ck0001027596-20221031
Investor
Class: LOMAX
PROSPECTUS
February 28,
2023
This
Prospectus describes the Edgar
Lomax Value Fund
(the “Fund”). The Fund invests in value stocks for long-term capital growth
while providing some income.
The
U.S. Securities and Exchange Commission (the “SEC”) has not approved or
disapproved these securities or determined if this Prospectus is truthful or
complete. Any representation to the contrary is a criminal offense.
SUMMARY
SECTION
Investment Objective
The Fund seeks long-term
capital growth while providing some income.
Fees and Expenses of the
Fund
This table describes the fees
and expenses that you may pay if you buy, hold, and sell shares of the Fund. You
may pay other fees, such as brokerage commissions and other fees to financial
intermediaries, which are not reflected in the table and example
below.
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SHAREHOLDER
FEES
(fees paid directly from your investment) |
None |
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ANNUAL
FUND OPERATING EXPENSES
(expenses
that you pay each year as a percentage of the value of your
investment) |
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| Management
Fees |
0.55% |
| Other
Expenses |
0.45% |
| Total
Annual Fund Operating Expenses |
1.00% |
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Less:
Fee Waiver and/or Expense Reimbursement (1) |
-0.30% |
| Total
Annual Fund Operating Expenses After Fee Waiver and/or Expense
Reimbursement |
0.70% |
____________________________________________
(1)The
Edgar Lomax Company (the “Advisor”) has contractually agreed to waive all or a
portion of its management fees and pay expenses of the Fund to ensure that Total
Annual Fund Operating Expenses (excluding acquired fund fees and expenses
(“AFFE”), interest, taxes and extraordinary expenses) do not exceed 0.70% of the
Fund’s average daily net assets (the “Expense Cap”). The Expense Cap will remain
in effect through at least February 27,
2024, and may be terminated only by the Fund’s Board of Trustees
(the “Board”). The Advisor may request recoupment of previously waived fees and
paid expenses from the Fund for 36 months from the date they were waived or
paid, subject to the Expense Cap at the time such amounts were waived or at the
time of recoupment, whichever is lower. In addition, the Advisor has voluntarily
agreed to waive a portion of its management fee contingent upon the Fund’s
performance versus the S&P 500®
Value Index. If the Advisor waives management fees under this arrangement, it
has also agreed to absorb all Fund expenses, other than management fees, AFFE,
interest, taxes and extraordinary expenses. The Advisor has agreed to continue
this voluntary waiver arrangement through at least February 27, 2024. While this
voluntary waiver arrangement may be discontinued at any time after
February 27, 2024, the Advisor has no current intention of doing so.
With
the voluntary waiver arrangement, actual Total Annual Fund Operating Expenses
were 0.50% for the fiscal year ended October 31, 2022.
For more information, please see the “Management Fee and Voluntary Fee Waiver”
section in the statutory prospectus.
Example. This Example is
intended to help you compare the cost of investing in the Fund with the cost of
investing in other mutual funds. The Example assumes that you invest $10,000 in
the Fund for the time periods indicated and then redeem all of your shares at
the end of those periods. The Example also assumes that your investment has a 5%
return each year and that the Fund’s operating expenses remain the same (taking
into account the Expense Cap only in the first year).
Although your actual costs may be higher
or lower, based on these assumptions your costs would
be:
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| 1
Year |
3
Years |
5
Years |
10
Years |
| $72 |
$289 |
$523 |
$1,197 |
Portfolio
Turnover.
The Fund pays transaction
costs, such as commissions, when it buys and sells securities (or “turns over”
its portfolio). A higher portfolio turnover rate may indicate higher transaction
costs and may result in higher taxes when Fund shares are held in a taxable
account. These costs, which are not reflected in annual fund operating expenses
or in the Example, affect the Fund’s performance. During the most recent fiscal
year, the Fund’s portfolio turnover rate was 39.80% of the average value of its
portfolio.
Principal Investment Strategies of the
Fund
The
Advisor uses a disciplined approach to select stocks for the Fund’s portfolio
that it believes are undervalued and have prospects for continued consistent
growth. The Advisor uses fundamental analysis of financial statements to select
stocks of issuers that generally have low price/earnings and price/book ratios
as well as strong balance sheet ratios and high and/or stable dividend
yields.
The
Fund invests primarily in large, well-recognized companies. Currently, the
Advisor expects the Fund’s portfolio to hold at least 20% of the stocks
comprising the Standard & Poor’s (“S&P”) 100 Index, a
capitalization-weighted index of 100 stocks from a broad range of industries.
Under normal market conditions, the Fund will invest at least 85% of its total
assets in equity securities, consisting of common stocks and other securities
which have the characteristics of common stocks, including, but not limited to,
convertible securities, exchange-traded funds (“ETFs”), rights and
warrants.
The
Advisor may choose to sell a security when it believes the security no longer
offers attractive returns or when the Advisor wishes to take advantage of a
better investment opportunity.
Principal Investment Risks
By
itself, the Fund is not a complete, balanced investment plan. The Fund cannot
guarantee that it will achieve its investment objectives. Losing all or a portion of your investment is a risk of
investing in the Fund. The following risks are considered
principal and could affect the value of your investment in the
Fund:
Equity
Securities Risk. The
value of the Fund’s shares will go up or down based on the movement of the
overall stock market and the value of the individual securities held by the
Fund, both of which can sometimes be volatile.
General
Market Risk.
Economies and financial markets throughout the world are becoming increasingly
interconnected, which increases the likelihood that events or conditions in one
country or region will adversely impact markets or issuers in other countries or
regions. Securities in the Fund’s portfolio may underperform in comparison to
securities in general financial markets, a particular financial market or other
asset classes due to a number of factors, including: inflation (or expectations
for inflation); interest rates; global demand for particular products or
resources; natural disasters or events; pandemic diseases; terrorism; regulatory
events; and government controls. U.S. and international markets have experienced
significant periods of volatility in recent years and months due to a number of
economic, political and global macro factors including the impact of COVID-19 as
a global pandemic, which has resulted in a public health crisis, disruptions to
business operations and supply chains, stress on the global healthcare system,
growth concerns in the U.S. and overseas, staffing shortages and the inability
to meet consumer demand, and widespread concern and uncertainty. The global
recovery from COVID-19 is proceeding at slower than expected rates due to the
emergence of variant strains and may last for an extended period of time.
Continuing uncertainties regarding interest rates, rising inflation, political
events, rising government debt in the U.S. and trade tensions also contribute to
market volatility. As a result of continuing political tensions and armed
conflicts, including the war between Ukraine and Russia, the U.S. and the
European Union imposed sanctions on certain Russian individuals and companies,
including certain financial institutions, and have limited certain exports and
imports to and from Russia. The war has contributed to recent market volatility
and may continue to do so.
