Acadia Asset Management



Acadia Mutual Fund Management, LLC is an SEC registered investment adviser formed in 2010 by Acadia Asset Management (AAM) to deliver investment, marketing and management services to the Acadia Mutual Funds. Using the experience and expertise of AAM's management within the hedge fund industry, Acadia Mutual Fund Management creates and manages mutual funds for retirement and benefit accounts as well as for high net worth individuals and institutions. The core values underlying the design and development of its mutual fund offerings are preservation of principal and returns equal to or greater than the designated benchmarks.

Acadia Mutual Fund Management's Strengths: Agility Focused on identifying investment opportunities that are scalable allowing immediate execution; Unencumbered by layers of bureaucratic approvals, portfolio managers operate within pre-approved trading parameters; and, Actively trading positions benefits investors mindful of the trade-offs between risk, return and transaction costs. Independence Not constrained to a niche unfilled by other internal investment teams within the organization; and, Wholly owned by the investment managers, management and employees. Bringing Hedge Fund and Alternatives Experience to the Benefit of Mutual Fund Investors Managing economic and market risk to appropriately determine viable hedges and portfolio protection when appropriate; Experienced creating and managing structured products; Corporate Restructurings; Loan Work-outs and negotiations with lenders; Management and Execution of Sovereign Direct Foreign Investment Programs; and, Merger & Acquisition Advisory and Arbitrage. Fully Integrated Evaluation Process Internal research dedicated to the evaluation of debt instruments and the financial strength of an issuer; Review of other respected analyst's reports on the issuer; and, Direct communication with the management of the issuer.

Advisor Background
Acadia Mutual Fund Management was founded in 2010 by Eric D. Jacobs, Dr. Michael E. Hogue and Richard N. Carpenter CPC, CEBS to provide a short term investment alternative to employer retirement and benefit plans as well as to individuals with similar needs. Eric has been a trader for 20+ years with an intensive focus on the financial services sector and cofounded a $750 million asset management company focused on alternative investments in 1997. Richard earned his reputation in the retirement field over three decades, in plan design, execution and compliance. Michael brings research, executive management and financial skills in the insurance and banking industry. Together they can complete bottom up analysis and review of plans, identify investment opportunities and find or build investment vehicles to meet the needs of retirement plan participants. They can also make these opportunities available for those who are outside of an employer plan but have the same needs for security and return. Acadia Mutual Fund Management is majority owned by Acadia Asset Management. Acadia Asset Management, LLC is an investment management firm providing clients around the world with portfolios customized to their individual 'risk adjusted return' objectives. Its proprietary product line is evolving as it grows, and currently includes higher yielding cash management alternatives, broader market alpha generating liquidity solutions while its alternative products are focused upon specific industries within the broader market. Acadia Asset Management was founded by Eric D. Jacobs, the creator and former Principal of Miller & Jacobs Capital, LLC, that created and managed investment products including hedge funds, mutual funds, and structured asset backed products. Acadia's commitment to investment excellence is anchored in a corporate culture that always puts clients first. And, the cornerstone of Acadia's business strategy is that our clients' needs are its goal in the investment program. With integrity, performance and professionalism Acadia earns your trust. With stability, we retain it.


Key Management Profiles


		Eric D. Jacobs Founder, Managing Member & Chief Investment Officer Mr. Jacobs concentrates on evaluating broader market conditions and combining that analysis with the firm's proprietary research to determine sub-sector portfolio allocations as well as overall long/short exposure. Prior to the formation of Acadia Asset Management, LLC Mr. Jacobs founded Miller & Jacobs Capital, LLC, a $750 million asset management firm that specialized in funds focused on the financial services sector as well as structured products, notably the Acadia Fund I, LP and Cerulean Partners, Ltd. Mr. Jacobs has also held positions in equity sales at Lehman Brothers and PaineWebber before working at Stuart Coleman & Co. where he managed discretionary accounts focusing on the financial services sector. There, he was also responsible for trading high yield and distressed debt with foreign dealers. Mr. Jacobs received a BA from Allegheny College.

