EDGAR LOMAX VALUE FUND
ELC
PROSPECTUS
MARCH 1, 1999
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EDGAR LOMAX VALUE FUND
PROSPECTUS
The EDGAR LOMAX VALUE FUND invests in value stocks for growth of capital
and also income.
This Prospectus contains basic information that you should know before you
invest. Please read it and keep it for future reference.
TABLE OF CONTENTS
Goal and Strategy........................................ 2
Fund Performance......................................... 2
Expense Table............................................ 3
Management of the Fund................................... 4
Investor Guide........................................... 6
Services Available to Shareholders....................... 8
How to Redeem Your Shares................................ 8
Distributions and Taxes.................................. 10
Financial Highlights..................................... 11
THE SECURITIES AND EXCHANGE COMMISSION HAS NOT APPROVED OR DISAPPROVED THESE
SECURITIES OR PASSED UPON THE ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO
THE CONTRARY IS A CRIMINAL OFFENSE.
March 1, 1999
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GOAL AND STRATEGY
WHAT IS THE FUND'S GOAL?
The Fund seeks growth of capital and also income.
HOW WILL THE FUND TRY TO REACH ITS GOAL?
The Edgar Lomax Company (the "Advisor") uses a disciplined approach to select
stocks for the Fund's portfolio that it believes are undervalued, reasonably
priced and have prospects for continued consistent growth. The Advisor uses
fundamental analysis of financial statements to select stocks of issuers which
have low price/earnings and price/book ratios as well as strong balance sheet
ratios and high and/or stable dividend yields.
The Fund will invest 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 100 Index, a capitalization-weighted index of
100 stocks from a broad range of industries. The advisor does not expect the
Fund's annual turnover rate to exceed 50%.
Normally, the Fund will invest at least 85% of its total assets in equity
securities, consisting of common stocks and securities having the
characteristics of common stocks, such as convertible securities, Standard &
Poor's Depositary Receipts ("SPDRs"), rights and warrants. If the Advisor
believes that market 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 growth of
capital.
WHAT ARE THE PRINCIPLE RISKS OF INVESTING IN THE FUND?
The value of your investment in the Fund will go up and down as the stocks in
the Fund's portfolio change in price. The prices of the stocks the Advisor
selects may fall. Also, the stock market may decline suddenly and for extended
periods.
By itself, the Fund is not a complete, balanced investment plan. And no fund can
guarantee that it will achieve its goal. When you sell your shares, you may lose
money. An investment in the Fund is not a bank deposit and is not insured or
guaranteed by the FDIC or any other government agency.
FUND PERFORMANCE
The following performance information indicates some of the risk of investing in
the Fund. The bar chart shows the Fund's total return for calendar year 1998,
its only full calendar year of operation. The table shows the Fund's average
return over time compared with a broad-based market index. This past performance
is no guarantee of future results.
Calendar Year Total Returns
- ---------------------------
1998 During the period of time displayed in the
---- bar chart, the Fund's best quarter was first
10.87% quarter 1998, up 8.46% and its worst quarter
was third quarter 1998, down 6.68%.
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Average Annual Total Returns
- ----------------------------
as of December 31, 1998
1 Year Since Inception
December 12, 1997
Edgar Lomax Value Fund 10.87% 12.07%
S&P 500 Index 28.59% 29.25%
S&P/Barra Value Index 14.68% 15.92%
The S&P 500 Index is an unmanaged market value weighted index of 500 stocks
designed to represent the broad domestic economy.
The S&P/Barra Value Index is an unmanaged capitalization-weighted index that
contains approximately 50% of the stocks in the S&P 500 with lower price-to-book
ratios.
EXPENSE TABLE
You pay certain fees and expenses as an investor in the Fund. There are two
types of expenses involved: shareholder transaction expenses, such as sales
loads, and annual operating expenses, such as investment advisory fees. THE FUND
IS A NO-LOAD MUTUAL FUND AND HAS NO SHAREHOLDER TRANSACTION EXPENSES.
