Small Cap Value Fund

Performance

The Russell 2000® is an index comprised of the 2,000 smallest companies on the Russell 3000 list and offers investors access to small-cap companies. It is a widely recognized indicator of small capitalization company performance.

The performance data quoted represents past performance. Current performance may be lower or higher than the performance data quoted above. The Fund’s investment advisor has contractually agreed to reduce its fees and/or absorb expenses of the Fund at least until October 31, 2017, to ensure that the net annual operating expenses will not exceed 1.55%, 1.30%, or 1.55% attributable to Class A, Class I, or Class N shares, respectively, subject to possible recoupment from the Fund in future years. Without these waivers, the Fund’s total annual operating expenses would be 2.28%, 2.03%, or 2.28% attributable to Class A, Class I, or Class N shares, respectively. The maximum sales charge for Class A shares is 5.75%. Please review the fund’s prospectus for more information regarding the fund’s fees and expenses. For performance information current to the most recent month-end please call toll-free 855-528-0707.

Performance shown before July 1, 2014 is for the Fund’s predecessor limited liability partnership (Cozad Small-Cap Value Fund I, LP). The prior performance is net of management fees and other expenses, but does not include the effect of the performance fee. The Fund has been managed in the same style and by the same portfolio manager since the predecessor limited liability partnership’s inception on September 30, 2010. The Fund’s investment goals, polices, guidelines and restrictions are, in all material respects, equivalent to the predecessor limited liability partnership’s investment goals, polices, guidelines and restrictions. From its inception on September 30, 2010 through the date of this prospectus the predecessor limited liability partnership was not subject to certain investment restrictions of the 1940 Act of the Code, which if they had been applicable might have adversely affected its performance. Performance of the predecessor fund is not an indicator of future results. Investment value will fluctuate, and shares, when redeemed, may be worth more or less than original cost. Performance quoted is past performance and is no guarantee of future results.

The indices shown are for informational purposes only and are not reflective of any investment. As it is not possible to invest in the indices, the data shown does not reflect or compare features of an actual investment, such as its objectives, costs and expenses, liquidity, safety, guarantees or insurance, fluctuation of principal or return, or tax features.

Portfolio

Top 10 Holdings and Weights (As of December 31, 2016)

Holdings are subject to change and should not be considered investment advice.

Company Ticker Sector Weights
Old National Bancorp ONB Financial Services 2.9%
Hancock Holding Company HBHC Financial Services 2.2%
MB Financial Inc MBFI Financial Services 2.1%
Associated Banc Corp ASB Financial Services 2.1%
First Commonwealth Financial FCF Financial Services 2.0%
Union Bankshares Corp UBSH Financial Services 2.0%
UMB Financial Corp UMBF Financial Services 2.0%
Fulton Financial FULT Financial Services 1.8%
Ryman Hospitality Properties RHP Financial Services 1.8%
Dupont Fabros DFT Financial Services 1.7%

Sector Weights (As of December 31, 2016)

Holdings Based Characteristics (As of December 31, 2016)

 

Cozad Small-Cap Value
Average Market Cap ($Mil) 2423
Median Market Cap ($Mil) 1929
Largest Stock by Market Cap ($Mil) 4494
Price/Book 1.61
P/E (F) 17.79
ROE TTM 8.61%
ROA TTM 1.82%

ROE TTM

The amount of net income returned as a percentage of shareholders equity.
Calculated return on equity, as of the last completed fiscal quarter
(Income Before Nonrecurring Items) / (Mean of trailing 4 quarters Total Assets)

ROA TTM

An indicator of how profitable a company is relative to its total assets.
Calculated return on assets, as of the last completed fiscal quarter
(Income before extras & discontinued operations) / (Long-term debt, convertible debt + non-current capital leases + mortgages + book value preferred stock + common equity)

P/E

Price/Earnings ratio using diluted operating 12-month EPS and current price
(Negative earning result in NA for P/E)

Price/Book

Price / (Common equity / Shares out)

Statistics

Risk Vs Return (As of December 31, 2016)

Risk Chart

Data displayed represents performance since Fund inception 9/30/2010, and is no guarantee of future results. Investors cannot directly invest in an index and unmanaged index returns do not reflect any fees, expenses or sales charges.

Risk (As of December 31, 2016)

Chart data represents calculations since Fund inception 9/30/2010.

The Fund is the successor to the Cozad Small Cap Value Fund I, LP (the “Predecessor Fund”), which transferred its assets to the Fund in connection with the Fund’s commencement of operations as a mutual fund. The Predecessor Fund was managed by Cozad Asset Management, Inc., and has substantially similar investment objectives and strategies to those of the Fund. Class I performance includes the performance of the Predecessor Fund prior to the commencement of the Fund’s operations as a series of the Trust on July 1, 2014. The Predecessor Fund was not registered as a mutual fund under the Investment Company Act of 1940, as amended (the “1940 Act”), and therefore was not subject to certain investment restrictions, limitations and diversification requirements imposed by the 1940 Act and the Internal Revenue Code of 1986, as amended (the “Code”). Had the Predecessor Fund been registered under the 1940 Act, the Predecessor Fund’s performance may have been adversely affected.

Important Definitions

Alpha

Is a risk-adjusted measure of the active return on an investment. It is a measure of the manager’s contribution to performance. A positive annual Alpha indicates the portfolio outperformed the market on a risk-adjusted basis, and a negative Alpha indicates the portfolio underperformed in relation to the market.

Tracking Error

Tracking error is a measure of how closely a portfolio follows the index to which it is benchmarked.

Beta

Beta is a measure of the volatility, or systematic risk of a security or a portfolio in comparison to the market as a whole.

R-Squared

R-Squared is a statistical measure that represents the percentage of a fund’s or security’s movements that are explained by movements in a benchmark index. For fixed-income securities the benchmark is the T-bill, and for equities the benchmark is the S&P 500.

Information Ratio

The Information ratio is a measure of the risk-adjusted return of a financial security (or asset or portfolio).