, a method of valuing securities by reference to the value of other securities with similar characteristics, such as rating, interest rate and maturity.

In accordance with procedures approved by the Board ("Valuation Procedures"), if market quotations are not readily available or if, in the opinion of the Fund's Adviser, the market quotation that is used to value a security does not represent a readily available market quotation or does not reflect the fair value of the security, the security will be valued at its fair market value ("Fair Valuation") as determined in good faith by a valuation designee (the "Valuation Designee"). The Board has delegated certain valuation responsibilities to the Valuation Designee in accordance with the Valuation Procedures. The Valuation Procedures also require Fair Valuation of certain other types of securities, such as illiquid securities. In all of these cases, the Fund's NAV will reflect certain portfolio securities' fair value rather than their market price. Because Fair Valuation involves subjective judgments, Fair Valuation may result in a price materially different from the prices used by other mutual funds to determine net asset value, or from the price that may be realized upon the actual sale of the security. The fair value prices can differ from market prices when they become available or when a price becomes available. The Board has appointed the Adviser as its Valuation Designee for all fair value determinations and responsibilities, other than overseeing pricing service providers used by the Trust. This designation is subject to Board oversight and certain reporting and other requirements designed to facilitate the Board's ability effectively to oversee the designee's fair value determinations. The Valuation Designee may also enlist third party consultants such as an audit firm or financial officer of a security issuer on an as-needed basis to assist in determining a security-specific fair value. The Board shall be responsible for reviewing and approving fair value methodologies utilized by a Valuation Designee, which approval shall be based upon whether the Valuation Designee followed the Valuation Procedures established by the Board.

The Fund may use independent pricing services to assist in calculating the fair market value of the Fund's securities. In addition, market prices for foreign securities are not determined at the same time of day as the NAV for the Fund. Because the Fund or an underlying fund may hold portfolio securities primarily listed on foreign exchanges, and these exchanges may trade on weekends or other days when the Fund or an underlying fund does not price its shares, the value of some of the Fund's portfolio securities may change on days when you may not be able to buy or sell Fund shares. In computing the NAV, the Fund values foreign securities held by the Fund at the latest closing price on the exchange in which they are traded immediately prior to closing of the NYSE. Prices of foreign securities quoted in foreign currencies are translated into U.S. dollars at current rates. If events materially affecting the value of a security in the Fund's portfolio, particularly foreign securities, occur after the close of trading on a foreign market but before the Fund prices its shares, the security will be valued at fair value. For example, if trading in a portfolio security is halted and does not resume before the Fund calculates its NAV, the Adviser may need to price the security using the Fund's fair value pricing guidelines. Without a fair value price, short-term traders could take advantage of the arbitrage opportunity and dilute the NAV of long-term investors. Fair Valuation of the Fund's portfolio securities can serve to reduce arbitrage opportunities available to short-term traders, but there is no assurance that fair value pricing policies will prevent dilution of the Fund's NAV by short-term traders.

With respect to any portion of the Fund's assets that are invested in one or more open-end management investment companies registered under the 1940 Act, the Fund's net asset value is calculated based upon the net asset values of those open-end management investment companies, and the prospectuses for these companies explain the circumstances under which those companies will use fair value pricing and the effects of using fair value pricing.

The shares of many closed-end investment companies, after their initial public offering, frequently trade at a price per share that is different than the net asset value per share. The difference represents a market premium or market discount of such shares. There can be no assurances that the market discount or premium on shares of any closed-end investment company purchased by the Fund will not change.

**HOW TO PURCHASE SHARES**

**Class I Shares:** This Prospectus describes Class I shares, which is currently the only share class that is being offered by the Fund. Class I shares of the Fund are sold at NAV without an initial sales charge and are not subject to 12b-1 distribution fees. This means that 100% of your initial investment is placed into shares of the Fund. Class I shares require a minimum initial investment of $100,000 and the minimum subsequent investment is $1. The Fund and the Adviser may each waive investment minimums at their individual discretion. Class I Shares may not be available for purchase in all states.

Class I shares are available to certain institutional investors, and directly to certain individual investors as set forth below:

* Institutional Investors may include, but are not limited to, corporations,
retirement plans, foundations/endowments and investors who purchase through a wrap account offered through a selling group member that
enters into a wrap fee program agreement with the Distributor. 

* Individual Investors include trustees, officers and employees of the
Trust and its affiliates, and immediate family members of all such persons. 

