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<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 3.15pt; text-align: center; margin-bottom: 0"><b>SUMMARY INFORM<font style="letter-spacing: -0.8pt">A</font>TION</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Investment Objective</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">EntrepreneurShares
Global Fund<sup>TM</sup> (the Fund) seeks long term capital appreciation.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0.05in 0 0"><b>Fees and Expenses of the Fund</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">The table below
describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts
on Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. More information
about these and other discounts is available from your financial professional and in the section entitled “How Class A Shares
Sales Charges are Calculated” beginning on page 14 of this Prospectus and beginning on page 36 of the Statement of Additional
Information.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>SHAREHOLDER FEES (fees paid directly from your investment)</b></p>
~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column period compact * row primary compact * ~
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)</b></p>
~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column period compact * row primary compact * ~
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Example</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.25in">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 these
periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain
the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p>
~ http://xbrl.sec.gov/rr/role/ExpenseExample column period compact * row primary compact * ~
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Portfolio<font style="letter-spacing: -0.2pt">
</font>Turnover</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 4.15pt 0 0; text-align: justify; text-indent: 0.25in">The<font style="letter-spacing: 0.05pt">
</font>Fund<font style="letter-spacing: 0.05pt"> </font>pays<font style="letter-spacing: 0.05pt"> </font>transaction costs,<font style="letter-spacing: 0.05pt">
</font>such<font style="letter-spacing: 0.05pt"> </font>as<font style="letter-spacing: 0.05pt"> </font>commissions,<font style="letter-spacing: 0.05pt">
</font>when<font style="letter-spacing: 0.05pt"> </font>it<font style="letter-spacing: 0.05pt"> </font>buys<font style="letter-spacing: 0.05pt">
</font>and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction
costs and may result in higher taxes when Fund shares<font style="letter-spacing: -0.3pt">
</font>are held in<font style="letter-spacing: -0.3pt">
</font>a taxable account.<font style="letter-spacing: 1.95pt">
</font>These costs, which<font style="letter-spacing: -0.3pt">
</font>are not reflected in Annual Fund
Operating Expenses or in the Example, a<font style="letter-spacing: -0.2pt">f</font>fect the Fund<font style="letter-spacing: -0.6pt">’</font>s
performance. Portfolio<font style="letter-spacing: -0.35pt"> </font>turnover<font style="letter-spacing: -0.35pt"> </font>for<font style="letter-spacing: -0.35pt">
</font>the<font style="letter-spacing: -0.35pt"> </font>fiscal period<font style="letter-spacing: -0.35pt"> </font>from<font style="letter-spacing: -0.35pt">
</font>November<font style="letter-spacing: -0.35pt"> </font>11,<font style="letter-spacing: -0.35pt"> </font>2010 through June
30, 2011 was 32.87%.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt"><b>Principal Investment Strategies</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.25in">The
Fund seeks investment results that exceed the performance, before fees and expenses, of the MSCI World Index (the “Index”),
through active principles-based securities selection. The Fund mainly invests in equity securities of global companies with market
capitalizations that are above $150 million at the time of initial purchase and possess entrepreneurial characteristics (“entrepreneurial
companies”), as determined by the Fund’s portfolio manager. Equity securities include common stocks, preferred stocks,
convertible preferred stocks, warrants, options and American Depository Receipts.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.25in">Under
normal market conditions, the Fund will invest at least 40% of its assets<font style="letter-spacing: 1.2pt"> </font>in<font style="letter-spacing: 1.2pt">
</font>equity securities of<font style="letter-spacing: 1.2pt"> </font>companies domiciled or<font style="letter-spacing: 1.2pt">
</font>headquartered outside of the United States, or whose primary business activities or principal trading markets are located