Management
Risk.
The skill of the Advisor will play a significant role in the Fund’s ability to
achieve its investment objectives.
Value
Style Risk. “Value”
investing as a strategy may be out of favor in the market for an extended
period.
Value
stocks can perform differently from the market as a whole and from other types
of stocks.
Performance
The following
performance information provides some indication of the risks of investing in
the Fund. The bar chart shows the annual return for the Fund
from year to year. The table shows how the Fund’s average annual returns for
1-year, 5-years, and 10-years compare with those of a broad measure of market
performance, as well as two indices that reflect the large-cap value segment of
the market. The Fund’s past performance,
before and after taxes, is not necessarily an indication of how the Fund will
perform in the future. Updated performance information is
available on the Fund’s website at www.edgarlomax.com
or toll-free at 1‑866‑205‑0524.
Annual Total Returns as of December
31
During the period of time
displayed in the bar chart, the Fund’s best quarter was the
Q4
2020, up 15.72%, and its worst quarter was the
Q1
2020, down -26.73%.
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Average Annual Total Returns
For the
Periods Ended December 31, 2022 |
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| Edgar
Lomax Value Fund |
One
Year |
Five
Years |
Ten
Years |
| Return Before
Taxes |
-0.55% |
7.04% |
10.93% |
| Return After Taxes on
Distributions |
-2.22% |
5.07% |
8.88% |
| Return After Taxes on Distributions and
Sale of Fund Shares |
0.90% |
5.27% |
8.53% |
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S&P
500®
Index
(reflects no deduction for
fees, taxes, or expenses) |
-18.11% |
9.42% |
12.56% |
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S&P
500®
Value Index
(reflects
no deduction for fees, taxes, or expenses) |
-5.22% |
7.58% |
10.86% |
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Lipper
Large-Cap Value Funds Index
(reflects
no deduction for taxes) |
-7.81% |
7.35% |
10.62% |
After-tax returns are
calculated using the historically highest individual federal marginal income tax
rates and do not reflect the impact of state and local taxes.
Actual after-tax returns
depend on an investor’s tax situation and may differ from those shown. After-tax
returns are not relevant to investors who hold their Fund shares through
tax-deferred arrangements, such as 401(k) plans or individual retirement
accounts (“IRAs”). The Return After Taxes on
Distributions and Sale of Fund Shares is higher than other return figures when a
capital loss occurs upon redemption and provides an assumed tax deduction that
benefits the investor.
Management
Investment
Advisor. The
Edgar Lomax Company is the investment advisor to the Fund.
Portfolio
Managers.
Randall R. Eley, President and Chief Investment Officer of the Advisor, and
Thomas B. Murray, Senior Vice President, Chief Operating Officer and a Portfolio
Manager for the Advisor, are the Fund’s portfolio managers. Mr. Eley has managed
the Fund since its inception in December 1997. Mr. Murray has been a portfolio
manager of the Fund since December 2019, and has worked for the Advisor since
2001.
Purchase
and Sale of Fund Shares
You
may purchase or redeem Fund shares on any business day by written request via
mail (Edgar Lomax Value Fund, c/o U.S. Bank Global Fund Services, P.O. Box 701,
Milwaukee, WI 53201-0701), by wire transfer, by telephone at 1‑866‑205‑0524, or
through a financial intermediary. Investors who wish to purchase or redeem Fund
shares through a financial intermediary should contact the financial
intermediary directly. The minimum initial and subsequent investment amounts are
shown below.
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| Type
of Account |
To
Open
Your
Account |
To
Add to
Your
Account |
| Regular
Accounts |
$2,500 |
$100 |
| IRAs,
Coverdell Education Savings Accounts, and Automatic Investment
Plans |
$1,000 |
$100 |
Tax
Information
The
Fund’s distributions are taxable, and will be taxed as ordinary income or
capital gains, unless you are investing through a tax-deferred arrangement such
as a 401(k) plan or an IRA. Distributions on investments made through
tax-deferred arrangements may be taxed later upon withdrawal of assets from
those accounts.
Payments
to Broker-Dealers and Other Financial Intermediaries
If
you purchase the Fund through a broker-dealer or other financial intermediary,
the Fund and/or the Advisor may pay the intermediary for the sale of Fund shares
and related services. These payments may create a conflict of interest by
influencing the broker-dealer or other intermediary and your salesperson to
recommend the Fund over another investment. Ask your salesperson or visit your
financial intermediary’s website for more information.
PRINCIPAL
INVESTMENT STRATEGIES, RELATED RISKS AND PORTFOLIO HOLDINGS
INFORMATION
Principal
Investment Strategies
In
buying and selling securities for the Fund, the Advisor uses a disciplined
approach to select stocks that it believes are undervalued and have prospects
for continued consistent growth. The Advisor uses fundamental analysis of
financial statements to select stocks of issuers that generally have low
price/earnings and price/book ratios as well as strong balance sheet ratios and
high and/or stable dividend yields.
The
Fund invests primarily in large, well-recognized companies. Currently, the
Advisor expects the Fund’s portfolio to hold at least 20% of the stocks
comprising the S&P 100 Index, a capitalization-weighted index of 100 stocks
from a broad range of industries. In the absence of substantial cash inflows or
outflows, the Advisor does not generally expect the Fund’s annual portfolio
turnover rate to exceed 50%.
Under
normal market conditions, the Fund will invest at least 85% of its total assets
in equity securities, consisting of common stocks and other securities which
have the characteristics of common stocks, including, but not limited to,
convertible securities, ETFs, rights and warrants.
The
Advisor may choose to sell a security when it believes the security no longer
offers attractive returns or when the Advisor wishes to take advantage of a
better investment opportunity.
If
the Advisor believes that market, economic, political or other conditions
warrant a temporary defensive posture, the Fund may invest without limit in high
quality, short-term debt securities and money market instruments. At such times,
the Fund would not be seeking long-term capital growth. Furthermore, to the
extent that the Fund invests in money market mutual funds and ETFs, there will
be some duplication of expenses because the Fund would bear its pro rata portion
of such investment companies’ management fees and operational
expenses.
Related
Risks
Equity
Securities Risk
The
Fund is designed for long-term investors who can accept the risks of investing
in a portfolio with significant common stock holdings. Prices of common stocks
move up or down (sometimes rapidly and unpredictably) in response to general
market and economic conditions, interest rates, investor perception and
anticipated events, as well as the activities of the particular issuer. Equity
market risk may affect a single issuer, industry, sector of the economy or the
market as a whole. Because the Fund invests in equity securities, its share
price may change daily in response to stock market movements.