* Clients of the Adviser. 

For accounts sold through financial intermediaries, it is the primary responsibility of the financial intermediary to ensure compliance with eligibility requirements such as investor type and investment minimums.

**Purchasing Shares:** You may purchase shares of the Fund by sending a completed application form (the "Application") to the following address:

***Regular/Express***

**Hunter Small Cap Value Fund**

c/o Ultimus Fund Solutions, LLC

P.O. Box 541150

Omaha, NE 68154

 ****

***Overnight Mail***

**Hunter Small Cap Value Fund**

c/o Ultimus Fund Solutions, LLC

4221 North 203<sup>rd</sup> Street, Ste. 100

Elkhorn, Nebraska 68022-3474

The USA PATRIOT Act requires financial institutions, including the Fund, to adopt certain policies and programs to prevent money-laundering activities, including procedures to verify the identity of customers opening new accounts. As requested on the Application, you should supply your full name, date of birth, social security number and permanent street address. Mailing addresses containing a P.O. Box will not be accepted. This information will assist the Fund in verifying your identity. Until such verification is made, the Fund may temporarily limit additional share purchases. In addition, the Fund may limit additional share purchases or close an account if it is unable to verify a shareholder's identity. As required by law, the Fund may employ various procedures, such as comparing the information to fraud databases or requesting additional information or documentation from you, to ensure that the information supplied by you is correct.

 

*Purchase through Brokers:* You may invest in the Fund through brokers or agents who have entered into selling agreements with the Fund's distributor. The brokers and agents are authorized to receive purchase and redemption orders on behalf of the Fund. Such brokers are authorized to designate other intermediaries to receive purchase and redemption orders on the Fund's behalf. The Fund will be deemed to have received a purchase or redemption order when an authorized broker or its designee receives the order. The broker or agent may set their own initial and subsequent investment minimums. You may be charged a fee if you use a broker or agent to buy or redeem shares of the Fund. Finally, various servicing agents use procedures and impose restrictions that may be in addition to, or different from those applicable to investors purchasing shares directly from the Fund. You should carefully read the program materials provided to you by your servicing agent.

*Purchase by Wire:* If you wish to wire money to make an investment in the Fund, please call the Fund at1-833-835-1171 for wiring instructions and to notify the Fund that a wire transfer is coming. Any commercial bank can transfer same-day funds via wire. The Fund will normally accept wired funds for investment on the day received if they are received by the Fund's designated bank before the close of regular trading on the NYSE. Your bank may charge you a fee for wiring same-day funds.

*Automated Clearing House (ACH) Purchase:* Current shareholders may purchase additional shares via Automated Clearing House ("ACH"). To have this option added to your account, please send a letter to the Fund requesting this option and supply a voided check for the bank account. Only bank accounts held at domestic institutions that are ACH members may be used for these transactions.

You may not use ACH transactions for your initial purchase of Fund shares. ACH purchases will be effective at the closing price per share on the business day after the order is placed. The Fund may alter, modify or terminate this purchase option at any time.

Shares purchased by ACH will not be available for redemption until the transactions have cleared. Shares purchased via ACH transfer may take up to 15 days to clear.

*Automatic Investment Plan:* You may participate in the Fund's Automatic Investment Plan, an investment plan that automatically moves money from your bank account and invests it in the Fund through the use of electronic funds transfers or automatic bank drafts. You may elect to make subsequent investments by transfers of a minimum of $50 for Class I Shares on specified days of each month into your established Fund account. Please contact the Fund at 1-833-835-1171 for more information about the Fund's Automatic Investment Plan.

**Minimum and Additional Investment Amounts:** The minimum initial investment in Class I shares is $100,000. The minimum subsequent investment in Class I shares is $1. There is no minimum investment requirement when you are buying shares by reinvesting dividends and distributions from the Fund. The Fund reserves the right to waive any investment minimum requirement.

The Fund, however, reserves the right, in its sole discretion, to reject any application to purchase shares. Applications will not be accepted unless they are accompanied by a check drawn on a U.S. bank, thrift institutions, or credit union in U.S. funds for the full amount of the shares to be purchased. After you open an account, you may purchase additional shares by sending a check together with written instructions stating the name(s) on the account and the account number, to the above address. Make all checks payable to the Hunter Small Cap Value Fund. The Fund will not accept payment in cash, including cashier's checks or money orders. Also, to prevent check fraud, the Fund will not accept credit cards or third-party checks, U.S. Treasury checks, credit card checks or starter checks for the purchase of shares.