outside of the United States (“foreign companies”), unless the Advisor
deems market conditions and/or company valuations to be less favorable to foreign companies, in which case, the Fund will invest
at least 30%<font style="letter-spacing: 0.05pt"> </font>of<font style="letter-spacing: 0.05pt"> </font>its<font style="letter-spacing: 0.05pt">
</font>total<font style="letter-spacing: 0.05pt"> </font>assets<font style="letter-spacing: 0.05pt"> </font>in<font style="letter-spacing: 0.05pt">
</font>foreign<font style="letter-spacing: 0.05pt"> </font>companies. The<font style="letter-spacing: 0.05pt"> </font>Fund<font style="letter-spacing: 0.05pt">
</font>may<font style="letter-spacing: 0.05pt"> </font>invest<font style="letter-spacing: 0.05pt"> </font>in<font style="letter-spacing: 0.05pt">
</font>a<font style="letter-spacing: 0.05pt"> </font>broad range of securities in both developed and emerging
markets. The Fund will invest in at least three countries.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.25in">The
Fund<font style="letter-spacing: -0.6pt">’</font>s investment strategy is unique, in part, due to the portfolio manager<font style="letter-spacing: -0.6pt">’</font>s
proprietary process of identifying a universe of companies, including technology companies, that the manager believes possess entrepreneurial
management<font style="letter-spacing: 0.05pt"> </font>characteristics. The Fund utilizes<font style="letter-spacing: 0.05pt">
</font>quantitative models to narrow the broad universe of domestic and foreign companies in which it may invest. The Fund then
uses fundamental analysis to identify from this list the entrepreneurial companies that it believes have the potential for long-
term capital appreciation. By<font style="letter-spacing: -0.1pt"> </font>way of example,<font style="letter-spacing: -0.1pt">
</font>in conducting the<font style="letter-spacing: -0.1pt"> </font>fundamental analysis, the Fund looks for companies with a good business, shareholder- oriented management and organic
growth. The portfolio manager generally will sell a portfolio security when he believes the security has achieved its value potential;
changing fundamentals signal a deteriorating value potential; or other securities with entrepreneurial characteristics have better
performance potential.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Principal Risks of Investing
in the Fund</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 4.15pt 0 0; text-align: justify; text-indent: 0.25in">Investors in the Fund may lose money.
The Fund is intended for investors who are willing to withstand the risk of short-term price fluctuations
in exchange for potential long-term capital appreciation. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or<font style="letter-spacing: 1.2pt">
</font>any other government agency.
There are risks associated with the Fund’s principal investment strategies. These risks include:</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"> </p>
<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 24pt; text-align: right">•<font style="letter-spacing: 1.2pt"> </font></td><td style="width: 12pt"></td><td style="text-align: justify"><b>Manager Risk: </b></td></tr></table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.5in; text-align: justify">How the portfolio
manager manages the Fund will a<font style="letter-spacing: -0.2pt">f</font>fect the Fund<font style="letter-spacing: -0.6pt">’</font>s
performance. The Fund may lose money if the portfolio manager<font style="letter-spacing: -0.6pt">’</font>s investment strategy
does not achieve the Fund<font style="letter-spacing: -0.6pt">’</font>s objective or the portfolio manager does not implement
the strategy properly.</p>
<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 24pt; text-align: right"><b>• </b></td><td style="width: 12pt"></td><td style="text-align: justify"><b>No Prior Experience Managing a Registered
Mutual Fund: </b></td></tr></table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.5in; text-align: justify">While D<font style="letter-spacing: -0.6pt">r</font>.<font style="letter-spacing: 0.05pt">
</font>Joel M. Shulman,<font style="letter-spacing: 0.05pt">
</font>the Fund<font style="letter-spacing: -0.6pt">’</font>s<font style="letter-spacing: 0.05pt">
</font>portfolio manager, has managed private
funds and accounts for over five years, the Fund is the first registered mutual fund managed by the Advisor and D<font style="letter-spacing: -0.6pt">r</font>.
Shulman. As a result, the Fund is subject to risks that may result from D<font style="letter-spacing: -0.6pt">r</font>.