General
Market Risk
Economies
and financial markets throughout the world are becoming increasingly
interconnected, which increases the likelihood that events or conditions in one
country or region will adversely impact markets or issuers in other countries or
regions. Securities in the Fund’s portfolio may underperform in comparison to
securities in general financial markets, a particular financial market or other
asset classes due to a number of factors, including: inflation (or expectations
for inflation); interest rates; global demand for particular products or
resources; natural disasters or events; pandemic diseases; terrorism; regulatory
events; and government controls. U.S. and international markets have experienced
significant periods of volatility in recent years and months due to a number of
economic, political and global macro factors including the impact of COVID-19 as
a global pandemic, which has resulted in a public health crisis, disruptions to
business operations and supply chains, stress on the global healthcare system,
growth concerns in the U.S. and overseas, staffing shortages and the inability
to meet consumer demand, and widespread concern and uncertainty. The global
recovery from COVID-19 is proceeding at slower than expected rates due to the
emergence of variant strains and may last for an extended period of time.
Continuing uncertainties regarding interest rates, rising inflation, political
events, rising government debt in the U.S. and trade tensions also contribute to
market volatility. As a result of continuing political tensions and armed
conflicts, including the war between Ukraine and Russia, the U.S. and the
European Union imposed sanctions on certain Russian individuals and companies,
including certain financial institutions, and have limited certain exports and
imports to and from Russia. The war has contributed to recent market volatility
and may continue to do so.
Management
Risk
Your
investment in the Fund varies with the success or failure of the Advisor’s
investment strategies, research, analysis and determination of portfolio
securities. If the Advisor’s investment strategies do not produce the expected
results, your investment could be diminished.
Value
Style Risk
The
Fund follows a “value” investment style, and there is the risk that value
investing, in general, may be out of favor in the market for a period of time.
During such times, value stocks may underperform the market as a whole and other
types of stocks. In addition, stocks judged by the Advisor to be undervalued may
actually be appropriately priced.
Portfolio
Holdings Information
A
complete description of the Fund’s policies and procedures with respect to the
disclosure of the Fund’s portfolio securities is available in the Fund’s
Statement of Additional Information (“SAI”) and on the Fund’s website at
www.edgarlomax.com.
Currently, disclosure of the Fund’s holdings is required to be made quarterly
within 60 days of the end of each fiscal quarter in the annual and semi-annual
reports to Fund shareholders and in the quarterly holdings report on Part F of
Form N-PORT.
MANAGEMENT
OF THE FUND
The
Advisor and the Fund’s Portfolio Managers
The
Edgar Lomax Company, the Fund’s investment advisor, is located at 5971
Kingstowne Village Parkway, Suite 240, Alexandria, Virginia 22315, and has
provided asset management services to individuals and institutional investors
since 1986. Randall R. Eley is the President and Chief Investment Officer of the
Advisor and a Portfolio Manager of the Fund, and he has been active in
investment management with the Advisor since its founding in 1986. Thomas B.
Murray is the Senior Vice President, Chief Operating Officer and a Portfolio
Manager for the Advisor. He is principally responsible for the day-to-day
management of the Fund’s portfolio. Mr. Murray has been a manager of the
Fund since December 2019, and has worked for the Advisor since
2001.
The
SAI provides additional information about the portfolio managers’ compensation,
other accounts managed by the portfolio managers and the portfolio managers’
ownership of securities in the Fund.
The
Advisor provides the Fund with advice on buying and selling securities, manages
the investments of the Fund, furnishes the Fund with office space and certain
administrative services, and provides most of the personnel needed by the Fund.
As compensation, the Fund pays the Advisor a monthly management fee of 0.55% of
the Fund’s average daily net assets. For the fiscal year ended October 31, 2022,
the Advisor was entitled to receive management fees of 0.25% of the Fund’s
average daily net assets, net of the contractual management fee waiver. After
the additional voluntary fee waiver and expense reimbursement, the Advisor was
entitled to receive 0.05% of the Fund’s average daily net assets.
A
discussion regarding the basis for the Board’s approval of the investment
advisory agreement is available in the Fund’s semi-annual report to shareholders
dated April 30,
2022,
for the period November 1, 2021 through
April 30, 2022.
Management
Fee and Voluntary Fee Waiver
The
Fund pays the Advisor monthly compensation computed daily at the annual rate of
0.55% of the Fund’s average daily net assets. In addition to the indefinite
contractual waiver between the Advisor and the Trust, the Advisor has also
agreed to voluntarily waive a portion of its management fees due from the Fund
based upon the Fund’s 3-year and 5-year average annual total return versus the
S&P 500®
Value Index. The Advisor intends to waive a portion of its management fee
whenever, as of the end of each month, the Fund’s 3-year or 5-year average
annual total return is less than that of the S&P 500®
Value
Index for the corresponding period. Further, if the Advisor waives management
fees for any month under these circumstances, the Advisor has also voluntarily
agreed to absorb all Fund expenses, other than management fees, AFFE, interest,
taxes and extraordinary expenses. While the Advisor may discontinue its
voluntary waiver at any time after February 27, 2024, it has no current
intention of doing so. Under these conditions, the management fee will be as
follows:
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| Fund
Assets |
Reduced
Management Fee
(3-year and/or 5-year performance) |
“Other
Expenses” Cap |
“Total
Annual Fund
Operating Expenses” Limitation |
| All
Assets |
0.05% |
0.45% |
0.50% |
For
the fiscal year ended October 31, 2022, there was an additional voluntary
management fee waiver and payment of Fund expenses in the aggregate of
$204,990.
SHAREHOLDER
INFORMATION
How
Does the Fund Price its Shares?
The
price of the Fund’s shares is its net asset value (“NAV”) per share. The NAV per
share is determined by dividing the value of the Fund’s portfolio securities,
cash and other assets, minus all expenses and liabilities, by the number of
shares outstanding (assets - liabilities/ # of shares = NAV per share). The NAV
per share takes into account the expenses and fees of the Fund, including
management and administration fees, which are accrued daily. In calculating
this, the Fund values its portfolio securities at current market value, if
available. When market quotations are not readily available, securities are
valued at fair value as determined by the Board. The Board has developed and
adopted procedures which specify the fair value methodology. The Board also has
procedures in place to monitor the policies and operations of third party
providers of fair value prices. Generally, the Fund does not price its shares on
days during which the New York Stock Exchange (“NYSE”) is closed for trading.
The NYSE is closed on weekends and most national holidays.
How
to Purchase Shares of the Fund
To
invest in the Fund, the minimum initial and subsequent investment amounts are
$2,500 and $100, respectively. However, if you are investing in an IRA,
Coverdell Education Savings Account (“Coverdell ESA”), or you are starting an
Automatic Investment Plan (see below), the minimum initial and subsequent
investments are $1,000 and $100, respectively. The Advisor may reduce or waive
the minimum initial investment amount in some cases.