ANNUAL OPERATING EXPENSES
(AS A PERCENTAGE OF AVERAGE NET ASSETS)
Investment Advisory Fees........................................ 1.00%
Other Expenses.................................................. 3.67%
-----
Total Annual Fund Operating Expenses............................ 4.67%
-----
Expense reimbursements1 ........................................ (2.92)%
-----
Actual operating expenses....................................... 1.75%
=====
(1) The Advisor has contractually agreed to waive its fees and/or reimburse
expenses in order to limit the Fund's total annual operating expenses (excluding
interest and tax expenses) to 1.75%. The Advisor has also agreed to limit the
Fund's expenses to 1.50% once the Fund's total net assets reach $7 million, and
to 1.25% once total net assets reach $12 million. This contract's term is
indefinite.
EXPENSE EXAMPLE
This Example will help you compare the cost of investing in the Fund with the
cost of investing in other mutual funds. It is based on the annual operating
expenses shown above, and it assumes that these expenses will remain the same
over the time periods shown. It also assumes that you make a single $10,000
investment in the Fund to start with and that you earn a 5% return each year.
Finally, it assumes that you redeem all of your shares at the end of each of the
time periods. Again, this Example is hypothetical, and your actual expenses may
be higher or lower.
1 YEAR 3 YEARS 5 YEARS 10 YEARS
------ ------- ------- --------
$177 $550 $946 $2,054
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MANAGEMENT OF THE FUND
THE ADVISOR
The Fund's Advisor, The Edgar Lomax Company, 6564 Loisdale Court, Suite 310,
Springfield, Virginia 22150, has provided asset management services to
individuals and institutional investors since 1986. Randall R. Eley is
principally responsible for the management of the Fund's portfolio. Mr. Eley
(who controls the Advisor) is the President and Chief Investment Officer of the
Advisor and has been active in investment management with the Advisor since its
founding.
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.
The Advisor's management fee as a percentage of average net assets is 1.00%.
During the last fiscal period the Advisor waived its entire management fee.
YEAR 2000 RISK
Like other business organizations around the world, the Fund could be adversely
affected if the computer systems used by its investment advisor and other
service providers do not properly process and calculate information related to
dates beginning January 1, 2000. This is commonly known as the "Year 2000
Problem." Failure of computer systems used for securities trading could result
in settlement and liquidity problems for the Fund and investors. That failure
could have a negative impact on handling securities trades and pricing and
accounting services. Additionally, the services provided to the Fund depend on
the interaction of computer systems with those of brokers, information vendors
and other parties; therefore, any failure of the computer systems of those
parties may cause service problems for the Fund. In addition, this situation may
negatively affect the companies in which the Fund invests and consequently, the
value of the Fund's shares. The Board of Trustees of the Fund has adopted a Year
2000 Project Plan that is reasonably designed to address the Year 2000 Problem
with respect to the Advisor's and other service providers' computer systems.
Included in the Year 2000 Project Plan is a contingency plan for the retention
of other service providers to replace those services providers whose performance
in converting to Year 2000 compliant data processing equipment has been deemed
to be less than satisfactory. There can be no assurance that these actions will
be sufficient to avoid any adverse impact on the Fund. The extent of that risk
cannot be ascertained at this time.
PRIOR PERFORMANCE OF THE ADVISOR
The following table sets forth composite performance data relating to the
historical performance of private accounts, each of which exceeds $1 million in
market value, managed by the Advisor for the periods indicated, that have
investment objectives, policies, strategies and risks substantially similar to
those of the Fund. The data is provided to illustrate the past performance of
the Advisor in managing substantially similar accounts as measured against a
market index and does not represent the performance of the Fund. You should not
consider this performance data as an indication of future performance of the
Fund or of the Advisor.