*Note:* Ultimus Fund Solutions, LLC, the Fund's transfer agent, will charge a $25 fee against a shareholder's account, in addition to any loss sustained by the Fund, for any check or any electronic payment that is returned to the transfer agent for insufficient funds.

**When Order is Processed:** All shares will be purchased at the NAV per share (plus applicable sales charges, if any) next determined after the Fund receives your application or request in good order. All requests received in good order by the Fund before 4:00 p.m. (Eastern Time) will be processed on that same day. Requests received after 4:00 p.m. (Eastern Time) will be processed on the next business day.

**Good Order:** When making a purchase request, make sure your request is in good order. "Good order" means your purchase request includes:

* the name of the Fund;

* the dollar amount of shares to be purchased;

* a completed purchase application or investment stub; and 

* check payable to the "Hunter Small Cap Value Fund".

**Retirement Plans:** You may purchase shares of the Fund for your individual retirement plans. Please call the Fund at 1-833-835-1171 for the most current listing and appropriate disclosure documentation on how to open a retirement account.

**HOW TO REDEEM SHARES**

**Redeeming Shares:** If you hold shares directly through an account with the Fund, you may redeem all or any portion of the shares credited to your account by submitting a written request for redemption to:

***Regular/Express***

**Hunter Small Cap Value Fund**

c/o Ultimus Fund Solutions, LLC

P.O. Box 541150

Omaha, NE 68154

***Overnight Mail***

**Hunter Small Cap Value Fund**

c/o Ultimus Fund Solutions, LLC

4221 North 203<sup>rd</sup> Street, Ste. 100

Elkhorn, Nebraska 68022-3474

*Redemptions by Telephone:* The telephone redemption privilege is automatically available to all new accounts. If you do not want the telephone redemption privilege, you must indicate this in the appropriate area on your account application or you must write to the Fund and instruct it to remove this privilege from your account. The proceeds, which are equal to number of shares times NAV, will be sent by mail to the address designated on your account or sent electronically, via ACH or wire, directly to your existing account in a bank or brokerage firm in the United States as designated on your application. To redeem by telephone, call 1-833-835-1171. The redemption proceeds normally will be sent by mail or electronically within three business days after receipt of your telephone instructions. If you own an IRA, you will be asked whether or not the Fund should withhold federal income tax.

During periods of high market activity, you may encounter higher than usual wait times. Please allow sufficient time to ensure that you will be able to complete your telephone transaction prior to market close. Neither the Fund nor its transfer agent will be held liable if you are unable to place your trade due to high call volume.

The Fund reserves the right to suspend the telephone redemption privileges with respect to your account if the name(s) or the address on the account has been changed within the previous 30 days. Neither the Fund, its transfer agent, nor its affiliates will be liable for complying with telephone instructions they reasonably believe to be genuine or for any loss, damage, cost or expenses in acting on such telephone instructions and you will be required to bear the risk of any such loss. The Fund or the transfer agent, or both, will employ reasonable procedures to determine that telephone instructions are genuine. If the Fund and/or the transfer agent do not employ these procedures, they may be liable to you for losses due to unauthorized or fraudulent instructions. These procedures may include, among others, requiring forms of personal identification prior to acting upon telephone instructions, providing written confirmation of the transactions and/or tape recording telephone instructions.

*Redemptions through Broker:* If shares of the Fund are held by a broker-dealer, financial institution or other servicing agent, you must contact that servicing agent to redeem shares of the Fund. The servicing agent may charge a fee for this service.

*Redemptions by Wire:* You may request that your redemption proceeds be wired directly to your bank account. The Fund's transfer agent imposes a $15 fee for each wire redemption and deducts the fee directly from your account. Your bank may also impose a fee for the incoming wire.

*Systematic Withdrawal Plan:* If your individual account, IRA or other qualified plan account has a current account value of at least $10,000, you may participate in the Fund's Systematic Withdrawal Plan, an investment plan that automatically moves money to your bank account from the Fund through the use of electronic funds transfers. You may elect to make subsequent withdrawals by transfers of a minimum of $100 for Class I Shares on specified days of each month into your established bank account. Please contact the Fund at 1-833-835-1171 for more information about the Fund's Systematic Withdrawal Plan.

