Performance quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown here. 

The Russell 2000 Growth Index, an unmanaged index of 2000 small company stocks is not available for direct investment. Unlike a mutual fund, the performance of an index assumes no taxes, transaction costs, management fees or other expenses.

Net expense ratio includes voluntary expense reimbursements by the Funds' investment advisers that may change or end at any time.  The Small Cap Growth Fund waived investment advisory fees in the amount of  0.45%.  Without such a fee waiver the performance of the fund would have been lower.  Total returns also reflect a reinvestment of distributions and changes in net asset value.

Investments in small capitalization companies present greater risk of loss than investments in large companies.