		Dr. Michael E. Hogue Managing Director of Research & President of Acadia Mutual Fund Management Fundamental Research and Internal Compliance is managed by Dr. Michael Hogue. He has a PhD in Applied Economics and Risk Management and an MBA from the University of Georgia with a BA from the University of Washington. After service in the Strategic Air Command, he was hired as an Assistant Professor of Risk Management and Insurance at The Wharton School, University of Pennsylvania. During his tenure at Wharton he co-founded a consulting firm focused on the management, acquisition, rehabilitation and regulation of property casualty insurance companies. Dr. Hogue later teamed up with Morgan Bank, JP Morgan and AEA Investors to acquire the Providence Washington Insurance Companies where he served as Chairman and Chief Executive Officer. In addition Dr. Hogue has served on many governing boards including Fleet National Bank, American Insurance Association, ISO, Ocean State Tax Exempt Mutual Fund as well as serving the Governor of Rhode Island's task force on compensation reform.

		Richard N. Carpenter, CPC, CEBS Managing Director, Pension & Retirement Products Mr. Carpenter advises the fund on issues related to qualified retirement plans. He is responsible for compliance with the Employee Retirement Income Security Act as well as legislative and regulatory updates impacting retirement plans. Mr. Carpenter founded the Technical Answer Group, Inc (TAGdata.com), now owned by Wolters Kluwer Law & Business. In the 10 years he operated TAG, he developed over 2,000 customer relationships with accounting firms, law firms, insurance companies, mutual fund companies and more than 1,500 third party administration (TPA) firms. Prior to founding TAGdata.com, Richard was formerly the Senior Manager in charge of the Florida employee benefits consulting practice for Deloitte & Touche. He has an MBA with an emphasis in Finance from the University of South Florida. He earned the Certified Employee Benefits Specialist (CEBS) from the International Society of Certified Employee Benefit Specialists (ISCEBS) and Certified Pension Consultant (CPC) from the American Society of Pension Professionals and Actuaries (ASPPA).

		Mark Smedley Chief Operating Officer Mr. Smedley manages the firm's internal operational issues and manages relationships with our stakeholders, investors, and vendors. Formerly, he was Managing Director for Global Conexions, a business introductions agency. There, Mark sourced a diverse range of worldwide alternative investment opportunities, guided US companies' international expansions and generated foreign direct investment through his economic development advisory services to several European governments. He represented the country of Sweden, the cities of Barcelona, Manchester and Torino in addition to regions in Germany and France. Mark was formerly Vice President - North America for Telecom Ireland. He was responsible for Japanese accounts at MCI and graduated from Allegheny College with a Bachelor of Science in Economics.





Advisor Investment Team
The investment team of Acadia Mutual Fund Management is diverse in expertise and experience. Investment committee meetings bring out all opinions but end in unity of plan and execution. It is healthy to have those in the minority view 'watchdog' the outcome of the majority decision; it results in quick adjustment to changing conditions. The goal of the trading department is to provide a superior return to similar funds on an after expense basis.

		Over the last 3 years, nine of the top ten performing mutual funds in the Morningstar galaxy had expense ratios between 1.34 and 2.50 percent. Our expense ratio is capped at 1.45%.


Acadia Mutual Fund Management serves as the investment adviser to The Acadia Funds. The Acadia Mutual Funds are offered by prospectus and summary prospectus only to U.S. individual and institutional investors. An investor should consider the investment objectives, risks, and charges and expenses of the Fund carefully before investing. The prospectus and summary prospectus contains this and other information about the Fund. A copy of the prospectus and summary prospectus is available by calling the Fund directly at (800) 595-4866 or the Fund's Adviser at (212) 671-1111. The prospectus and summary prospectus should be read carefully before investing. The information presented on this page is not an offer to sell or a solicitation of an offer to purchase shares of the fund.

Underwriter and Distributor:	Rafferty Capital Markets, LLC 59 Hilton Avenue, Garden City, New York 11530 Phone: (516) 877 5300