*Redemptions in Kind:* It is expected that payment of redemption proceeds will normally be made from uninvested cash or short-term investments or proceeds from the sale of portfolio securities. It is possible that stressed market conditions or large shareholder redemptions may result in the need for utilization of the Fund's ability to redeem in kind in order to meet shareholder redemption requests. The Fund reserves the right to honor requests for redemption or repurchase orders made by a shareholder during any 90-day period by making payment in whole or in part in portfolio securities ("redemption in kind") if the amount of such a request is large enough to affect operations (if the request is greater than the lesser of $250,000 or 1% of the Fund's net assets at the beginning of the 90-day period). The securities will be chosen by the Fund and valued using the same procedures as used in calculating the Fund's NAV. A shareholder may incur transaction expenses in converting these securities to cash.

*When Redemptions are Sent:* Once the Fund receives your redemption request in "good order" as described below, it will issue a check based on the next determined NAV following your redemption request. The redemption proceeds normally will be sent by mail or by wire within three business days after receipt of a request in "good order." If you purchase shares using a check and soon after request a redemption, your redemption proceeds will not be sent until the check used for your purchase has cleared your bank.

**Good Order:** Your redemption request will be processed if it is in "good order." To be in good order, the following conditions must be satisfied:

* The request should be in writing, unless redeeming by telephone, indicating
the number of shares or dollar amount to be redeemed; 

* The request must identify your account number; 

* The request should be signed by you and any other person listed on the
account, exactly as the shares are registered; and 

* If you request that the redemption proceeds be sent to a person, bank
or an address other than that of record or paid to someone other than the record owner(s), or if the address was changed within the last
30 days, or if the proceeds of a requested redemption exceed $50,000, the signature(s) on the request must be medallion signature guaranteed
by an eligible signature guarantor.

**When You Need Medallion Signature Guarantees:** If you wish to change the bank or brokerage account that you have designated on your account, you may do so at any time by writing to the Fund with your signature guaranteed. A medallion signature guarantee assures that a signature is genuine and protects you from unauthorized account transfers. You will need your signature guaranteed if:

* you request a redemption to be made payable to a person not on record
with the Fund;

* you request that a redemption be mailed to an address other than that
on record with the Fund;

* the proceeds of a requested redemption exceed $50,000;

* any redemption is transmitted by federal wire transfer to a bank other
than the bank of record; or

* your address was changed within 30 days of your redemption request.

Signatures may be guaranteed by any eligible guarantor institution (including banks, brokers and dealers, credit unions, national securities exchanges, registered securities associations, clearing agencies and savings associations). Further documentation will be required to change the designated account if shares are held by a corporation, fiduciary or other organization. *A notary public cannot guarantee signatures.* 

**Retirement Plans:** If you own shares of the Fund through an IRA or other retirement plan, you must indicate on your redemption request whether the Fund should withhold federal income tax. Unless you elect in your redemption request that you do not want to have federal tax withheld, the redemption will be subject to withholding.

**Low Balances:** If at any time your account balance falls below $1,000 ($500 for retirement accounts), the Fund may notify you that, unless the account is brought up to at least $1,000 ($500 for retirement accounts) within 30 days of the notice, your account could be closed. After the notice period, the Fund may redeem all of your shares and close your account by sending you a check to the address of record. Your account will not be closed if the account balance drops below $1,000 ($500 for retirement accounts) due to a decline in NAV.

**FREQUENT PURCHASES AND REDEMPTIONS OF FUND SHARES**

The Fund discourages and does not accommodate market timing. Frequent trading into and out of the Fund can harm the Fund's shareholders by disrupting that Fund's investment strategies, increasing Fund expenses, decreasing tax efficiency and diluting the value of shares held by long-term shareholders. The Fund is designed for long-term investors and is not intended for market timing or other disruptive trading activities. Accordingly, the Fund's Board has approved policies that seek to curb these disruptive activities while recognizing that shareholders may have a legitimate need to adjust their Fund investments as their financial needs or circumstances change. The Fund currently uses several methods to reduce the risk of market timing. These methods include:

* Committing staff to review, on a continuing basis, recent trading activity
in order to identify trading activity that may be contrary to the Fund's "Market Timing Trading Policy;"

* Rejecting or limiting specific purchase requests; and

* Rejecting purchase requests from certain investors.

