Welcome to the Snow Capital Family of Funds Website

Snow Capital Management L.P. serves as the investment advisor to the Snow Capital Family of Funds subject to the supervision of the Board of Trustees. The funds are distributed by Quasar Distributors, LLC.

Snow Capital Management is a boutique investment manager. We employ a contrarian, fundamental, relative value investment philosophy across all of our strategies. We believe that attractive returns can be earned by constructing diversified portfolios of well-managed, financially strong companies where the stock price is depressed because the company has experienced short-to intermediate-term difficulties. The philosophy is consistent with modern behavioral finance research. It attempts to take advantage of investors' overreaction to negative surprises and as a result should avoid overpaying for the crowd's current favorites.

• Founded in 1980 as R.A.S. Capital Management
• Became a Registered Investment Adviser in 1990
• Restructured as Snow Capital Management L.P. in 2001
• Employee-owned

Daily NAV as of 05/18/2012

Click on the Fund name for standardized performance.

Fund	Price	$ Change	YTD Return
Opportunity Fund - A Shares	$17.69	-$0.19	-0.39%
Opportunity Fund - C Shares	$17.16	-$0.18	-0.64%
Opportunity Fund - I Shares	$17.82	-$0.19	-0.28%
Small Cap Value Fund - A Shares	$22.07	-$0.30	1.61%
Small Cap Value Fund - C Shares	$21.83	-$0.30	1.35%
Small Cap Value Fund - I Shares	$22.14	-$0.30	1.70%

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

Performance and NAV figures do not reflect the redemption fee for all classes, level sales load for A shares or 1.00% 12b-1 shareholder servicing and distribution fee for C shares. Additionally, performance for the Class A and C Shares is shown at NAV, and does not reflect the maximum sales charge or CDSC. If reflected, total return would be reduced.

Shares of the Snow Capital Opportunity Fund are offered only to United States residents, and information on this site is intended for such persons.

Diversification does not assure a profit nor protect against loss in a declining market.

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. These risks are greater in emerging markets. 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.

Before you invest in the Snow Capital Opportunity Fund, please refer to the prospectus for important information about the investment company, including investment objectives, risks, charges and expenses. You may also obtain a prospectus by calling 1-877-766-9363. The prospectus should be read carefully before you invest or send money.