The composite performance data shown below were calculated in accordance with
recommended standards of the Association for Investment Management and Research
(AIMR*), retroactively applied to all time periods. All returns presented were
calculated on a total return basis and include all dividends and interest,
* AIMR is a non-profit membership and education organization with more than
60,000 members worldwide that, among other things, has formulated a set of
performance presentation standards for investment advisers. These AIMR
performance presentation standards are intended to (i) promote full and fair
presentations by investment advisers of their performance results, and (ii)
ensure uniformity in reporting so that performance results of investment
advisers are directly comparable.
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accrued income and realized and unrealized gains and losses. All returns reflect
the deduction of investment advisory fees, brokerage commissions and execution
costs paid by private accounts of the Advisor without provision for federal or
state income taxes. Custodial fees, if any, were generally not included in the
calculation. The Advisor's composite includes all actual, fee-paying,
discretionary private accounts with assets in excess of $1 million managed by
the Advisor that have investment objectives, policies, strategies and risks
substantially similar to those of the Fund. Securities transactions are
accounted for on the trade date and accrual accounting is used. Cash and
equivalents are included in performance returns. The monthly returns of the
Advisor's composite combine the individual accounts' returns (calculated on a
time-weighted rate of return that is revalued whenever cash flows exceed 10% of
an account's value at the beginning of the period) by asset-weighting each
individual account's asset value as of the beginning of the month. Quarterly and
yearly returns are calculated by geometrically linking the monthly and quarterly
returns, respectively.
The private accounts that are included in the Advisor's composite are not
subject to the same types of expenses to which the Fund is subject nor to the
diversification requirements, specific tax restrictions and investment
limitations imposed on the Fund by the Investment Company Act or the Internal
Revenue Code. Consequently, the performance results for the Advisor's composite
could have been adversely affected if the private accounts included in the
composite had been regulated as investment companies.
The investment results of the Advisor's composite presented below have been
reviewed and verified (for an AIMR Level II examination) by an independent
auditing firm, to be computed in accordance with Performance Presentation
Standards of AIMR, but they are not intended to predict or suggest the returns
that might by experienced by the Fund or an individual investing in the Fund.
Investors should also be aware that the use of a methodology different from that
used below to calculate performance could result in different performance data.
ANNUALIZED TOTAL RETURN:
FOR YEAR ENDED ADVISOR'S COMPOSITE S&P 500*
- -------------- ------------------- --------
December 31, 1994 3.38% 1.30%
December 31, 1995 45.74% 37.53%
December 31, 1996 22.04% 22.99%
FOR THE PERIOD
January 1 - September 30, 1997** 26.22% 29.58%
January 1, 1994 - September 30, 1997
Annualized Return 25.17% 23.70%
Cumulative 132.09% 122.04%
* The Standard & Poor's 500 Composite Stock Price Index, known as the S&P 500,
is an unmanaged market value-weighted index consisting of representative samples
of stocks within important industry groups within the U.S. economy. It includes
dividends and distributions, but does not reflect fees, brokerage commissions or
other expenses of investing.
** Not annualized.
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INVESTOR GUIDE
HOW TO PURCHASE SHARES OF THE FUND
There are several ways to purchase shares of the Fund. An Application Form,
which accompanies this Prospectus, is used if you send money directly to the
Fund by mail or by wire. If you have questions about how to invest, or about how
to complete the Application Form, please call an account representative at (888)
263-6438.
YOU MAY SEND MONEY TO THE FUND BY MAIL
If you wish to invest by mail, simply complete the Application Form and mail it
with a check (made payable to Edgar Lomax Value Fund) to the Fund's Shareholder
Servicing Agent, American Data Services, Inc., at the following address:
Edgar Lomax Value Fund
P.O. Box 640947
Cincinnati, OH 45264-0947
If you wish to send your Application Form and check via an overnight delivery
service (such as Federal Express), you should use the following address:
Edgar Lomax Value Fund
c/o Star Bank, N.A.