You
may purchase shares of the Fund directly by check, by wire transfer of funds
through a bank, or by electronic funds transfer via the Automated Clearing House
(“ACH”) network, as described below. Additionally you may purchase shares
through approved financial supermarkets, investment advisors and consultants,
financial planners, brokers, dealers and other investment professionals and
their agents (“Brokers”) authorized by the Fund to receive purchase orders. The
Fund will be deemed to have received a purchase or redemption order when an
authorized Broker or, if applicable, a Broker’s authorized
designee,
receives the order. Investors should check with their Broker to determine if it
participates in these arrangements.
By
Mail
If
you are making your first investment in the Fund, simply complete a new account
application and mail it with a check (made payable to “Edgar Lomax Value Fund”)
to:
Edgar
Lomax Value Fund
c/o
U.S. Bank Global Fund Services
P.O.
Box 701
Milwaukee,
Wisconsin 53201-0701
If
you wish to send your account application and check via an overnight delivery
service (such as FedEx), delivery cannot be made to a post office box. In that
case, mail to the following address:
Edgar
Lomax Value Fund
c/o
U.S. Bank Global Fund Services
615
East Michigan Street, 3rd Floor
Milwaukee,
Wisconsin 53202-5207
The
Fund does not consider the U.S. Postal Service or other independent delivery
services to be its agents. Therefore, deposit in the mail or with such services,
or receipt at the U.S. Bank Global Fund Services (the “Transfer Agent”) post
office box, of new account applications, purchase requests or redemption
requests does not constitute receipt by the Transfer Agent.
Receipt
of purchase orders or redemption requests is based on when the order is received
at the Transfer Agent’s office.
If
you are making a subsequent investment, a stub is attached to the confirmation
statement you will receive after each transaction. Detach the Invest by Mail
form from the statement and mail it to the Fund along with a check made payable
to “Edgar Lomax Value Fund” in the envelope provided with your statement or to
the address noted above. Your account number should be written on the check. If
you do not have the “Invest by Mail” form, include the Fund name, your name,
address, and account number on a separate piece of paper along with your
check.
The
Fund will not accept cash or money orders. All purchases by check must be in
U.S. dollars drawn on a domestic financial institution. To prevent check fraud,
the Fund will not accept third-party checks, Treasury checks, credit card
checks, traveler’s checks or starter checks for the purchase of shares. The Fund
is unable to accept post-dated checks or any conditional order or
payment.
In
compliance with the Uniting and Strengthening America by Providing Appropriate
Tools Required to Intercept and Obstruct Terrorism Act of 2001 (the “USA PATRIOT
Act”), please note that the Transfer Agent will verify certain information on
your account application as part of the Fund’s Anti-Money Laundering Program. As
requested on the application, you must provide your full name, date of birth,
social security number and permanent street address. If you are opening the
account in the name of a legal entity (e.g.,
partnership, limited liability company, business trust, corporation, etc.), you
must provide the identities of the beneficial owners. Mailing addresses
containing only a P.O. Box will not be accepted. Please contact the
Transfer Agent at 1‑866‑205‑0524 if you need additional assistance when
completing your account application.
If
we do not have a reasonable belief of the identity of an investor, the account
will be rejected or the investor will not be allowed to perform a transaction on
the account until such information is received. In
the
rare event that the Transfer Agent is unable to verify your identity, the Fund
reserves the right to redeem your account at the current day’s net asset
value.
Shares
of the Fund have not been registered for sale outside the United States. The
Fund generally does not sell shares to investors residing outside the United
States, even if they are United States citizens or lawful permanent residents,
except to investors with United States military APO or FPO
addresses.
By
Wire
If
you are making an initial investment in the Fund, the Transfer Agent must have
previously received a completed new account application before you can send in
your wire purchase. You can mail or overnight deliver your account application
to the Transfer Agent at the above address. Upon receipt of your completed
account application, the Transfer Agent will establish an account for you. Once
you have an established account, you may instruct your bank to send the wire.
Your bank must include the name of the Fund, as well as your name and account
number so that monies can be correctly applied. Your bank should transmit
immediately available funds by wire to:
U.S.
Bank National Association
777
East Wisconsin Avenue
Milwaukee,
Wisconsin 53202
ABA
#075000022
Credit:
U.S. Bancorp Fund Services, LLC
A/C
#112-952-137
FFC:
Edgar Lomax Value Fund
Shareholder
Name (Account Title)
Shareholder
Account Number
For
all wired funds (whether new or subsequent purchase), we strongly recommend that
you contact the Transfer Agent at 1-866-205-0524 to advise them of your intent
to wire funds. This will ensure prompt and accurate credit upon receipt of your
wire. It
is essential that your bank include information about your account in all wire
instructions.
If you have questions about how to invest by wire, you may call the Transfer
Agent at 1-866-205-0524. Your bank may charge you a fee for sending a wire
payment to the Fund. Wired funds must be received prior to 4:00 p.m., Eastern
Time to be eligible for same day pricing. The Fund and U.S. Bank N.A. are not
responsible for the consequences of delays resulting from the banking or Federal
Reserve wire system, or from incomplete wiring instructions.
Telephone
Purchases
Existing
shareholders may purchase additional shares of the Fund by calling
1-866-205-0524. If you accepted telephone options on your account application,
and your account has been open for at least seven business days, telephone
orders will be accepted via electronic funds transfer from your bank account
through the Automated Clearing House (“ACH”) network. Each order must be a
minimum of $100 and you must have banking information established on your
account prior to making a purchase. If your order is received prior to 4 p.m.
Eastern Time, your shares will be purchased at the NAV per share calculated on
the day your order is placed. For security reasons, requests by telephone may be
recorded. Once a telephone transaction has been requested, it cannot be
cancelled or modified after the close of regular trading on the NYSE (generally,
4:00 p.m., Eastern Time).
You
May Purchase Shares Through a Broker
You
may be able to invest in, and redeem shares of, the Fund through a Broker if the
Broker has made arrangements with the Fund’s distributor. The Broker is
authorized by the Fund’s principal underwriter to designate intermediaries to
accept orders on the Fund’s behalf. The Broker or the authorized designee may
place an order for you with the Fund and the Fund will be deemed to have
received the order when
the
authorized Broker or authorized designee accepts the order. Brokers may have
different investment minimum requirements than those outlined in this
prospectus. Additionally, Brokers may aggregate several customer accounts to
accumulate the requisite initial investment minimum. Please consult your Broker
for their account policies.
The
price you will pay will be the NAV per share which is next calculated after the
acceptance of the order by the authorized Broker or the authorized designee. A
Broker may charge you a fee for placing your order. However, you can avoid
paying such a fee by sending an account application and payment directly to the
Fund. The Broker may also hold the shares you purchase in its omnibus account,
rather than in your name, in the records of the Transfer Agent. The Advisor may
reimburse the Broker for maintaining records of your account as well as for
other services provided to you. See “Service Fees” below.