Though these methods involve judgments that are inherently subjective and involve some selectivity in their application, the Fund seeks to make judgments and applications that are consistent with the interests of the Fund's shareholders.

Based on the frequency of redemptions in your account, the Adviser or transfer agent may in its sole discretion determine that your trading activity is detrimental to the Fund as described in the Fund's Market Timing Trading Policy and elect to (i) reject or limit the amount, number, frequency or method for requesting future purchases into the Fund and/or (ii) reject or limit the amount, number, frequency or method for requesting future exchanges or redemptions out of the Fund.

The Fund reserves the right to reject or restrict purchase requests for any reason, particularly when the shareholder's trading activity suggests that the shareholder may be engaged in market timing or other disruptive trading activities. Neither the Fund nor the Adviser will be liable for any losses resulting from rejected purchase orders. The Adviser may also bar an investor who has violated these policies (and the investor's financial advisor) from opening new accounts with the Fund.

Although the Fund attempts to limit disruptive trading activities, some investors use a variety of strategies to hide their identities and their trading practices. There can be no guarantee that the Fund will be able to identify or limit these activities. Omnibus account arrangements are common forms of holding shares of the Fund. While the Fund will encourage financial intermediaries to apply the Fund's Market Timing Trading Policy to their customers who invest indirectly in the Fund, the Fund is limited in its ability to monitor the trading activity or enforce the Fund's Market Timing Trading Policy with respect to customers of financial intermediaries. For example, should it occur, the Fund may not be able to detect market timing that may be facilitated by financial intermediaries or made difficult to identify in the omnibus accounts used by those intermediaries for aggregated purchases, exchanges and redemptions on behalf of all their customers. More specifically, unless the financial intermediaries have the ability to apply the Fund's Market Timing Trading Policy to their customers through such methods as implementing short-term trading limitations or restrictions and monitoring trading activity for what might be market timing, the Fund may not be able to determine whether trading by customers of financial intermediaries is contrary to the Fund's Market Timing Trading Policy. Brokers maintaining omnibus accounts with the Fund have agreed to provide shareholder transaction information to the extent known to the broker to the Fund upon request. If the Fund, its transfer agent or shareholder servicing agent suspects there is market timing activity in the account, the Fund will seek full cooperation from the service provider maintaining the account to identify the underlying participant. At the request of the Adviser, the service providers may take immediate action to stop any further short-term trading by such participants.

**TAX STATUS, DIVIDENDS AND DISTRIBUTIONS**

The Fund intends to distribute substantially all of its net investment income annually and net capital gains annually. Both types of distributions will be reinvested in shares of the Fund unless you elect to receive cash. Dividends from net investment income (including any excess of net short-term capital gain over net long-term capital loss) are taxable to investors as ordinary income, except that the Fund's dividends attributable to its "qualified dividend income" (i.e., dividends received on stock of most domestic and certain foreign corporations with respect to which the Fund satisfies certain holding period and other restrictions), if any, generally are subject to federal income tax for non-corporate shareholders who satisfy those restrictions with respect to their Fund shares at the rate for net capital gain -- a maximum of 20%. Distributions of net capital gain (the excess of net long-term capital gain over net short-term capital loss) are generally taxable as long-term capital gain, regardless of your holding period for the shares. Any dividends or capital gain distributions you receive from the Fund will normally be taxable to you when made, regardless of whether you reinvest dividends or capital gain distributions or receive them in cash. Certain dividends or distributions declared in October, November or December will be taxed to shareholders as if received in December if they are paid during the following January. Each year the Fund will inform you of the amount and type of your distributions.

When you redeem, sell or exchange Fund shares, you will generally realize a taxable gain or loss (unless you are a tax-exempt investor or your investment is in a qualified retirement account). This gain or loss is measured by the difference between the proceeds of the sale and the tax basis for the shares you sold. (To aid in computing your tax basis, you generally should retain your account statements for the period that you hold shares in the Fund). The Fund (or its administrative agent) is required to report to the Internal Revenue Service ("IRS") and furnish to shareholders the cost basis information for sale transactions of shares.

An additional 3.8% Medicare tax will be imposed on certain net investment income (including ordinary dividends and capital gain distributions received from the Fund and net gains from redemptions or other taxable dispositions of Fund shares) of U.S. individuals, estates and trusts to the extent that such person's "modified adjusted gross income" (in the case of an individual) or "adjusted gross income" (in the case of an estate or trust) exceeds a threshold amount.