Mutual Fund Custody Department
425 Walnut Street, M/L 6118,
Sixth Floor
Cincinnati, OH 45202
YOU MAY WIRE MONEY TO THE FUND
Before sending a wire, you should call the Fund at (888) 263-6438 between 9:00
a.m. and 5:00 p.m., Eastern time, on a day when the New York Stock Exchange
("NYSE") is open for trading, in order to receive an account number. It is
important to call and receive this account number, because if your wire is sent
without it or without the name of the Fund, there may be a delay in investing
the money you wire. You should then ask your bank to wire money to:
Star Bank, N.A. Cinti/Trust
ABA # 0420-0001-3
for credit to Edgar Lomax Value Fund
DDA #488840257
for further credit to [your name and account number]
Your bank may charge you a fee for sending a wire to the Fund.
YOU MAY PURCHASE SHARES THROUGH AN INVESTMENT BROKER OR DEALER
You may be able to invest in and redeem shares of the Fund through an investment
broker or dealer, if the broker/dealer has made arrangements with the
Distributor. The broker/dealer is authorized to designate intermediaries to
accept orders on the Fund's behalf. The broker/dealer 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/dealer or authorized designee
accepts the order.
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The price you will pay will be the net asset value which is next calculated
after the acceptance of the order by the authorized broker/dealer or the
authorized designee. A broker/dealer may charge you a fee for placing your
order, but you could avoid paying such a fee by sending an Application Form and
payment directly to the Fund. The broker/dealer may also hold the shares you
purchase in its omnibus account rather than in your name in the records of the
Fund's transfer agent. The Fund may reimburse the dealer for maintaining records
of your account as well as for other services provided to you.
Your broker/dealer 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 dealer promptly.
MINIMUM INVESTMENTS
The minimum initial investment in the Fund is $2,500. The minimum subsequent
investment is $100. However, if you are investing in an Individual Retirement
Account ("IRA"), or you are starting an Automatic Investment Plan (see below),
the minimum initial and subsequent investments are $1,000 and $100,
respectively.
SUBSEQUENT INVESTMENTS
You may purchase additional shares of the Fund by sending a check, with the stub
from an account statement, to the Fund at the address above. Please also write
your account number on the check. If you do not have a stub from an account
statement, you can write your name, address and account number on a separate
piece of paper and enclose it with your check. If you want to send additional
money for investment by wire, it is important for you to call the Fund at (888)
263-6438. You may also make additional purchases through an investment broker or
dealer, as described above.
WHEN IS MONEY INVESTED IN THE FUND?
Any money received for investment in the Fund from an investor, whether sent by
check or by wire, is invested at the net asset value of the Fund which is next
calculated after the money is received (assuming the check or wire correctly
identifies the Fund and account). Orders received from dealers are invested at
the net asset value next calculated after the order is received. The net asset
value is calculated at the close of regular trading of the NYSE, generally 4:00
p.m., Eastern time. A check or wire received after the NYSE closes is invested
at the next calculated net asset value of the Fund.
HOW DOES THE FUND PRICE ITS SHARES?
The price of the Fund's shares is its net asset value. In calculating this, the
Fund values its portfolio securities at current market values, if available.
When market quotations are not readily available, securities are valued at fair
value as determined by the Fund's Board of Trustees. The Fund does not price its
shares on days during which the NYSE is closed for trading.
OTHER INFORMATION
The Fund's distributor may waive the minimum investment requirements for
purchases by certain group or retirement plans. All investments must be made in
U.S. dollars, and checks must be drawn on U.S. banks. Third party checks will
not be accepted. A charge may be imposed if a check used to make an investment
does not clear. The Fund and its distributor reserve 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
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taxes. See the Application Form 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.
SERVICES AVAILABLE TO SHAREHOLDERS
RETIREMENT PLANS
You may obtain prototype IRA plans from the Fund. Shares of the Fund are also
eligible investments for other types of retirement plans.