Your
Broker is responsible for sending your money to the Fund promptly after placing
the order to purchase shares, and the Fund may cancel the order if payment is
not received from the Broker promptly.
When
is Money Invested in the Fund?
Any
money received for investment in the Fund from an investor or Broker, whether
sent by check or by wire, is invested at the NAV per share of the Fund which is
next calculated after the money is received and accepted (assuming the check or
wire correctly identifies the Fund and account). The NAV per share is calculated
at the close of regular trading of the NYSE, normally 4:00 p.m., Eastern
Time. A check or wire received after the NYSE closes is invested at the next
calculated NAV per share of the Fund. Shares are purchased at the NAV next
determined after the Transfer Agent receives your order in good order. “Good
order” means your purchase request includes: (1) the name of the Fund, (2) the
dollar amount of shares to be purchased, (3) your purchase application or
investment stub, and (4) a check payable to “Edgar Lomax Value Fund.” Account
applications will not be accepted unless they are accompanied by payment in U.S.
dollars, drawn on a domestic financial institution.
Other
Information
The
Fund may waive the minimum investment requirements for purchases by certain
group plans or retirement plans. A $25 charge will be imposed, in addition to
any loss sustained by the Fund, if a payment used to make an investment does not
clear. The Fund reserves the right to reject any investment, in whole or in
part. Federal tax law requires that investors provide a certified taxpayer
identification number and other certifications on opening an account in order to
avoid backup withholding of taxes. See the account application for more
information about backup withholding. The Fund is not required to issue share
certificates. All shares are normally held in non-certificated form on the books
of the Fund, for the account of the shareholder. The Fund, under certain
circumstances, may accept investments of securities appropriate for the Fund’s
portfolio, in lieu of cash. Prior to making such a purchase, you should call the
Advisor to determine if such an investment may be made.
In
an effort to decrease costs, the Fund intends to reduce the number of duplicate
prospectuses, proxy statements and other similar documents you receive by
sending only one copy of each to those addresses shared by two or more accounts
and to shareholders the Transfer Agent reasonably believes are from the same
family or household. Once implemented, if you would like to discontinue
householding for your accounts, please call toll-free at 1‑866‑205‑0524 to
request individual copies of these documents. Once the Transfer Agent receives
notice to stop householding, the Transfer Agent will begin sending individual
copies thirty days after receiving your request. This policy does not apply to
account statements.
Retirement
Plans and Coverdell ESAs
You
may obtain prototype IRA or Coverdell ESA plans from the Fund. Shares of the
Fund are also eligible investments for other types of retirement
plans.
Automatic
Investment Plan
After
your initial investment of $1,000, you may make regular monthly or quarterly
investments in the Fund through an Automatic Investment Plan (“AIP”). A check is
automatically drawn on your personal checking or savings account for a
predetermined amount (but not less than $100), as if you had written it
directly. To be eligible for the AIP, your financial institution must be a
member of the ACH network. Upon receipt of the withdrawn funds, the Fund
automatically invests the money in additional shares of the Fund at the current
NAV per share. This service can be selected on the new account application or
requested in writing thereafter. There is no charge by the Fund for this
service, but a $25 fee will be imposed if your purchase does not clear. The Fund
may terminate or modify the AIP at any time. Shareholders may terminate their
participation by notifying the Transfer Agent in writing or by telephone no
later than five calendar days before the next scheduled investment.
How
to Redeem Shares of the Fund
You
have the right to redeem (sell) all or any portion of your shares of the Fund at
their next calculated NAV per share on each day the NYSE is open for trading. As
discussed below, you may receive proceeds of your sale in a check, ACH, or
federal wire transfer. The Fund typically expects that it will take one to three
days following the receipt of your redemption request in good order to pay out
redemption proceeds. “Good order” means your redemption request includes: (1)
the name of the Fund, (2) the dollar amount of shares to be redeemed, (3) the
account number and (4) signatures by all of the shareholders whose names appear
on the account registration.
However,
while not expected, payment of redemption proceeds may take up to seven days if
sending proceeds earlier could adversely affect the Fund. Before selling
recently purchased shares, please note that if the Transfer Agent has not yet
collected payment for the shares you are selling, it may delay sending the
proceeds until the payment is collected, which may take up to 12 calendar days
from the purchase date.
Shareholders
can avoid this delay by utilizing the wire purchase option.
The
Fund expects to meet redemption requests, under both normal and stressed market
conditions, from cash and cash equivalents on hand or that are raised from the
sale of portfolio securities. However, the Fund is unable to anticipate every
unusual market or redemption circumstance and, thus, reserves the right to
redeem in-kind. Redemptions in-kind are typically used to meet redemption
requests that represent a large percentage of the Fund’s net assets in order to
minimize the effect of large redemptions on the Fund and its remaining
shareholders. Shareholders who receive a redemption-in-kind may incur costs to
dispose of the securities they receive.
Due
to the relatively high cost of maintaining smaller accounts, the shares in your
account may be redeemed by the Fund, and the proceeds sent to you if, due to
redemptions you have made, the total value of your account is reduced to less
than $500. This does not apply to retirement plans or other tax-deferred
accounts. If the Fund determines to make such an involuntary redemption, you
will first be notified that the value of your account is less than $500, and you
will be allowed 30 calendar days to make an additional investment to bring the
value of your account to at least $500 before the Fund takes any
action.
Please
note that a redemption, under any circumstance or method (that is, cash or
in-kind), may result in a gain or loss to you for federal and state income
taxes.
Redemptions
in Writing
You
may redeem your shares by sending a written request to the Transfer Agent. You
should give your account number and state whether you want all or some of your
shares redeemed. The letter should be signed by all of the shareholders whose
names appear on the account registration. If you have an IRA or other retirement
plan, you must indicate on your written redemption requests whether or not to
withhold federal income tax, generally 10%. Unless a redemption request
specifies not to have federal income tax withheld, the transaction will be
subject to withholding. Certain redemptions require a signature guarantee (see
below). Send your redemption request to:
Edgar
Lomax Value Fund
c/o
U.S. Bank Global Fund Services
P.O.
Box 701
Milwaukee,
Wisconsin 53201-0701
Signature
Guarantees
A
signature guarantee of each owner, from either a Medallion program member or
non-Medallion program member, is required in the following
situations:
•When
ownership is being changed on your account;
•When
redemption proceeds are payable or sent to any person, address or bank account
not on record;
•If
a change of address was received by the Transfer Agent within the 15 calendar
days prior to redemption;
•For
all redemptions greater than $100,000 from any shareholder account.
In
addition to the situations described above, the Fund and/or the Transfer Agent
reserve the right to require a signature guarantee in other instances based on
the circumstances relative to the particular situation.
