Filed pursuant to Rule 497(e)

Registration Nos. 333-133691; 811-21897

Pemberwick Fund

(the “Fund”)

Supplement dated May 20, 2025 to

the Statutory Prospectus and Statement of Additional Information

dated July 31, 2024

Effective June 30, 2025, the mailing address for the Fund has changed. Going forward, please send written requests to obtain Fund documentation, or to purchase, redeem, or exchange shares of the Fund to:

Regular Mail:

Pemberwick Fund

c/o U.S. Bank Global Fund Services

PO Box 219252

Kansas City, MO 64121-9252

Overnight Delivery:

Pemberwick Fund

c/o U.S. Bank Global Fund Services

801 Pennsylvania Ave, Suite 219252

Kansas City, MO 64105-1307

* * * * *

Please retain this supplement with your Statutory Prospectus and

Statement of Additional Information