AUTOMATIC INVESTING BY CHECK
You may make regular monthly investments in the Fund using the "Automatic
Investment Plan." A check is automatically drawn on your personal checking
account each month for a predetermined amount (but not less than $100), as if
you had written it directly. Upon receipt of the withdrawn funds, the Fund
automatically invests the money in additional shares of the Fund at the current
net asset value. Applications for this service are available from the Fund.
There is no charge by the Fund for this service. The Fund may terminate or
modify this privilege at any time, and shareholders may terminate their
participation by notifying the Shareholder Servicing Agent in writing,
sufficiently in advance of the next withdrawal.
AUTOMATIC WITHDRAWALS
The Fund offers a Systematic Withdrawal Program whereby shareholders may request
that a check drawn in a predetermined amount be sent to them each month or
calendar quarter. To start this Program, your account must have Fund shares with
a value of at least $10,000, and the minimum amount that may be withdrawn each
month or quarter is $50. This Program may be terminated or modified by a
shareholder or the Fund at any time without charge or penalty. A withdrawal
under the Systematic Withdrawal Program 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.
HOW TO REDEEM YOUR SHARES
You have the right to redeem all or any portion of your shares of the Fund at
their next calculated net asset value on each day the NYSE is open for trading.
REDEMPTION IN WRITING
You may redeem your shares by simply sending a written request to the Fund. You
should give your account number and state whether you want all or part of your
shares redeemed. The letter should be signed by all of the shareholders whose
names appear in the account registration. You should send your redemption
request to:
Edgar Lomax Value Fund
150 Motor Parkway, Suite 109
Hauppauge, NY 11788-0132
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SIGNATURE GUARANTEE
If the value of the shares you wish to redeem exceeds $100,000, the signatures
on the redemption request must be guaranteed by an "eligible guarantor
institution." These institutions include banks, broker-dealers, credit unions
and savings institutions. A broker-dealer guaranteeing a signature must be a
member of a clearing corporation or maintain net capital of at least $100,000.
Credit unions must be authorized to issue signature guarantees. Signature
guarantees will be accepted from any eligible guarantor institution which
participates in a signature guarantee program. A notary public is not an
acceptable guarantor.
REDEMPTION BY TELEPHONE
If you complete the Redemption by Telephone portion of the Fund's Application
Form, you may redeem shares on any business day the NYSE is open by calling the
Fund's Shareholder Servicing Agent at (888) 263-6438 before 4:00 p.m. Eastern
time. Redemption proceeds will be mailed or wired, at your direction, on the
next business day to the bank account you designated on the Application Form.
The minimum amount that may be wired is $1,000 (wire charges, if any, will be
deducted from redemption proceeds). Telephone redemptions cannot be made for IRA
accounts.
By establishing telephone redemption privileges, you authorize the Fund and its
Shareholder Servicing 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 Application Form. The Fund and the
Shareholder Servicing 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 Shareholder Servicing 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.
However, the authorization form will require a separate signature guarantee.
Shareholders may experience delays in exercising telephone redemption privileges
during periods of abnormal market activity.
WHAT PRICE IS USED FOR A REDEMPTION?
The redemption price is the net asset value 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?
As noted above, redemption payments for telephone redemptions are sent on the
day after the telephone call is received. Payments for redemptions sent in
writing are normally made promptly, but no later than seven days after the
receipt of a request that meets requirements described above. However, the Fund
may suspend the right of redemption under certain extraordinary circumstances in
accordance with rules of the Securities and Exchange Commission.
If shares were purchased by wire, they cannot be redeemed until the day after
the Application Form is received. If shares were purchased by check and then
redeemed shortly after the check is received, the Fund may delay sending the
redemption proceeds until it has been notified that the check used to purchase
the shares has been collected, a process
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which may take up to 15 days. This delay may be avoided by investing by wire or
by using a certified or official bank check to make the purchase.