Shareholders
redeeming their shares by mail should submit written instructions, and if
applicable, a guarantee of their signature(s) by an eligible institution.
Signature guarantees will generally be accepted from domestic banks, brokers,
dealers, credit unions, national securities associations, registered securities
associations, clearing agencies and savings associations, as well as from
participants in the New York Stock Exchange Medallion Signature Program or the
Securities Transfer Agents Medallion Program. A
notary public is not an acceptable signature guarantor.
The
Fund also requires a form of signature authentication for some non-financial
transactions, such as establishing or modifying certain services on an account.
In such cases, a signature guarantee, signature verification from a Signature
Validation Program member, or other acceptable form of authentication from a
financial institution will be accepted in lieu of a signature guarantee.
Redemption
by Telephone
If
you accepted telephone options on the new account application, you may redeem
your shares (in amounts up to $100,000) by calling the Transfer Agent at
1-866-205-0524 before the close of trading on the NYSE which is generally 4:00
p.m., Eastern Time). Redemption proceeds will be sent on the next business day
by check to the address that appears on the Transfer Agent’s records. If you
request, redemption proceeds will be wired on the next business day to the bank
account you designated on the account application. The minimum amount that may
be wired is $1,000. A wire fee of $15 will be deducted from your redemption
proceeds for complete account redemptions and share specific trades. In the case
of a partial redemption, the fee will be deducted from the remaining account
balance. Telephone redemption proceeds can also be sent via electronic funds
transfer through the ACH network to a
predetermined
bank account. There is no charge for the ACH option; however, credit may not be
available in your bank account for two to three days. Telephone redemptions
cannot be made if you notify the Transfer Agent of a change of address 15
calendar days prior to the redemption request. Shares held in IRA and retirement
accounts may be redeemed by telephone at 1-866-205-0524. Investors will be asked
whether or not to withhold taxes from any distribution. Once a telephone
transaction has been placed, it cannot be cancelled or modified after the close
of regular trading on the NYSE (generally, 4:00 p.m., Eastern
Time).
By
establishing telephone redemption privileges, you authorize the Fund and the
Transfer Agent to act upon the instruction of any person who makes the telephone
call to redeem shares from your account and transfer the proceeds to the bank
account designated in the account application. If an account has more than one
owner or authorized person, the Fund will accept telephone instructions from any
one owner or authorized person. The Fund and the Transfer Agent will use
procedures to confirm that redemption instructions received by telephone are
genuine, including recording of telephone instructions and requiring a form of
personal identification before acting on these instructions. If these normal
identification procedures are followed, neither the Fund nor the Transfer Agent
will be liable for any loss, liability, or cost which results from acting upon
instructions of a person believed to be a shareholder with respect to the
telephone redemption privilege. The Fund may change, modify, or terminate these
privileges at any time upon at least 60 days’ notice to
shareholders.
You
may request telephone redemption privileges after your account is opened by
calling the Transfer Agent at 1-866-205-0524 for instructions.
Telephone
trades must be received by or prior to market close. During periods of high
market activity, shareholders may encounter higher than usual call wait times.
Please allow sufficient time to ensure that you will be able to complete your
telephone transaction prior to market close. If you are unable to contact the
Fund by telephone, you may make your redemption request in writing.
Systematic
Withdrawal Plan
The
Fund offers a Systematic Withdrawal Plan (“SWP”) whereby shareholders may
request that a check drawn in a predetermined amount be sent to them each month,
calendar quarter or annually. If you have provided bank information, and your
bank is a member of the ACH network, the amount may also be sent directly to
your checking or savings account via electronic funds transfer. To start the
SWP, your account must have Fund shares with a value of at least $10,000, and
the minimum amount that may be withdrawn each month, quarter or year is $50. The
SWP may be terminated or modified by the Fund at any time. A withdrawal under
the SWP involves a redemption of shares of the Fund, and may result in a gain or
loss for federal income tax purposes. In addition, if the amount withdrawn
exceeds the dividends credited to your account, the account ultimately may be
depleted. Any request to change or terminate your SWP should be communicated in
writing or by telephone to the Transfer Agent no later than five calendar days
before the next scheduled withdrawal.
What
Price is Used for a Redemption?
The
redemption price is the NAV per share of the Fund’s shares, next determined
after shares are validly tendered for redemption. All signatures of account
holders must be included in the request and a signature guarantee, if required,
must also be included for the request to be valid.
When
are Redemption Payments Made?
Payment
of your redemption proceeds will be made promptly, but not later than seven days
after the receipt of your request in proper form. However, the Fund may suspend
the right of redemption under certain extraordinary circumstances in accordance
with rules of the United States Securities and Exchange Commission (“SEC”). If
you purchased your shares by check (certified, cashier’s, or otherwise) or
electronic
funds transfer through the ACH network, the Fund may delay payment of your
redemption proceeds until your payment has cleared. Shareholders can avoid this
delay by utilizing the wire purchase option.
Redemptions
through Brokers
The
Fund may accept orders for the redemption of shares from a Broker on behalf of a
Broker’s customers. The NAV per share for any such redemption would be that next
calculated after receipt of the order by the Broker. The Broker is responsible
for forwarding any documents required in connection with a redemption, including
a signature guarantee, and the Fund may cancel the order if these documents are
not received promptly.
Frequent
Transactions and Market Timing
The
Board of Trustees has adopted a market timing policy for the Fund which is
designed to minimize the frequency and effect of market timing activities in the
Fund. Short-term “market-timers” who engage in frequent purchases and
redemptions can disrupt the Fund’s investment program and create additional
transaction costs that are borne by all shareholders. Please bear in mind that
the Fund is not in a position to monitor all trading behavior (particularly
within group or omnibus accounts maintained by financial intermediaries) and
does not feel that the added costs of establishing a process to do so would
benefit Fund shareholders. However, consistent with Rule 22c-2 of the Investment
Company Act of 1940, as amended, the Fund and its financial intermediaries have
agreed to share certain shareholder and trading information in omnibus accounts.
The Fund may close any account to new purchases when, in the opinion of the
Fund, the trading activity is disruptive to the management of the Fund. The Fund
reserves the right, in its sole discretion, to identify trading activity as
disruptive or abusive. At all times, the Fund will act in the best interest of
its long-term shareholders and will not knowingly accommodate market
timers.
SERVICE
FEES – OTHER PAYMENTS TO THIRD PARTIES
The
Fund may pay service fees to intermediaries such as banks, broker-dealers,
financial advisors or other financial institutions, including affiliates of the
Advisor, for sub-administration, sub-transfer agency and other shareholder
services associated with shareholders whose shares are held of record in
omnibus, other group accounts or accounts traded through registered securities
clearing agents.
The
Fund has policies and procedures in place for the monitoring of payments to
broker-dealers and other financial intermediaries for the following
non-distribution activities: sub-transfer agent, administrative, and other
shareholder services.
