Morningstar Proprietary Ratings reflect risk-adjusted performance as of 3/31/20. The Morningstar Rating^™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating^™ for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating^™ metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Institutional Class (HILFX) received 5 stars for the three-year, 4 stars for the five-year and 3 stars for the ten-year periods ended 3/31/20 / Investor Class (HLFNX) received 5 stars for the three-year, 4 stars for the five-year and 3 stars for the ten-year periods ended 3/31/20 among 93, 84 and 70 Financial Funds, respectively. Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in distribution percentage.

The five- and 10-year Morningstar Ratings are extended performance ratings based on the historically adjusted returns prior to the inception date of the Institutional Class share class (6/15/15) and reflects the historical performance, fees, and expenses of the Investor share class.

Each Morningstar category average represents a universe of funds with similar objectives. The Morningstar Style Box reveals the fund's investment style as of 3/31/20. The vertical axis shows the market capitalization of the stocks owned and the horizontal axis shows investment style (value, blend, or growth). ©Morningstar, Inc. All Rights Reserved. Past performance is no guarantee of future results.

The performance shown for Institutional Class shares / HILFX prior to 6/15/15 represents the performance of Investor Class shares of the Fund and includes expenses that are not applicable to and are higher than those of Institutional Class shares.

The performance shown for periods prior to 10/26/12 is that of the predecessor FBR Fund.

The Russell 1000^® Financial Services Index is an unmanaged index commonly used to measure the performance of U.S. large-capitalization financial sector stocks. The Russell 1000^® Index is an unmanaged index commonly used to measure the performance of U.S. large-capitalization stocks. One cannot invest directly in an index.

Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell® is a trademark of Russell. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes or Russell ratings or underlying data, and no party may rely on any Russell Indexes or Russell ratings or underlying data contained in this communication. No further distribution of Russell data is permitted without Russell’s express written consent. Russell does not promote, sponsor, or endorse the content of this communication.

Fund holdings and sector allocations are subject to change and should not be considered a recommendation to buy or sell any security.