Chapin Davis Select 25 Series 1

The Trust invests in 25 U.S.-listed companies that the Sponsor believes offer the best risk adjusted return potential over the life of the Trust. Risk-adjusted return defines an investment’s return by measuring how much risk is involved in producing a return. When selecting the names for the portfolio, the Sponsor seeks to select firms with lower historical risk measures. The U.S.-listed equity securities held by the Trust may include equity securities of U.S. and non-U.S. companies. The Trust may also invest in the equity securities of master limited partnerships. The Trust may invest in equity securities issued by small-, mid- and large-capitalization companies. The Sponsor has sought the assistance of Chapin Davis Asset Management (“CDAM”), as portfolio consultant, to develop the Trust’s investment strategy. As a result of this strategy, the Trust is concentrated in the financials sector.

To select the portfolio, the Sponsor follows a disciplined process developed with CDAM that includes both quantitative screening and qualitative analysis. The portfolio selection process begins with the stocks included in the S&P 500 Index as of the date of the security selection. This initial universe is then reduced to approximately 90 companies by applying a quantitative screen, which may be primarily based on, but not limited to, the following factors:

• Sector Potential: The Sponsor screens for sectors with the highest risk-adjusted performance potential.

• Industry Position: The Sponsor screens for companies that have a strong position in their respective industry due to being in leading market positions in their respective industries or their abilities to compete in their markets.

• Valuation: The Sponsor favors companies with reasonable valuation levels, which are companies the Sponsor believe may be able to maintain, among other factors, their overall market capitalization levels, their standard deviations of daily historical price changes and their ranking by a proprietary selection process employed.

• Profitability: The Sponsor screens for companies with a history of consistent and sustainable profitability as measured by earnings.

• Growth: The Sponsor screens for companies with a history of and prospects for above average growth of dividends, sales and earnings.

The Sponsor then performs a proprietary statistical analysis of the remaining companies based on their historical price movements over multiple time periods.

To select the final portfolio, the Sponsor selects the 20 most attractive companies based on the results of CDAM’s statistical analysis across multiple sectors. Finally, the Sponsor selects five additional stocks from the financial sector based on a qualitative review of companies the Sponsor believes are takeover candidates.

INDEX DEFINITIONS: The S&P 500 Index is a market-weighted stock market index comprised of the stocks of 500 U.S. corporations. Indices are unmanaged and it is not possible to invest directly in an index.

As with all investments, you may lose some or all of your investment in the Trust. No assurance can be given that the Trust’s investment objective will be achieved. The Trust also might not perform as well as you expect. This can happen for reasons such as these:

• Securities prices can be volatile. The value of your investment may fall over time. Market value fluctuates in response to various factors. These can include stock market movements, purchases or sales of securities by the Trust, government policies, litigation, and changes in interest rates, inflation, the financial condition of the securities’ issuer or even perceptions of the issuer. Units of the Trust are not deposits of any bank and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

• Share prices or dividend rates on the securities in the Trust may decline during the life of the Trust. There is no guarantee that share prices of the securities in the Trust will not decline and that the issuers of the securities will declare dividends in the future and, if declared, whether they will remain at current levels or increase over time.

• Securities selected according to this strategy may not perform as intended. The Trust is exposed to additional risk due to its policy of investing in accordance with an investment strategy. Although the Trust’s investment strategy is designed to achieve the Trust’s investment objective, the strategy may not prove to be successful. The investment decisions may not produce the intended results and there is no guarantee that the investment objective will be achieved.

• The Trust is concentrated in the financial sector. As a result, the factors that impact the financial sector will likely have a greater effect on this Trust than on a more broadly diversified Trust. Companies in the financial sector include banks, insurance companies and investment firms. The profitability of companies in the financial sector is largely dependent upon the availability and cost of capital which may fluctuate significantly in response to changes in interest rates and general economic developments. Financial sector companies are especially subject to the adverse effects of economic recession, decreases in the availability of capital, volatile interest rates, portfolio concentrations in geographic markets and in commercial and residential real estate loans, and competition from new entrants in their fields of business. Negative developments initially relating to the subprime mortgage market and subsequently spreading to other parts of the economy, have adversely affected credit and capital markets worldwide and significantly impacted financial sector companies.

• The Trust invests in securities issued by small- and mid-capitalization companies. These securities customarily involve more investment risk than securities of large-capitalization companies. Small- and mid-capitalization companies may have limited product lines, markets or financial resources and may be more vulnerable to adverse general market or economic developments.

• Inflation may lead to a decrease in the value of assets or income from investments.

• The Sponsor does not actively manage the portfolio. The Trust will generally hold, and may, when creating additional units, continue to buy, the same securities even though a security’s outlook, market value or yield may have changed.

See “Investment Risks” in Part A of the prospectus and “Risk Factors” in Part B of the prospectus for additional information.