REPURCHASES FROM DEALERS
The Fund may accept orders to repurchase shares from an investment dealer on
behalf of a dealer's customers. The net asset value for a repurchase is that
next calculated after receipt of the order from the dealer. The dealer is
responsible for forwarding any documents required in connection with a
redemption, including a signature guarantee, promptly, and the Fund may cancel
the order if these documents are not received promptly.
OTHER INFORMATION ABOUT REDEMPTIONS
A redemption may result in recognition of a gain or loss for income tax
purposes. 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 Uniform
Gifts or Transfers to Minors 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 days to make an additional
investment to bring the value of your account to at least $500 before the Fund
takes any action.
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 gains distributions, if any, are also normally
made in December, but the Fund may make an additional payment of dividends or
distributions if it deems it desirable at another time during any year.
Dividends and capital gain distributions (net of any required tax withholding)
are automatically reinvested in additional shares of the Fund at the net asset
value per share on the reinvestment date unless you have previously requested in
writing to the Shareholder Servicing Agent that payment be made in cash.
Any dividend or distribution paid by the Fund has the effect of reducing the net
asset value per share on the record date by the amount of the dividend or
distribution. You should note that a dividend or distribution paid on shares
purchased shortly before that dividend or distribution was declared will be
subject to income taxes even though the dividend or distribution represents, in
substance, a partial return of capital to you.
TAXES
Distributions made by the Fund will be taxable to shareholders whether received
in shares (through dividend reinvestment) or in cash. Distributions derived from
net investment income, including net short-term capital gains, are taxable to
shareholders as ordinary income. Distributions designated as capital gains
dividends are taxable as long-term capital gains regardless of the length of
time you have owned your Fund shares. The maximum capital gains rate for
corporate shareholders is the same as the maximum tax rate for ordinary income.
Although distributions are generally taxable when received, certain
distributions made in January are taxable as if received the prior December. You
will be informed annually of the amount and nature of the Fund's distributions.
You should consult your own tax advisers concerning federal, state and local
taxation of distributions from the Fund.
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FINANCIAL HIGHLIGHTS
The financial highlights table is intended to help you understand the Fund's
financial performance during its past fiscal period. 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 on an investment in
the Fund (assuming reinvestment of all dividends and distributions). This
information has been audited by McGladrey & Pullen, LLP. Their report and the
Fund's financial statements are included in the Fund's annual report which is
available upon request.
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD
- --------------------------------------------------------------------------------
December 12,
1997*
Through
October 31, 1998
----------------
Net asset value, beginning of period ...................... $10.00
------
Income from investment operations:
Net investment income ................................... 0.07
Net realized and unrealized gain on securities .......... 0.72
------
Total from investment operations .......................... 0.79
------
Less distributions:
Dividends from net investment income .................... (0.01)
Net asset value, end of period ............................ $10.78
======
Total return 7.89%+
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (thousands) ..................... $ 3,294
Ratio of expenses to average net assets ................... 1.75%++
Ratio of net investment income to average net assets ...... 0.81%++
Portfolio turnover rate ................................... 32.71%
* Commencement of operations.
++ Annualized. These figures reflect the effect of the Advisor's agreement to
waive its fees and/or reimburse Fund expenses.
+ Not annualized.
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FOR MORE INFORMATION
The Statement of Additional Information (SAI) includes
additional information about the Fund.
The Fund's annual and semi-annual reports to shareholders
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 upon
request. To request them or other information, or to ask any
questions, please call or write:
1-888-263-6438
Edgar Lomax Value Fund
P.O. Box 640947
Cincinnati, OH 45264-0947
www.edgarlomax.cihost.com
The SAI and other Fund information may also be reviewed and
copied at the SEC's Public Reference Room in Washington, DC.
Call 1-800-SEC-0330 for information about its operations.
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 writing to the SEC's Public Reference
Section, Washington, DC 20549-6009.
The Fund's SEC File Number is 811-07959.
