SYMONS CONCENTRATED SMALL CAP VALUE INSTITUTIONAL .Symons Value Institutional Fund (SAVIX) Symons

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  • SYMONS CONCENTRATED SMALL CAP VALUE INSTITUTIONAL FUND

    Supplement to the ProspectusAnd

    Statement of Additional Informationdated

    March 30, 2017

    Supplement dated October 25, 2017

    The Board of Trustees has determined to cease operations of the Symons Concentrated Small Cap ValueInstitutional Fund (the Fund) due to the advisers business decision that it does not want to continue to managethe Fund.

    As of the date of this supplement, the Fund is no longer accepting purchase orders for its shares and it will closeeffective November 29, 2017. Shareholders may redeem Fund shares at any time prior to this closing date.Procedures for redeeming your account, including reinvested distributions, are contained in the section How toRedeem Shares of the Funds Prospectus. Any shareholders that have not redeemed their shares of the Fundprior to November 29, 2017 will have their shares automatically redeemed as of that date, with proceeds beingsent to the address of record. If your Fund shares were purchased through a broker-dealer and are held in abrokerage account, redemption proceeds may be forwarded by the Fund directly to the broker-dealer for depositinto your brokerage account.

    Effective immediately, the Fund is no longer pursuing its investment objective. All holdings in the Fundsportfolio are being liquidated, and the proceeds will be invested in money market instruments or held in cash.Any capital gains will be distributed as soon as practicable to shareholders and reinvested in additional Fundshares, unless you have requested payment in cash.

    IMPORTANT INFORMATION FOR RETIREMENT PLAN INVESTORS

    If you are a retirement plan investor, you should consult your tax adviser regarding the consequences of aredemption of Fund shares. If you receive a distribution from an Individual Retirement Account (IRA) or aSimplified Employee Pension (SEP) IRA, you must roll the proceeds into another IRA within 60 days of the dateof the distribution in order to avoid having to include the distribution in your taxable income for the year. If youare the trustee of a qualified retirement plan or the custodian of a 403(b)(7) custodian account (tax-shelteredaccount) or a Keogh account, you may reinvest the proceeds in any way permitted by its governing instrument.

    * * * * * *

    This supplement and the Prospectus provide the information a prospective investor should know about the Fundand should be retained for future reference. A Statement of Additional Information, dated March 30, 2017 hasbeen filed with the Securities and Exchange Commission, and is incorporated herein by reference. You mayobtain the Prospectus or Statement of Additional Information without charge by calling the Fund at(877) 679-6667 or visiting www.symonsfunds.com.

  • June 16, 2017

    SYMONS VALUE INSTITUTIONAL FUND (the Fund)Supplement to the Prospectus dated March 30, 2017

    The Fund has added the S&P 500 Value Index as a secondary index.

    The Average Annual Total Returns Table in the Performance sub-section of the Prospectus is deleted andreplaced as follows:

    AVERAGE ANNUAL TOTAL RETURNS(for the periods ended December 31, 2016)

    1 Year 5 Years 10 Years

    The FundReturn Before Taxes 6.73% 7.73% 5.89%Return After Taxes on Distributions 5.91% 6.07% 4.82%Return After Taxes on Distributions and Sale of Fund Shares 4.49% 5.97% 4.65%

    S&P 500 Index(1)

    (reflects no deductions for fees, expenses or taxes) 11.96% 14.66% 6.95%S&P 500 Value Index(1)

    (reflects no deductions for fees, expenses or taxes) 17.40% 14.69% 5.50%FTSE Russell 3000 Value Index(1)

    (reflects no deductions for fees, expenses or taxes) 18.40% 14.81% 5.76%

    After-tax returns are calculated using the historical highest individual federal income tax rates and do not reflectthe impact of state and local taxes. Actual after-tax returns depend on an investors tax situation and may differfrom those shown. After-tax returns shown are not relevant to investors who hold their Fund shares throughtax-deferred arrangements, such as 401(k) plans or individual retirement accounts (IRAs).

    (1) Effective March 30, 2017, the Funds primary benchmark index was updated from the FTSE Russell 3000 Value Index to the S&P 500Index, and on June 16, 2017, the Fund added the S&P 500 Value Index as a secondary index. The adviser has determined that the S&Pindices more closely align with the investment strategies of the Fund. The S&P 500 Index is an unmanaged index generally representingthe performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all majorindustries. The S&P 500 Value Index measures the performance of the large-capitalization value sector in the U.S. equity market and is asubset of the S&P 500 Index. It consists of those stocks in the S&P 500 Index exhibiting the strongest value characteristics. The FTSERussell 3000 Value Index is a market capitalization index made up of 3,000 of the largest U.S. stocks, and is comprised of the Russell1000 Index (large cap) and the Russell 2000 index (small cap).

    Current performance of the Fund may be lower or higher than the performance quoted above. Performance datacurrent to the most recent month end may be obtained by calling (877)-679-6667, a toll-free number, or datacurrent to the most recent quarter end may be accessed on the Funds website at www.symonsfunds.com.

  • Symons Value Institutional Fund (SAVIX)

    Symons Concentrated Small Cap ValueInstitutional Fund (SCSVX)

    PROSPECTUSMarch 30, 2017

    650 Washington Road, Suite 800Pittsburgh, Pennsylvania 15228

    (877) 679-6667www.symonsfunds.com

    The Securities and Exchange Commission has not approved or disapproved of these securities ordetermined if this prospectus is truthful or complete. Any representation to the contrary is acriminal offense.

  • TABLE OF CONTENTS

    Page

    SUMMARY SECTION Symons Value Institutional Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1Investment Objective . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1Fees and Expenses of the Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1Principal Investment Strategies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2Principal Risks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2Performance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5Portfolio Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6Purchase and Sale of Value Fund Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6

    SUMMARY SECTION Symons Concentrated Small Cap Value Institutional Fund . . . . . . . . . . . . . . . . . . . . . . . 7Investment Objective . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7Fees and Expenses of the Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7Principal Investment Strategies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8Principal Risks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8Performance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10Portfolio Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10Purchase and Sale of Value Fund Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10

    ADDITIONAL SUMMARY INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10Tax Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10Payments to Broker-Dealers and Other Financial Intermediaries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10

    ADDITIONAL INFORMATION ABOUT THE VALUE INSTITUTIONAL FUNDSPRINCIPAL STRATEGIES AND RELATED RISKS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11Principal Investment Strategies of the Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11Principal Risks of Investing in the Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12

    ADDITIONAL INFORMATION ABOUT THE CONCENTRATED SMALL CAP VALUEINSTITUTIONAL FUNDS PRINCIPAL STRATEGIES AND RELATED RISKS . . . . . . . . . . . . . . . . . . . . . 16Principal Investment Strategies of the Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16Principal Risks of Investing in the Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .