ARS Core Equity Portfolio ETF ACEP Strategy

The investment seeks to achieve long-term growth of capital and generate current income. Under normal circumstances, the fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities or ETFs that provide exposure to equity securities. For purposes of the fund’s 80% policy, the managers define equity securities as common stock or securities with similar characteristics, including American Depositary Receipts (“ADRs”). The fund is non-diversified.