Snow Capital mUTUAL FUNDS

LONG/SHORT OPPORTUNITY FUND

MUTUAL FUNDS > LONG/SHORT OPPORTUNITY FUND

OBJECTIVE

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

INVESTMENT STRATEGY

The Long/Short Opportunity Fund is an all-capitalization, contrarian value, liquid alternatives fund that uses a variety of hedging strategies to lower the overall volatility of the Fund’s investment portfolio.

The Fund employs a fundamental value philosophy and a disciplined bottom-up investment process to select long equity positions. Thorough reviews are conducted on each company to ensure they are in line with our investment thesis and upside potential return target. The portfolio consists of our highest conviction ideas as core holdings, while the Fund simultaneously utilizes various hedging strategies. The Fund is managed with a conviction-weighted long portfolio and an opportunistic, research-driven process for our short positioning with the goal of smoothing volatility of investment returns for our shareholders.

Fund Facts
as of 3/31/19
Total Fund Assets (all classes): $195.4 million
Number of Holdings (all classes): 122
Class A
Class C
Class I
CUSIP
89833W204
89833W303
89833W402
Ticker
SNOAX
SNOCX
SNOIX
Minimum Initial Investment
$2,500
$2,500
$1,000,000
Subsequent Investment Amount
$1
$1
$1
Minimum IRA Initial Investment
$1,000
$1,000
$1,000,000
Gross Expense Ratio
1.48%
2.23%
1.23%
Inception Date
4/28/06
4/28/06
4/28/06

PORTFOLIO MANAGERS

Richard A. Snow
Founder, Managing Principal, Chief Investment Officer
Bio >
Jessica W. Bemer, CFA
PORTFOLIO MANAGER / PRINCIPAL
Bio >
ANNE S. WICKLAND, CFA
PORTFOLIO MANAGER / PRINCIPAL
Bio >

CONTACT INFORMATION

Snow Capital Family of Funds
c/o U.S. Bancorp Fund Services, LLC
P.O. Box 701
Milwaukee, WI 53201-0701
(877) 766-9363
‍info@snowcm.com
Snow Capital Management, L.P.
2000 Georgetowne Drive
Suite 200
Sewickley, PA 15143
Main: (724) 934-5800
Fax: (724) 934-5855

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

Derivatives may involve certain costs and risks such as liquidity, interest rate, market, credit, management, and the risk that a position could not be closed when most advantageous. Investing in derivatives could lose more than the amount invested.

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. Small- and Medium-capitalization companies tend to have limited liquidity and greater price volatility than large-capitalization companies. Performance over one year is annualized.

Before you invest in the Snow Capital Funds, 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.

Distributed by Quasar Distributors, LLC.

Top 10 Holdings
as of 3/31/19
% OF STOCKS
JPMorgan Chase & Co.
3.5%
BANK OF AMERICA CORP.
3.2%
Broadcom, Inc.
3.1%
TYSON FOODS, INC.
3.1%
Laboratory Corporation of America Holdings
3.1%
BP p.l.c.
2.9%
Athene Holding Ltd.
2.7%
Marathon Petroleum Corporation
2.7%
Amgen, Inc.
2.7%
Zimmer Biomet Holdings, Inc.
2.6%
Sector Allocations
as of 3/31/19
% OF 
LONG STOCKS
Financials
14.01%
Information Technology
13.44%
HEALTH CARE
11.43%
COMMUNICATION SERVICES
5.99%
CONSUMER DISCRETIONARY
5.91%
Energy
5.39%
Consumer Staples
4.57%
Industrials
3.63%
Real Estate
2.12%
Materials
2.01%
Utilities
1.76%

Fund Holdings, Weightings and Sector Allocations are subject to change and are not recommendations to buy or sell any security.

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. Small- and Medium-capitalization companies tend to have limited liquidity and greater price volatility than large-capitalization companies.

Before you invest in the Snow Capital Funds, 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.

Distributed by Quasar Distributors, LLC.

