The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual total returns for the periods indicated compare with the average annual total returns of the S&P 500 Index and the CBOE One-Week PutWrite Index. The S&P 500 Index has been included as a broad-based securities market index in order to satisfy regulatory requirements. The Fund also compares its performance with the returns of the CBOE S&P 500 One-Week PutWrite Index, which the Fund’s investment advisor believes is the most suitable performance benchmark for comparison to the Fund’s performance in light of the Fund’s investment strategies. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the Fund’s website at www.IroncladFunds.com.
Calendar-Year Total Return (before taxes)
| Highest Calendar Quarter Return: | 7.52% | Quarter Ended 12/31/22 |
| Lowest Calendar Quarter Return: | (5.15)% | Quarter Ended 12/31/18 |
| Average Annual Total Returns | One | Five | Ten |
| Return Before Taxes | 10.57% | 9.73% | 7.00% |
| Return After Taxes on Distributions* | 10.55% | 8.43% | 5.62% |
| Return After Taxes on Distributions and Sale of Fund Shares* | 6.27% | 7.25% | 5.08% |
| S&P 500 Index (reflects no deduction for fees, expenses or taxes) | 17.88% | 14.42% | 14.82% |
| CBOE S&P 500 One-Week PutWrite Index (reflects no deduction for fees, expenses or taxes) | 8.94% | 4.44% | 3.22% |
* After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.