Letter to Investors

February 2012

www.islainvest.com [email protected] (305) 522-1333

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My letter this month is short and sweet:

Click this link to watch my presentation from the recent IIM investor meeting.

There is more than an hour's worth of material in those videos. And I am tired of hearing myself talk. So I believe that will do it for this month.

Please let me know if you have any questions. I'll be back with a more traditional letter at the end of March.

And our portfolios are off to a good start in 2012. More in the videos.

- Cale

The Tarpon Folio is an innovative, investor-friendly alternative to the traditional actively managed mutual fund. It's built on a model we call a Spoke Fund®.

It is more transparent, takes more concentrated positions and is significantly less expensive than the vast majority of mutual funds. The portfolio is managed for long-term growth using value investing principles.

Fees are 1.25% of assets annually, assessed on a quarterly basis. Turnover, taxes and trading are minimized in the fund, and investors can customize their accounts in several key ways, including tax preference. Each Tarpon Folio account is also protected by three types of insurance for a maximum of up to $9.0 million

For more information, visit our website.

Here is our privacy policy, our Form ADV and our Fiduciary Oath.

See our performance disclaimer for more. Any historical performance data contained above represent performance results as reported by the portfolio listed. The performance results are for illustration purposes only. Historical results are not indicative of future performance. Positive returns are not guaranteed.

Individual results will vary depending on market conditions and investing may cause capital loss. The S&P 500, used for comparison purposes, is significantly less volatile than the holdings of the funds listed. The performance data is net of all fees reflecting the deduction of advisory fees, brokerage commissions and any other client paid expenses. The performance data includes the reinvestment of capital gains.

The publication of this performance data is in no way a solicitation or offer to sell securities or investment advisory services.