Fund Facts

Investment Objective:

The Union Street Partners Value Fund (USP) seeks to achieve capital appreciation.

Fund Performance As of: 12/31/2023

Fund/IndexTicker3-MonthYTD1-Year3-Year5-YearSince InceptionDate
Union Street Partners Value Fund Advisor ClassUSPFX11.50%18.78%18.78%11.96%14.49%11.02%Inception: 4/27/2016
Russell 1000 Value Index9.50% 11.46%11.46%8.86%10.91%9.17%
Benchmark performance for Advisor Class starts on 4/27/2016.

Top Sectors As of: 12/31/2023

Sector% Portfolio
Information Technology21.7%
Consumer Staples12.1%
Communication Services10.0%
Health Care8.0%
Cash 6.7%
Consumer Discretionary5.3%
Real Estate3.2%

Top 10 Equity Holdings As of: 12/31/2023

Company% Portfolio
JP Morgan5.7%
Boeing 5.0%
Dollar Tree4.7%
Schlumberger 3.4%
% of Fund in Top 1055.3%
The Sectors and Holdings are subject to change at any time.

The performance data quoted represents past performance and is no guarantee of future results.  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 may be lower or higher than the performance data quoted.  For the most recent month-end performance, please call 1-800-673-0550.  Returns over one year are annualized.

Performance results with sales charges reflect the deduction of the maximum front-end sales charge (or the deduction of the applicable contingent deferred sale charge.)  Class A shares are subject to a maximum front-end sales charge of 5.75%.  Performance presented at NAV does not include a sales charge and would be lower if a charge was reflected.  Investors who may purchase Class A Shares without paying a front-end sales charge will be subject to a 1.00% deferred sales charge if you redeem your shares within 1 year of purchase.

Total expense ratios: Class A 1.79% and Advisor 1.61% (Net expense ratios after fee waiver and reimbursement: Class A 1.50% and Advisor 1.25%).  The Adviser has entered into a written expense limitation agreement under which it has agreed to limit the total expenses of the Fund (exclusive of interest, distribution fees pursuant to Rule 12b-1 Plans, taxes, acquired fund fees and expenses, brokerage commissions, extraordinary expenses and dividend expense on short sales) to an annual rate of 1.25% of the average daily net assets of the Fund.  The Trust and the Adviser may terminate this expense limitation agreement prior to January 31, 2024, only by mutual written consent. If waivers had not been made, returns would have been lower.

The Russell 1000 Value Index is an unmanaged index that measures the performance of the large-cap value segment of the U.S. equity universe.  The Index figures do not reflect any deduction for fees, expenses, or taxes.   It is not possible to invest directly in an unmanaged index.

There can be no guarantee that any strategy will be successful.  All investing involves risk, including the potential loss of principal.  There are risks associated with investing in the Fund that may adversely affect the Fund’s performance.  The principal risks associated with an investment in the Fund include market risk, non-diversification risk, risk of investing in undervalued securities, REITs, Master Limited Partnerships (“MLPs”), investment companies and ETFs.  Factors such as domestic economic growth and market conditions, interest rate levels, and political events affect the securities markets and may affect the value of the fund.  Non-diversification increases the risk that the value of the Fund could go down because of the poor performance of an individual security in the Fund’s portfolio.  Undervalued securities are, by definition, out of favor with investors, and there is no way to predict when, if ever, the securities may return to favor.  REITs may be subject to, among other factors, certain risks associated with the direct ownership of real estate, including declines in the value of real estate, risks related to general and local economic conditions, overbuilding and increased competition, increases in property taxes and operating expenses, and variations in rental income.  MLPs are generally considered interest-rate-sensitive investments.  During periods of interest rate volatility, these investments may not provide attractive returns.  To the extent the Fund invests in other investment companies, the Fund will indirectly bear its proportionate share of any expenses (such as operating expenses and advisory fees) that may be paid by certain of the investment companies in which it invests. Investment in ETFs carry specific risk and market risk. If the area of the market representing the underlying index or benchmark does not perform as expected, the value of the investment in the ETF may decline. Read the prospectus carefully for more information about these and other risks associated with investing in the Fund.

Investors should consider the Fund’s investment objectives, potential risks, management fees,  charges and expenses carefully before investing.  This and other information is contained in the Fund’s prospectus.  Please read the prospectus carefully before investing.