Mutual fund investing involves risk. Principal loss is possible. The Palm Valley Capital Fund invests in smaller sized companies, which involve additional risks such as limited liquidity and greater volatility than large capitalization companies. The ability of the Fund to meet its investment objective may be limited to the extent it holds assets in cash (or cash equivalents) or is otherwise uninvested.

The Palm Valley Capital Fund is offered only to United States residents, and information on this web site is intended only for such persons. Nothing on the web site should be considered a solicitation to buy or an offer to sell shares of the Fund in any jurisdiction where the offer or solicitation would be unlawful under the securities laws of such jurisdiction.

The Palm Valley Capital Fund is distributed by Quasar Distributors, LLC.

The Palm Valley Capital Fundsinvestment objectives, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other important information about the investment company, and it may be obtained by calling , or clickinghere. Read it carefully before investing.

We are small cap value investors with a disciplined investment process centered on buying good businesses at good prices.

Our goal is to achieve an attractive absolute return over a full market cycle.

Investing in Small Cap Companies w/Eric Cinnamond

Palm Valley Capital Fund Third Quarter 2019 Letter

Palm Valley Capital Management was founded on the bedrock of an absolute return investment process. Our goal is to deliver an attractive return over a full market cycle, consisting of both a bull and bear market. We will only assume risk whenwe arebeing adequately compensated. Wewill never knowingly overpay for a security in orderto maintain a fully invested portfolio or to enhance near-term relative stead of overpaying, we will remain patient, hold cash, and search for more appealing investments. We believe our investment process enables us to reduce the risk of permanent capital impairment, while also providing us with the necessary flexibility to take advantage of future opportunity.