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Important Information:

We are making this article available to you for your information and education. All portfolio holdings are subject to change at any time. Any discussion of specific securities is intended to help readers understand Oak Value Capital Management, Inc. ("the Adviser")'s, the Oak Value Fund's adviser, investment management style, and should not be regarded as a recommendation of any security. Any performance data discussed represents past performance, which is no guarantee of future performance or results in this article. Information concerning the performance of the Oak Value Fund ("Fund") and the Adviser's recommendations over the last year are available upon request.
 
Statements referring to future actions or events, such as the future financial performance or ongoing business strategies of the companies in which the Adviser invests on behalf of the Fund, are based on current expectations and projections about future events provided by various sources, including company management. These statements are not guarantees of future performance, and actual events may differ materially from those discussed herein. Any references to securities purchased or held are only as of the date of this article. Although the Fund focuses on long-term investments, holdings are subject to change. Nothing in this material should be construed as an offer or solicitation to purchase shares of the Fund, which are offered only by prospectus.

The Adviser does not subscribe to any particular viewpoint about causes and effects of events in the broad capital markets, other than that they are not predictable in advance. Specifically, nothing contained in this article should be construed as a forecast of overall market movements, either in the short or long term.

The performance numbers quoted on this page represent past performance and past performance does not guarantee 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. Performance data, current to the most recent month end, may be found at the Oak Value Fund's website www.oakvaluefund.com.

An investor should consider the Fund's investment objectives, risks, and charges and expenses carefully before investing. The Fund's prospectus contains this and other important information. For a copy of the Fund's prospectus, please call 1-800-622-2474. Please read the prospectus carefully before you invest.

The Overall Morningstar Rating™ is derived from a weighted average of the performance figures associated with a fund's 3-, 5-, and 10-year (if applicable) Morningstar Rating™ metrics. For funds with at least a 3-year history, a Morningstar Rating™ is based on a risk-adjusted return measure (including the effects of sales charges, loads, and redemption fees) with emphasis on downward variations and consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% 4 stars, the next 35% 3 stars, the next 22.5% 2 stars, and the bottom 10% 1 star. The Oak Value Fund was rated 3 stars out of 1206 funds, 5 stars out of 912 funds, and 5 stars out of 318 funds for the 3-, 5- and 10-year periods, respectively, against large blend funds. Each share class is counted as a fraction of one fund within this scale and rated separately. Morningstar Rating™ is for the retail share class only; other classes may have different performance characteristics.

The Oak Value Fund is distributed by Ultimus Fund Distributors, LLC.