Performance Data is best viewed in landscape on your mobile device.
Quarterly Performance
as of 3/31/19
YTD
1 Year
3 Year
5 Year
10 Year
Since Inception
(04/28/2006)
Class A (w/ Sales Charge)
3.91%
-4.94%
8.14%
-0.26%
11.98%
4.16%
Class A (w/o Sales Charge)
9.68%
0.31%
10.10%
0.82%
12.58%
4.60%
Class C (w/ Sales Charge)
8.50%
-1.42%
9.27%
0.07%
11.76%
3.84%
Class C (w/o Sales Charge)
9.50%
-0.43%
9.27%
0.07%
11.76%
3.84%
Class I
9.80%
0.58%
10.37%
1.08%
12.87%
4.86%
Russell 3000 Value TR
11.93%
5.30%
10.50%
7.56%
14.50%
6.57%
S&P 500 TR
13.65%
9.50%
13.51%
10.91%
15.92%
8.42%
70%/30% Blended Index
8.48%
4.59%
7.76%
5.61%
10.30%
5.18%
Monthly Performance
as of 12/31/18
YTD
1 Year
3 Year
5 Year
10 Year
Since Inception
(04/28/2006)
Class A (w/ Sales Charge)
-16.10%
-16.10%
4.24%
-1.51%
9.72%
3.49%
Class A (w/o Sales Charge)
-11.46%
-11.46%
6.13%
-0.44%
10.32%
3.93%
Class C (w/ Sales Charge)
-13.01%
-13.01%
5.33%
-1.18%
9.51%
3.18%
Class C (w/o Sales Charge)
-12.14%
-12.14%
5.33%
-1.18%
9.51%
3.18%
Class I
-11.25%
-11.25%
9.26%
-0.20%
10.59%
4.18%
Russell 3000 Value TR
-4.38%
-4.38%
9.26%
8.49%
13.12%
7.50%
S&P 500 TR
-8.58%
-8.58%
7.01%
5.77%
11.12%
5.75%

Performance data quoted represents past performance and does not guarantee future results. Investment returns and principal value will fluctuate, and when sold, may be worth more or less than their original cost. Performance current to the most recent month-end may be lower or higher than the performance quoted and can be obtained by calling 877-766-9363. Performance with Sales Charge reflects the current maximum sales charges of 5.25% for Class A shares and 1.00% contingent deferred sales charge (CDSC) for Class C shares. Class A shares impose a 0.50% maximum level sales load on shares purchased at the $1,000,000 breakpoint if redeemed within 12 months of purchase. Class C shares impose a 1.00% CDSC if redeemed within 12 months of purchase. The Fund imposes a 0.50% redemption fee on shares held less than 30 days. Performance data does 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 without Sales Charge is shown at NAV, and does not reflect the maximum sales charge or CDSC. If reflected, total return would be reduced. Performance over one year is annualized.

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. Small- and Medium-capitalization companies tend to have limited liquidity and greater price volatility than large-capitalization companies.

Before you invest in the Snow Capital Funds, 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.

The S&P 500 Index is a broad based unmanaged index of 500 stocks, which is widely recognized as representative of the equity market in general. The blended index represents a 70% weighting of the Russell 3000 Value Index and a 30% weighting of the ICE BofA Merrill Lynch U.S.3 Month Treasury Bill Index. The Russell 3000 Value Index measures the performance of the broad value segment of the U.S. equity value universe. It includes those Russell 3000 companies with lower price-to-book ratios and lower forecasted growth values. The ICE BofA Merrill Lynch U.S. 3 Month Treasury Bill Index is an unmanaged market index of U.S. Treasury securities maturing in 90 days that assumes reinvestment of all income. The index data referenced herein is the property of ICE Data Indices, LLC, its affiliates (“ICE Data”) and/or its third party suppliers and has been licensed for use by Snow Capital Management, LP. ICE Data and its third party suppliers accept no liability in connection with its use. You cannot invest directly in an index.

Distributed by Quasar Distributors, LLC.

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. Small- and Medium-capitalization companies tend to have limited liquidity and greater price volatility than large-capitalization companies.

Before you invest in the Snow Capital Funds, 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.

Distributed by Quasar Distributors, LLC.

Purchase and Sale of Fund Shares. You may conduct transactions by mail (Snow Capital Funds, c/o U.S. Bancorp Fund Services, LLC, P.O. Box 701, Milwaukee, WI 53201-0701 (for regular mail) or 615 East Michigan Street, 3rd Floor, Milwaukee, WI 53202 (for overnight or express mail)), or by telephone at 877-SNOWFND (877-766-9363). Applications can be downloaded HERE, or via the Documents tab on this page.

Investors who wish to purchase, redeem or exchange Fund shares through a financial intermediary should contact the financial intermediary directly. The minimum initial investment for Class A and Class C shares of the Funds is $2,500 for non-IRA accounts and $1,000 for IRA accounts. The minimum initial investment for Institutional Class shares of the Funds for all types of accounts is $1,000,000. There is no minimum investment amount for subsequent purchases.

Tax Information. A 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 individual retirement account. Distributions may be taxable upon withdrawal from tax-deferred accounts.

Payments to Broker-Dealers and Other Financial Intermediaries. If you purchase Fund shares through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create conflicts 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.

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. Small- and Medium-capitalization companies tend to have limited liquidity and greater price volatility than large-capitalization companies.

Before you invest in the Snow Capital Funds, 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.

Distributed by Quasar Distributors, LLC.

INVESTMENT PRODUCTS:  NOT FDIC INSURED   ●   NO BANK GUARANTEE   ●  MAY LOSE VALUE