The Fund must report to the IRS and furnish to shareholders the cost basis information for shares purchased and sold. The Fund has chosen average cost as its standing (default) tax lot identification method for all shareholders, which means this is the method the Fund will use to determine which specific shares are deemed to be sold when there are multiple purchases on different dates at differing NAVs, and the entire position is not sold at one time. Shareholders may, however, choose a method other than the Fund's standing method at the time of their purchase or upon sale of covered shares. Shareholders should consult their tax advisors to determine the best IRS-accepted cost basis method for their tax situation and to obtain more information about how cost basis reporting applies to them. Shareholders also should carefully review the cost basis information provided to them by the Fund and make any additional basis, holding period or other adjustments that are required when reporting these amounts on their federal income tax returns.

On the account application, you will be asked to certify that your social security number or taxpayer identification number is correct and that you are not subject to backup withholding for failing to report income to the IRS. If you are subject to backup withholding or you did not certify your taxpayer identification number, the IRS requires the Fund to withhold a percentage of any dividend, redemption or exchange proceeds (currently, at a rate of 24%). The Fund reserves the right to reject any application that does not include a certified social security or other taxpayer identification number. If you do not have a social security number, you should indicate on the purchase form that your application to obtain a social security number is pending. The Fund may be required to withhold taxes if a taxpayer identification number is not delivered to the Fund within seven days.

The foregoing is only a brief summary of certain U.S. federal income tax consequences of investing in the Fund. This summary is not intended to be and should not be construed to be legal or tax advice. You should consult your own tax advisers to determine the tax consequences of owning the Fund's shares. See "Tax Status" in the Fund's SAI for more information.

**DISTRIBUTION OF SHARES**

**Distributor:** Northern Lights Distributors, LLC, 4221 North 203<sup>rd</sup> Street, Ste. 100, Elkhorn, Nebraska 68022-3474, is the distributor for the shares of the Fund. Northern Lights Distributors, LLC is a registered broker-dealer and member of the Financial Industry Regulatory Authority, Inc. ("FINRA"). Shares of the Fund are offered on a continuous basis.

**Additional Compensation to Financial Intermediaries:** The Distributor, its affiliates, and the Fund's Adviser may, at their own expense and out of their own legitimate profits, provide additional cash payments to financial intermediaries who sell shares of the Fund, including affiliates of the Adviser. Financial intermediaries include brokers, financial planners, banks, insurance companies, retirement or 401(k) plan administrators and others. These payments are generally made to financial intermediaries that provide shareholder or administrative services, or marketing support. Marketing support may include access to sales meetings, sales representatives and financial intermediary management representatives, inclusion of the Fund on a sales list, including a preferred or select sales list, or other sales programs. These payments also may be made as an expense reimbursement in cases where the financial intermediary provides shareholder services to the Fund's shareholders. The level of payments made to financial intermediaries in any given year will vary. The Distributor may, from time to time, provide promotional incentives, including reallowance and/or payment of up to the entire sales charge, to certain investment firms. Such incentives may, at the Distributor's discretion, be limited to investment firms who allow their individual selling representatives to participate in such additional commissions.

**Householding:** To reduce expenses, the Fund mails only one copy of the Prospectus and each annual and semi-annual report (or, if applicable, each notice of electronic accessibility thereof) to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call the Fund at 1-833-835-1171 on days the Fund is open for business or contact your financial institution. The Fund will begin sending you individual copies thirty days after receiving your request.

**FINANCIAL HIGHLIGHTS**

Because the Fund has not commenced investment operations as of the date of this Prospectus, no financial highlights are available for the Fund at this time. In the future, financial highlights will be presented in this section of the Prospectus.

