The Fund’s composition and sector weightings are shown as a percentage of the Fund’s total net assets. Portfolio composition and sector weightings are subject to change at any time and should not be considered a recommendation to buy or sell a particular security. The S&P 500 and Russell 1000 are unmanaged indices commonly used to measure the performance of U.S. stocks. One cannot invest directly in an index.

Medium-capitalization companies tend to have limited liquidity and greater price volatility than large-capitalization companies. Investments in foreign securities involve greater volatility and political, economic and currency risk and differences in accounting methods.

Price to cash flow ratio is a stock valuation measure calculated by dividing a firm's cash flow per share into the current stock price. Cash flow measures the cash generating capability of a company by adding non-cash charges (e.g. depreciation) to income before extraordinary items (unusual and infrequent occurrences). Income before extraordinary items also excludes dividends paid on common and preferred stock.

* The Standard and Poor's Compustat Database is a robust source of data on publicly traded companies.

** Beta is a measure of a portfolio’s sensitivity to market movements (as represented by the S&P 500). The index has a beta of 1.0. A beta of more (less) than 1.0 indicates that a fund’s historical returns have fluctuated more (less) than the index.

*** The expense ratio for Institutional Class shares is contractually capped at 0.98% indefinitely.

^ Initial minimum investment of $250,000 may be waived for certain fee-based or retirement plans.