The
Advisor, out of its own resources, and without additional cost to the Fund or
its shareholders, may provide additional cash payments or non-cash compensation
to intermediaries who sell shares of the Fund. Such payments and compensation
are in addition to service fees paid by the Fund. These additional cash payments
are generally made to intermediaries that provide shareholder servicing,
marketing support and/or access to sales meetings, sales representatives and
management representatives of the intermediary. Cash compensation may also be
paid to intermediaries for inclusion of the Fund on a sales list, including a
preferred or select sales list, in other sales programs or as an expense
reimbursement in cases where the intermediary provides shareholder services to
the Fund’s shareholders. The Advisor may also pay cash compensation in the form
of finder’s fees that vary depending on the dollar amount of the shares
sold.
DISTRIBUTIONS
AND TAXES
Dividends
and Other Distributions
Dividends
from net investment income, if any, are normally declared and paid by the Fund
in December. Capital gain distributions, if any, are also normally made in
December, but the Fund may make an additional distribution of dividends or
capital gains if it deems it desirable at another time during any
year.
All
distributions will be reinvested in Fund shares unless you choose one of the
following options: (1) receive dividends in cash and reinvest capital gain
distributions in additional Fund shares; (2) reinvest dividends in
additional Fund shares and receive capital gains in cash; or (3) receive
all distributions in cash. Dividends are taxable whether reinvested in
additional shares or received in cash. If you wish to change your distribution
option, notify the Transfer Agent in writing or by telephone in advance of the
payment date of the distribution.
If
you elect to receive dividends and/or capital gains paid in cash, and the U.S.
Postal Service cannot deliver the check, or if a check remains outstanding for
six months, the Fund reserves the right to reinvest the distribution check in
your account at the Fund’s current NAV per share. The Fund also reserves the
right to reinvest all subsequent distributions.
Any
dividend or capital gain distribution paid by the Fund has the effect of
reducing the NAV per share on the ex-date by the amount of the distribution. You
should note that a dividend or capital gain distribution paid on shares
purchased shortly before that distribution was declared will be subject to
income taxes even though the dividend or capital gain distribution represents,
in an economic sense, a partial return of capital to you.
Taxes
The
Fund has elected and intends to continue to qualify to be taxed as a regulated
investment company under Subchapter M of the Internal Revenue Code of 1986, as
amended (the “Code”). As a regulated investment company, the Fund will not be
subject to federal income tax if it distributes its income as required by tax
law and satisfies certain other requirements that are described in the
SAI.
The
Fund typically makes distributions of dividends and capital gains. Dividends are
taxable to you as either ordinary income or, in some cases, as qualified
dividend income, depending on the source of such income to the Fund and any
holding period requirements. The rate you pay on capital gain distributions will
depend on how long the Fund held the securities that generated the gains, not on
how long you owned your Fund shares. You will be taxed in the same manner
whether you receive your dividend and capital gain distributions in cash or
reinvest them in additional Fund shares. Although distributions are generally
taxable when received, certain distributions declared in October, November, or
December to shareholders of record on a specified date in such a month but paid
the following January are taxable as if received in December.
If
you are an individual, ordinary income dividends that you receive from the Fund
generally will be eligible for taxation at the rates currently applicable to
long-term capital gains to the extent that (i) the ordinary income dividend
is attributable to “qualified dividend income” (i.e.,
generally dividends paid by taxable U.S. corporations and certain foreign
corporations) received by the Fund, (ii) the Fund satisfies certain holding
period and other requirements with respect to the stock on which such qualified
dividend income was paid and (iii) you satisfy certain holding period and
other requirements with respect to your shares. Ordinary income dividends
subject to these special rules are taxed at long-term capital gains rates
(currently a maximum federal rate of 20%) but are not otherwise treated as
capital gains, and thus will not
be
included in the computation of your net capital gain and generally cannot be
used to offset any capital losses.
In
addition, a 3.8% surtax generally applies to dividend income and net capital
gains for taxpayers whose adjusted gross income exceeds $200,000 for single
filers or $250,000 for married joint filers.
For
taxable years beginning after 2017 and before 2025, non-corporate taxpayers
generally may deduct 20% of “qualified business income” derived either directly
or through partnerships or S corporations. For this purpose, “qualified business
income” generally includes dividends paid by a real estate investment trust
(“REIT”) and certain income from publicly traded partnerships. Regulations
recently adopted by the United States Treasury allow non-corporate shareholders
of the Fund to benefit from the 20% deduction with respect to net REIT dividends
received by the Fund if the Fund meets certain reporting requirements, but do
not permit any such deduction with respect to publicly traded
partnerships.
By
law, the Fund must withhold from your taxable distributions and redemption
proceeds an amount as backup withholding determined at a rate as set forth under
section 3406 of the Code, if you do not provide your correct Social Security or
taxpayer identification number and certify that you are not subject to backup
withholding, or if the Internal Revenue Service instructs the Fund to do
so.
Sale
or exchange of your Fund shares is a taxable event for you. Depending on the
purchase and sale price of the shares you sell, you may have a gain or loss on
the transaction. You are responsible for any tax liabilities generated by your
transaction and your investment in the Fund. The Code limits the deductibility
of capital losses in certain circumstances.
The
Fund’s distributions, whether received in cash or reinvested in additional
shares of the Fund, may be subject to federal, state and local income tax. In
managing the Fund, the tax consequences of the Advisor’s investment decisions is
not of primary importance. Shareholders should note that the Fund may make
taxable distributions of income and capital gains even when share values have
declined.
Additional
information concerning taxation of the Fund is contained in the SAI. You should
consult your own tax advisor concerning federal, state and local taxation of
distributions from the Fund.
Lost
Shareholders, Inactive Accounts and Unclaimed Property. It
is important that the Fund maintain a correct address for each shareholder. An
incorrect address may cause a shareholder’s account statements and other
mailings to be returned to the Fund. Based upon statutory requirements for
returned mail, the Fund will attempt to locate the shareholder or rightful owner
of the account. If the Fund is unable to locate the shareholder, then it will
determine whether the shareholder’s account can legally be considered abandoned.
Your mutual fund account may be transferred to the state government of your
state of residence if no activity occurs within your account during the
“inactivity period” specified in your state’s abandoned property laws. The Fund
is legally obligated to escheat (or transfer) abandoned property to the
appropriate state’s unclaimed property administrator in accordance with
statutory requirements. The shareholder’s last known address of record
determines which state has jurisdiction. Please proactively contact the Transfer
Agent toll-free at 1-866-205-0524 at least annually to ensure your account
remains in active status.
If
you are a resident of the state of Texas, you may designate a representative to
receive notices of “inactivity” prior to your mutual fund account assets being
delivered to the Texas Comptroller. Please contact the Transfer Agent if you
wish to complete a Texas Designation of Representative form.
