As of December 31, 2011 As of January 31, 2012

Edgar Lomax
Value Fund

 S&P 500 ** Edgar Lomax
Value Fund		 S&P 500 **
Year- to- Date 8.95% 2.11% 2.01% 4.48%
1-Year* 8.95% 2.11% 9.68% 4.22%
3-Year* 14.42% 14.11% 19.66% 19.24%
5-Year* -0.43% -0.26% -0.15% 0.31%
10-Year* 3.93% 2.90% 4.05% 3.50%
Since Inception* (December 12, 1997) 4.26% 3.80% 4.38% 4.10%

 

 

Gross Expense Ratio: 1.60%      Net Expense Ratio: 0.94% ***

Performance data quoted represents past performance; past performance does not guarantee future results.  The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.  Current performance of the Fund may be lower or higher than the performance quoted.

Performance is determined by the change in NAV (Net Asset Value), adjusted for distributions, over the respective time period.  Returns reflect fee waivers in effect.  In the absence of fee waivers, returns would be reduced.

* Average annual total return.

** The S&P 500 index is an unmanaged market value-weighted index of 500 stocks designed to represent the broad domestic economy; it does not incur expenses and is not available for direct investment.

*** Figures are from the Fund's prospectus dated 2/28/11. The Advisor has contractually agreed to waive its fees and/or absorb expenses of the Fund to ensure that Net Annual Fund Operating Expenses do not exceed 0.99% (excluding “Acquired Funds Fees and Expenses, interest, taxes and extraordinary expenses”). The expense limitation will remain in effect through at least February 29, 2012, and may be terminated only by the Fund's Board of Trustees.  In addition, the Advisor has voluntarily agreed to waive a portion of its investment advisory fee contingent upon the Fund’s performance versus the S&P 500 Value Index. The Advisor has agreed to continue this waiver through at least February 29, 2012.  While the Advisor may discontinue it anytime thereafter, it has no intention of doing so.