Snow Capital Mangement, LP

OBJECTIVE

The Fund's investment objective is protection of investment principal and long-term capital appreciation.

INVESTMENT STRATEGY

Snow Capital Management, LP utilizes a bottom-up approach to equity investments. They look for opportunities to invest in companies that they believe are undervalued and are likely to experience a rebound in earnings due to an event or series of events that create a price to earnings expansion and/or that lead to a higher stock price valuation. The Adviser seeks to identify companies who stand to benefit by beating expectations, providing opportunities to capture excess return with the goal of providing superior long-term performance.

To achieve its investment objective, the Fund will invest primarily in equity securities, including both common and preferred stocks, and may invest up to 50% of its net assets in derivative instruments (options, futures contracts and options on futures contracts). The Fund may invest in companies of any size. The Fund may also invest in debt instruments, including corporate debt securities, convertible debt and commercial paper, U.S. Government or U.S. Agency obligations, foreign securities, and emerging markets.

INVESTMENT PHILOSOPHY

The Adviser utilizes an opportunity-based security weighting system to construct the Fund's portfolio. In other words, the Adviser weights securities relative to potential returns. Securities with higher expected returns would have a greater weight in the Fund's portfolio. Thorough, bottom-up analysis attempts to uncover undervalued, out-of-favor companies that have sound balance sheets but who have been oversold due to an event that is likely to be short or intermediate term in nature. The Adviser will seek to mitigate downside risk by investing only in those companies with sound balance sheets and solid fundamentals.

Mutual fund investing involves risk; principal loss is possible.

Investments in smaller companies involve additional risks such as limited liquidity and greater volatility. Investments in foreign securities involve greater volatility and political, economic and currency risks and differences in accounting methods. Investments in debt securities typically decrease in value when interest rates rise.

This risk is usually greater for longer-term debt securities. The fund may invest in lower-rated and non-rated securities which present a greater risk of loss to principal and interest than higher-rated securities. The fund may invest in other investment companies, and the cost of investing in the Fund will generally be higher than the cost of investing directly in the shares of the mutual funds in which it invests. By investing in the Fund, you will indirectly bear your share of any fees and expenses charged by the underlying funds, in addition to indirectly bearing the principal risks of the funds. The fund also invests in ETFs. They are subject to additional risks that do not apply to conventional mutual funds, including the risks that the market price of an ETF's shares may trade at a discount to its net asset value ("NAV"), an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade, which may impact the Fund's ability to sell its shares. The Fund may use options and futures contracts which have the risks of unlimited losses of the underlying holdings due to unanticipated market movements and failure to correctly predict the direction of the securities prices, interest rates and currency exchange rates. This investment may not be suitable for all investors.

Price to Earnings Ratio (P/E) is a common tool for comparing the prices of different common stocks and is calculated by dividing the current market price of a stock by the earnings per share.

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Ticker: SNOAX SNOCX SNOIX SNVAX SNVCX SNVIX SNWAX SNWCX SNWIXFebruary 07, 2012
Snow Capital Family of Funds
Fund Information "Wall Street is a game of beating expectations." Snow Capital Management, L.P. 2100 Georgetowne Drive, Suite 400 Sewickley, PA 15143 Phone: 877-766-9363 Email: info@snowcm.com [ Responsibility demands prudence. ]	OBJECTIVE The Fund's investment objective is protection of investment principal and long-term capital appreciation. INVESTMENT STRATEGY Snow Capital Management, LP utilizes a bottom-up approach to equity investments. They look for opportunities to invest in companies that they believe are undervalued and are likely to experience a rebound in earnings due to an event or series of events that create a price to earnings expansion and/or that lead to a higher stock price valuation. The Adviser seeks to identify companies who stand to benefit by beating expectations, providing opportunities to capture excess return with the goal of providing superior long-term performance. To achieve its investment objective, the Fund will invest primarily in equity securities, including both common and preferred stocks, and may invest up to 50% of its net assets in derivative instruments (options, futures contracts and options on futures contracts). The Fund may invest in companies of any size. The Fund may also invest in debt instruments, including corporate debt securities, convertible debt and commercial paper, U.S. Government or U.S. Agency obligations, foreign securities, and emerging markets. INVESTMENT PHILOSOPHY The Adviser utilizes an opportunity-based security weighting system to construct the Fund's portfolio. In other words, the Adviser weights securities relative to potential returns. Securities with higher expected returns would have a greater weight in the Fund's portfolio. Thorough, bottom-up analysis attempts to uncover undervalued, out-of-favor companies that have sound balance sheets but who have been oversold due to an event that is likely to be short or intermediate term in nature. The Adviser will seek to mitigate downside risk by investing only in those companies with sound balance sheets and solid fundamentals. Mutual fund investing involves risk; principal loss is possible. Investments in smaller companies involve additional risks such as limited liquidity and greater volatility. Investments in foreign securities involve greater volatility and political, economic and currency risks and differences in accounting methods. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. The fund may invest in lower-rated and non-rated securities which present a greater risk of loss to principal and interest than higher-rated securities. The fund may invest in other investment companies, and the cost of investing in the Fund will generally be higher than the cost of investing directly in the shares of the mutual funds in which it invests. By investing in the Fund, you will indirectly bear your share of any fees and expenses charged by the underlying funds, in addition to indirectly bearing the principal risks of the funds. The fund also invests in ETFs. They are subject to additional risks that do not apply to conventional mutual funds, including the risks that the market price of an ETF's shares may trade at a discount to its net asset value ("NAV"), an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade, which may impact the Fund's ability to sell its shares. The Fund may use options and futures contracts which have the risks of unlimited losses of the underlying holdings due to unanticipated market movements and failure to correctly predict the direction of the securities prices, interest rates and currency exchange rates. This investment may not be suitable for all investors. Price to Earnings Ratio (P/E) is a common tool for comparing the prices of different common stocks and is calculated by dividing the current market price of a stock by the earnings per share.