INDEX
DESCRIPTIONS
Please
note that you cannot invest directly in an index.
The
S&P
500®
Index
is an unmanaged capitalization-weighted index of 500 stocks designed to
represent the broad domestic economy.
The
S&P
500®
Value Index
is a market-value-weighted index of stocks in the S&P 500®
Index which score highest based on an average of book-to-price ratio,
sales-to-price ratio and earnings-to-price ratio, representing 50% of the total
market value of the S&P 500®
Index.
The
Lipper
Large-Cap Value Funds Index
measures the performance of 30 of the largest funds in the large cap value
category as tracked by Lipper, Inc. (“Lipper”). Lipper defines large-cap value
funds as funds that invest at least 75% of their equity assets in companies with
market capitalizations (on a three-year weighted basis) above Lipper’s U.S.
diversified equity large-cap floor.
The
S&P
100®
Index
is an unmanaged capitalization-weighted sub-set of stocks from the S&P
500®
Index
that measures the performance of large-cap U.S. companies.
FINANCIAL
HIGHLIGHTS
The
financial highlights table is intended to help you understand the Fund’s
financial performance for the past five years. Certain information reflects
financial results for a single Fund share. The total returns in the table
represent the rate that an investor would have earned (or lost) on an investment
in the Fund (assuming reinvestment of all dividends and distributions). This
information has been audited by Tait, Weller & Baker LLP, the Fund’s
independent registered public accounting firm, whose report, along with the
Fund’s financial statements, are included in the annual report, which is
available upon request.
FOR
A SHARE OUTSTANDING THROUGHOUT EACH YEAR
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| Year
Ended October 31, |
|
| 2022 |
2021 |
2020 |
2019 |
2018 |
|
|
|
|
|
| |
| Net
asset value, beginning of year |
$ |
15.23 |
| $ |
11.96 |
| $ |
14.51 |
| $ |
15.33 |
| $ |
15.25 |
|
|
|
|
|
|
| |
| Income
from investment operations: |
|
|
|
| |
|
Net
investment income |
0.40 |
| 0.42 |
| 0.42 |
| 0.30 |
| 0.33 |
|
| Net
realized and unrealized gain/(loss) on investments |
(0.28) |
| 4.43 |
| (2.65) |
| 0.87 |
| 1.06 |
|
|
|
|
|
|
| |
| Total
from investment operations |
0.12 |
| 4.85 |
| (2.23) |
| 1.17 |
| 1.39 |
|
|
|
|
|
|
| |
| Less
distributions: |
|
|
|
| |
|
From
net investment income |
(0.40) |
| (0.44) |
| (0.32) |
| (0.31) |
| (0.36) |
|
|
From
net realized gain on investments |
(0.37) |
| (1.14) |
| — |
| (1.68) |
| (0.95) |
|
| Total
distributions |
(0.77) |
| (1.58) |
| (0.32) |
| (1.99) |
| (1.31) |
|
|
|
|
|
|
| |
| Net
asset value, end of year |
$ |
14.58 |
| $ |
15.23 |
| $ |
11.96 |
| $ |
14.51 |
| $ |
15.33 |
|
|
|
|
|
|
| |
| Total
return |
0.78 |
% |
43.39 |
% |
-15.83 |
% |
9.07 |
% |
9.44 |
% |
|
|
|
|
|
| |
| Ratios/supplemental
data: |
|
|
|
| |
| Net
assets, end of year (thousands) |
$ |
100,931 |
| $ |
100,963 |
| $ |
86,079 |
| $ |
119,054 |
| $ |
85,308 |
|
|
|
|
|
|
| |
| Ratio
of expenses to average net assets: |
|
|
|
| |
|
Before
fees waived and expenses absorbed |
1.00 |
% |
0.98 |
% |
1.01 |
% |
0.96 |
% |
1.00 |
% |
|
After
fees waived and expenses absorbed |
0.50 |
% |
0.50 |
% |
0.54 |
% |
0.70 |
% |
0.70 |
% |
|
|
|
|
|
| |
|
Ratio
of net investment income to average net assets: |
|
|
|
| |
|
Before
fees waived and expenses absorbed |
2.18 |
% |
2.27 |
% |
2.52 |
% |
2.10 |
% |
1.86 |
% |
|
After
fees waived and expenses absorbed |
2.68 |
% |
2.75 |
% |
2.99 |
% |
2.36 |
% |
2.16 |
% |
|
|
|
|
|
| |
| Portfolio
turnover rate |
39.80 |
% |
34.47 |
% |
45.46 |
% |
23.83 |
% |
40.62 |
% |
PRIVACY
NOTICE
The
Fund collects non-public information about you from the following
sources:
•Information
we receive about you on applications or other forms;
•Information
you give us orally; and/or
•Information
about your transactions with us or others.
We
do not disclose any non-public personal information about our customers or
former customers without the customer’s authorization, except as permitted by
law or in response to inquiries from governmental authorities. We may share
information with affiliated and unaffiliated third parties with whom we have
contracts for servicing the Fund. We will provide unaffiliated third parties
with only the information necessary to carry out their assigned
responsibilities. We maintain physical, electronic and procedural safeguards to
guard your non-public personal information and require third parties to treat
your personal information with the same high degree of
confidentiality.
In
the event that you hold shares of the Fund through a financial intermediary,
including, but not limited to, a broker/dealer, bank, or trust company, the
privacy policy of your financial intermediary would govern how your non-public
personal information would be shared by those entities with unaffiliated third
parties.
EDGAR
LOMAX VALUE FUND
FOR
MORE INFORMATION
The
SAI includes more detail about the Fund and is incorporated by reference into
this Prospectus.
The
Fund’s annual
and semi-annual
reports to shareholders (collectively, the “Shareholder Reports”) contain
additional information about the Fund’s investments. The annual report includes
a discussion of the market conditions and investment strategies which
significantly affected the Fund’s performance during its last fiscal
year.
The
SAI and Shareholder Reports are available free of charge on the Fund’s website
at www.edgarlomax.com.
You
can obtain a free copy of the SAI and Shareholder Reports, request other
information, or make general inquiries about the Fund by calling the Fund
(toll-free) at 1-866-205-0524 or by writing to:
Edgar
Lomax Value Fund
c/o
U.S. Bank Global Fund Services
615
East Michigan Street, 3rd Floor
Milwaukee,
Wisconsin 53202
www.edgarlomax.com
The
SAI, Shareholder Reports and other Fund information are also available on the
SEC’s Internet site at http://www.sec.gov.
Copies of this information may be obtained, upon payment of the proper
duplicating fees, by electronic request at the following e‑mail address:
[email protected].
SEC
File Number is 811-07959
