Disclosures

About Bragg Financial Advisors

Bragg Financial Advisors, Inc. (BFA), is a registered investment advisor based in Charlotte, North Carolina. BFA is registered with the SEC as a registered investment advisory firm. Currently, the firm oversees over $1 billion for high net worth individuals, institutions, and the Queens Road Funds.

Queens Road Small Cap Value Fund — Important Performance Information

All performance information reflects past performance, is presented on a total return basis and reflects the reinvestment of distributions. Past performance is no guarantee of future results. Current performance may be higher or lower than performance quoted. Returns as of the recent month-end may be obtained by calling (888) 353‑0261. From inception to 12/31/2004 the fund's manager and its affiliates absorbed certain expenses of the fund and waived its management fee. Had the fund's manager not done this, returns would have been lower. The fund's manager and its affiliates do not intend to absorb any expenses or waive its management fee in the future. Investment return and principal value will fluctuate, so that shares may be worth more or less than their original cost when redeemed. There can be no assurance that the fund will meet any of its objectives. This material is not authorized for distribution unless preceded or accompanied by a current prospectus. The prospectus contains important information on the fund's investment objectives, risks, and charges and expenses. Please read the prospectus carefully before investing or sending money. Queens Road Small Cap Value Fund invests primarily in small-cap companies which may involve considerably more risk than investing in larger-cap stocks. All investment decisions are made at the discretion of the Portfolio Manager, in accordance with the then current Prospectus.

Queens Road Value Fund — Important Performance Information

All performance information reflects past performance, is presented on a total return basis and reflects the reinvestment of distributions. Past performance is no guarantee of future results. Current performance may be higher or lower than performance quoted. Returns as of the recent month-end may be obtained by calling (888) 353‑0261. From inception to 12/31/2004 the fund's manager and its affiliates absorbed certain expenses of the fund and waived its management fee. Had the fund's manager not done this, returns would have been lower. The fund's manager and its affiliates do not intend to absorb any expenses or waive its management fee in the future. Investment return and principal value will fluctuate, so that shares may be worth more or less than their original cost when redeemed. There can be no assurance that the fund will meet any of its objectives. This material is not authorized for distribution unless preceded or accompanied by a current prospectus. The prospectus contains important information on the fund's investment objectives, risks, and charges and expenses. Please read the prospectus carefully before investing or sending money. All investment decisions are made at the discretion of the Portfolio Manager, in accordance with the then current Prospectus.

Prior to November 26, 2003, the Queens Road Value Fund was named the Queens Road Large Cap Value Fund. Until that time, the Fund followed an investment policy requiring it to invest at least 80% of its net assets in stocks of companies with market capitalizations of greater than $5 billion at the time of purchase. Subsequent to the name change, that investment policy was removed allowing the Fund to invest a greater percentage (without limit) of its net assets in companies with market capitalizations of less than $5 billion.

Russell 2000 Index

The Russell 2000 Index is an unmanaged index of small capitalization common stocks. It consists of the 2000 smallest companies in the Russell 3000 index, which consists of the 3000 largest U.S. companies based on market capitalization. You cannot invest directly in the Russell 2000 Index.

Russell 2000 Value Index

The Russell 2000 Value Index is a subset of the Russell 2000 Index. The Russell 2000 Value Index represents those stocks of the Russell 2000 with lower price-to book ratios and lower relative forecasted growth rates. You cannot invest directly in the Russell 2000 Value Index.

S&P 500 Index

The S&P 500 is an unmanaged, capitalization-weighted index. Performance figures assume reinvestment of capital gains, dividends, but do not include any fees or expenses. It is not possible to invest directly in the S&P 500.

S&P 500/Citigroup Value Index

The S&P 500/Citigroup Value Index along with its counterpart the S&P 500/Citigroup Growth Index were introduced in December 2005. Previously, these indices were known as the S&P 500/Barra Growth and Value Indices. These Indices are created by dividing the S&P 500 Index based upon seven different factors, four to determine value characteristics and three to determine growth characteristics. The companies are allocated to each index according to their growth or value characteristics, with about one-third being allocated to both the growth and value index. It is not possible to invest directly in the S&P 500/Citigroup Value Index. The S&P 500/Citigroup Growth Index and S&P 500/Citigroup Value Index are the exclusive property of Standards & Poors.

Information found on this site is directed to U.S. investors. This does not constitute an offer to sell shares of The Queens Road Funds (The Funds). Offers to sell shares of The Funds may only be made by The Fund's prospectus. To obtain a prospectus, which is a complete discussion of investment objectives, risks, charges and expenses, contact Queens Road Securities, 1031 South Caldwell Street, Suite 200, Charlotte, NC 28203, or call (888) 353-0261. The prospectus contains this and other information about The Funds and should be read carefully before investing or sending money. Shares of The Funds are distributed by Queens Road Securities. Performance since inception is from 7/1/2002. Past results do not guarantee future performance. The Queens Road Funds are available for sale to residents in all 50 states. Total return figures include reinvestment of all dividends and capital gains. The investment return and principal value of your investment may fluctuate, so you may have a gain or loss when you redeem shares.

SEC Reports

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Code of Ethics

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Proxy Voting Guidelines

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Statement of Additional Information

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