Shulman<font style="letter-spacing: -0.6pt">’</font>s lack of prior experience managing a registered mutual fund.</p>
<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 24pt; text-align: right">•<font style="letter-spacing: 1.2pt"> </font></td><td style="width: 12pt"></td><td style="text-align: justify"><b>Market Risk: </b></td></tr></table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.5in; text-align: justify">The prices of the
securities, particularly the common stocks, in which the Fund invests may decline for a number of reasons. The price declines of
common stocks, in particular, may be steep, sudden, and/ or prolonged.</p>
<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 24pt; text-align: right">•<font style="letter-spacing: 1.2pt"> </font></td><td style="width: 12pt"></td><td style="text-align: justify"><b>Common Stock Risk: </b></td></tr></table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.5in; text-align: justify">Common stocks represent
an ownership interest in a company. They may or may not pay dividends or carry voting rights. Common stock occupies the most junior
position in a company<font style="letter-spacing: -0.6pt">’</font>s capital structure. Debt<font style="letter-spacing: -0.2pt">
</font>securities and preferred<font style="letter-spacing: -0.2pt">
</font>stocks have rights<font style="letter-spacing: -0.2pt">
</font>senior to a<font style="letter-spacing: -0.2pt">
</font>company<font style="letter-spacing: -0.6pt">’</font>s common stock. Although common stocks have<font style="letter-spacing: -0.15pt">
</font>a history of<font style="letter-spacing: -0.15pt">
</font>long-term growth in value, their prices fluctuate based on changes in a company<font style="letter-spacing: -0.6pt">’</font>s
financial condition and on overall market and economic conditions.</p>
<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 24pt; text-align: right">•<font style="letter-spacing: 1.2pt"> </font></td><td style="width: 12pt"></td><td style="text-align: justify"><b>Small and Medium Sized Companies Risk: </b></td></tr></table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.5in; text-align: justify">The Fund invests
in small and medium sized companies, which may have more limited liquidity and greater
price volatility than larger, more established companies. Small companies may have
limited product lines, markets or financial resources and their management may be dependent on a limited number of key individuals.</p>
<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 24pt; text-align: right">•<font style="letter-spacing: 1.2pt"> </font></td><td style="width: 12pt"></td><td style="text-align: justify"><b>Technology Company Investing Risk: </b></td></tr></table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.5in; text-align: justify">Investment in technology
companies, including companies engaged in Internet-related activities,<font style="letter-spacing: -0.1pt">
</font>is subject to<font style="letter-spacing: -0.1pt">
</font>the risk of<font style="letter-spacing: -0.1pt">
</font>short product cycles and rapid obsolescence
of products and services and competition from new and existing companies. The realization of any one of these risks<font style="letter-spacing: -0.15pt">
</font>may result in<font style="letter-spacing: -0.2pt">
</font>significant earnings loss<font style="letter-spacing: -0.15pt">
</font>and price volatility. Some technology
companies also have limited operating histories and are subject to the risks of small or unseasoned companies, as described under
“Small and Medium Sized Companies Risk.”</p>
<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 24pt; text-align: right">• </td><td style="width: 12pt"></td><td style="text-align: justify"><b>Foreign Securities Risk: </b></td></tr></table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.5in; text-align: justify">The securities
of foreign issuers may be less liquid and more volatile than securities of comparable U.S. issuers. The costs associated with securities
transactions are often higher in foreign countries than the U.S. The U.S. dollar value of foreign securities traded in foreign
currencies (and any dividends and interest earned) held by the Fund may be a<font style="letter-spacing: -0.2pt">f</font>fected
favorably or unfavorably by changes in foreign currency exchange rates. An increase in the U.S. dollar relative to these<font style="letter-spacing: 1.2pt">
</font>other currencies will<font style="letter-spacing: 1.2pt">
</font>adversely a<font style="letter-spacing: -0.2pt">f</font>fect<font style="letter-spacing: 1.2pt">
</font>the Fund. Additionally, investments in foreign securities, even those publicly
traded in the United States, may involve risks that are in addition to those inherent in domestic investments. Foreign companies
may not be subject to the same regulatory requirements of U.S. companies, and as a consequence, there may be less publicly available
information about<font style="letter-spacing: 0.8pt"> </font>such<font style="letter-spacing: 0.8pt"> </font>companies. Also,<font style="letter-spacing: 0.8pt">
</font>foreign<font style="letter-spacing: 0.8pt"> </font>companies<font style="letter-spacing: 0.8pt"> </font>may<font style="letter-spacing: 0.8pt">
</font>not<font style="letter-spacing: 0.8pt"> </font>be<font style="letter-spacing: 0.8pt"> </font>subject to uniform accounting,
auditing, and financial reporting standards and requirements comparable to those applicable to U.S. companies. Foreign<font style="letter-spacing: -0.2pt">
</font>governments and foreign<font style="letter-spacing: -0.2pt">
</font>economies often are<font style="letter-spacing: -0.2pt">
</font>less stable than the U.S. Government
and the U.S. economy.</p>
<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 24pt; text-align: right">• </td><td style="width: 12pt"></td><td style="text-align: justify"><b>Emerging Markets Risk: </b></td></tr></table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.5in; text-align: justify">Investments in
emerging market countries may have more risk because these markets are less developed,
less liquid and subject to increased economic, political, regulatory or other uncertainties.</p>
<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 24pt; text-align: right">• </td><td style="width: 12pt"></td><td style="text-align: justify"><b>Quantitative Investment Approach
Risk: </b></td></tr></table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.5in; text-align: justify">The Fund utilizes
a combined approach of quantitative and qualitative analysis. The Fund employs a number of quantitative filters in identifying
a broad array of entrepreneurial companies, and then the Fund performs fundamental analysis in determining its final stock selection.
While the portfolio manager continuously reviews and refines, if necessary, his investment approach, there may be market conditions
where the quantitative or qualitative investment approaches perform poorly.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 4.15pt 0 0; text-align: justify"><b>Performance</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The
following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows performance return
for the full calendar year 2011. The performance for the Institutional Class shares would differ only to the extent that the Institutional
Class shares have different expenses than the Investor Class shares. No performance is shown for the Retail Class because it is
no longer in operation, but it may be reopened in the future. The table shows how the Fund’s average annual returns over
time compare with those of a broad measure of market performance. Please remember that the Fund’s past performance
(before and after taxes) is not necessarily an indication of its future performance. It may perform better or worse in the future.</p>
0.0166
0.0166
0.0166
0.0319
0.0319
0.0294
-0.0121
-0.0121
-0.0121
670
211
184
1280
863
783
1914
1541
1408
3611
3349
3092
-0.1042
-0.0502
-0.1042
-0.1043
-0.0676
-0.1014
-0.1015
-0.0658
-0.0206
-.0449
-0.0451
-0.0381
-0.0420
-0.0423
-0.0356
2010-06-30
2010-06-30
0.0475
0
0
0
0
0
0
0
0
0
0
0
<p style="text-align: center"><b>EntrepreneurShares Fund - Retail Class</b><br />
<b>Calendar Year Total Returns as of 12/31</p>
<div style="display: none">~ http://xbrl.sec.gov/rr/role/BarChartData column period compact * column dei_LegalEntityAxis compact ENTRX_S000030086Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.5in; text-align: justify">The Fund’s year-to-date
return as of September 30, 2012 was 13.73%.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.5in; text-align: justify">During the 1 year period shown
above, the Funds best and worst quarters are shown below:</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.5in; text-align: justify">Best Quarter 31 Mar 2011 7.94%</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.5in; text-align: justify">Worst Quarter 30 Sept 2011
-20.86%</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>AVERAGE ANNUAL TOTAL RETURNS</b></p>
(For period ending December 31, 2011)
<div style="display: none">~ http://xbrl.sec.gov/rr/role/PerformanceTableData column period compact * column dei_LegalEntityAxis compact ENTRX_S000030086Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
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 aftertax returns depend on your
situation and may differ from those shown. In certain cases, the figure representing “Return After Taxes on Distributions
and Sale of Fund Shares” may be higher than the other return figures for the same period. A higher after-tax return results
when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. Furthermore, the
after-tax returns shown are not relevant to those who hold their shares through tax-deferred arrangements such as 401(k) plans
or Individual Retirement Accounts (“IRAs”).
Acquired Fund Fees and Expenses are indirect fees and expenses that funds incur from investing in the shares of other securities. The Total Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement for the Fund in the table above differs from the Ratio of Expenses to Average Net Assets found within the "Financial Highlights" section of the prospectus because the audited information in the "Financial Highlights" reflects the operating expenses and does not include indirect expenses such as Acquired Fund Fees and Expenses.
The Fund's investment advisor has contractually agreed to waive fees and/or reimburse expenses (excluding borrowing and investment-related costs and fees, taxes, extraordinary expenses and fees and expenses of underlying funds) to limit the total annualized expenses of Class A shares, Retail Class shares and Institutional Class shares of the Fund to the amounts of 1.95%, 1.95% and 1.70% per annum, respectively, of net assets attributable to such shares of the Fund.