**PRIVACY NOTICE**

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| **FACTS** | WHAT DOES TWO ROADS SHARED TRUST DO WITH YOUR PERSONAL INFORMATION |
| **Why?** | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
| **What?** | THE TYPES OF PERSONAL INFORMATION WE COLLECT AND SHARE DEPENDS ON THE PRODUCT OR SERVICE THAT YOU HAVE WITH US. THIS INFORMATION CAN INCLUDE:<br> Social Security number and income Account transactions and transaction history Investment experience and purchase history When you are *no longer* our customer, we continue to share your information as described in this notice. |
| **How?** | All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reason Two Roads Shared Trust chooses to share and whether you can limit this sharing. |

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|:---|:---|:---|
| **Reasons we can share your personal information** | **Does Two Roads <br> Shared Trust share?** | **Can you limit <br> this sharing?** |
| **For our everyday business purposes –**<br> such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | YES | NO |
| **For our marketing purposes –**<br> to offer our products and services to you | NO | We do not share |
| **For joint marketing with other financial companies** | NO | We do not share |
| **For our affiliates' everyday business purposes –**<br> information about your transactions and experiences | NO | We do not share |
| **For our affiliates' everyday business purposes –**<br> information about your creditworthiness | NO | We do not share |
| **For our affiliates to market to you** | NO | We do not share |
| **For nonaffiliates to market to you** | NO | We do not share |
| **Questions?** | Call 1-631-490-4300 | Call 1-631-490-4300 |

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**What we do**

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|:---|:---|
| **How does Two Roads Shared Trust protect my personal information?** | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.<br>Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information. |
| **How does Two Roads Shared Trust collect my personal information?** | We collect your personal information, for example, when you<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· open an account or give us contact information<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· provide account information or give us your income information<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· make deposits or withdrawals from your account<br> We also collect your personal information from other companies. |
| **Why can't I limit all sharing?** | Federal law gives you the right to limit only<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· sharing for affiliates' everyday business purposes – information about<br> your creditworthiness<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· affiliates from using your information to market to you<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· sharing for nonaffiliates to market to you<br> State laws and individual companies may give you additional rights to limit sharing |

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**Definitions**

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|:---|:---|
| **Affiliates** | Companies related by common ownership or control. They can be financial and nonfinancial companies.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· *Two Roads Shared Trust has no affiliates.* |
| **Nonaffiliates** | Companies not related by common ownership or control. They can be financial and nonfinancial companies.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· *Two Roads Shared Trust does not share with nonaffiliates so they can market to you.* |
| **Joint marketing** | A formal agreement between nonaffiliates financial companies that together market financial products or services to you.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· *Two Roads Shared Trust does not jointly market.* |

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**Hunter Small Cap Value Fund**

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|:---|:---|:---|:---|
| **Adviser** | **Hunter Perkins Capital Management, LLC dba Hunter Capital Management**<br> 377 E. Butterfield Road, Suite 220<br> Lombard, IL 60148 | **Distributor** | **Northern Lights Distributors, LLC**<br> 4221 North 203rd Street, Suite 100<br> Elkhorn, NE 68022-3474 |
| **Custodian** | **U.S. Bank, N.A.**<br> 1555 North River Center Drive, Suite 302,<br> Milwaukee, WI 53212 | **Legal Counsel** | **Blank Rome LLP**<br> 1271 Avenue of the Americas<br> New York, NY 10020 |
| **Transfer Agent** | **Ultimus Fund Solutions, LLC**<br> 225 Pictoria Drive, Suite 450<br> Cincinnati, OH 45246 | **Independent Registered Public Accounting Firm** | **Cohen & Company, Ltd.**<br> 1350 Euclid Avenue, Suite 800<br> Cleveland, OH 44115 |

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Additional information about the Fund is included in the Fund's SAI. The SAI is incorporated into this Prospectus by reference<br> (i.e., legally made a part of this Prospectus). The SAI provides more details about the Fund's policies and management. Additional information about the Fund's investments is available in the Fund's Annual and Semi-Annual Reports to shareholders, when available. In the Fund's Annual Report, you will find a discussion of the market conditions and investment strategies that significantly affected the Fund's performance during its last fiscal year.

To obtain a free copy of the SAI and the Annual and Semi-Annual Reports to shareholders, when available, or other information about the Fund, or to make shareholder inquiries about the Fund, please call 1-833-835-1171. The SAI, Annual and Semi-Annual Reports and other information relating to the Fund can be found, free of charge, at www.hunterfunds.com. You may also write to:

**Hunter Small Cap Value Fund**

c/o Ultimus Fund Solutions, LLC

4221 North 203<sup>rd</sup> Street, Suite 100

Elkhorn, NE 68022

Reports and other information about the Fund are available on the EDGAR Database on the SEC's Internet site at http://www.sec.gov. Copies of the information may be obtained, after paying a duplicating fee, by electronic request at the following E-mail address: publicinfo@sec.gov.

Investment Company Act File # 811-22718