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 Value Index, an unmanaged index of small capitalization companies with lower price-to-book ratios and lower forecasted growth values, 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 Multi-Factor Small Cap Focused Value Fund waived investment advisory fees in the amount of  1.00%.  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.  The Adviser voluntarily reimbursed or reduced expenses in the amount of 0.11% in addition to waiving the investment advisory fee in order to maintain net total operating expenses as disclosed above.

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