BFS Equity Fund Institutional Class 

The investment seeks long-term appreciation through growth of principal and income. The fund will invest primarily in large capitalization common stocks that in the opinion of the fund's adviser, Bradley, Foster & Sargent, Inc. (the "Adviser"), appear to be high quality and attractively valued companies. Equity securities in which the fund may invest include common stocks and common stock equivalents and shares of other investment companies (including open-end and closed-end funds and exchange-traded funds ("ETFs")) whose portfolios primarily consist of equity securities.