As with all mutual funds, there is no assurance that the Fund will achieve its investment objective, and a shareholder is subject
to the risk that his or her investment could lose money. The principal risks affecting shareholders' investments in the Fund are
set forth below. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the FDIC or
any government agency.
Common Stock Risk — Since it purchases common stock, the Fund is subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Fund's common stock
may fluctuate drastically from day-to-day. Individual companies may report poor results or be negatively affected by industry
and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in
response. These factors contribute to price volatility, which is the principal risk of investing in the Fund. In addition, common
stock is generally subordinated to preferred stocks, bonds and other debt instruments upon the liquidation or bankruptcy of
the issuing company.
Quantitative Investment Strategy Risk — The Fund seeks to track a quantitative strategy index, meaning that the Fund
invests in securities comprising an index created by a proprietary model. The success of the Fund's principal investment
strategies depends on the effectiveness of the model in screening securities for inclusion in the Index. The factors used in the
quantitative analysis and the weight placed on these factors may not be predictive of a security's value. As a result, the Fund
may have a lower return than if the Fund were managed using a fundamental investment strategy or an index based strategy
that did not incorporate quantitative analysis.
Risks of Index Investing — Unlike many investment companies, the Fund is not "actively managed." Therefore, the Fund
would not sell an equity security because the security's issuer was in financial trouble unless that security is removed from the
Non-Correlation Risk — The Fund's return may not match or achieve a high degree of correlation with the return of the
Index for a number of reasons. For example, the Fund incurs a number of operating expenses not applicable to its Index and
also incurs costs in buying and selling securities, especially when rebalancing the Fund's securities holdings to reflect changes
in the composition of the Index or in a representative sampling of the Index. The Fund may not be fully invested at times, either
as a result of cash flows into the Fund or reserves of cash held by the Fund to meet redemptions and pay expenses. To the
extent the Fund uses a sampling methodology, the Fund will not fully replicate the Index and may hold securities not included
in the Index. As a result, the Fund will be subject to the risk that the Adviser's investment management strategy, the
implementation of which is subject to a number of constraints, may not produce the intended results. If the Fund utilizes a
sampling approach, it may not track the return of the Index as well as it would if the Fund purchased all of the securities in the
Large Capitalization Company Risk — The large capitalization companies in which the Fund invests may underperform
other segments of the equity market or the equity market as a whole.
Concentration Risk — The Fund's assets will only be concentrated in an industry or group of industries to the extent that the Index concentrates in a particular industry or group of industries. By concentrating its assets in a single industry or group of
industries, the Fund would be subject to the risk that economic, political or other conditions that have a negative effect on that
industry or group of industries will negatively impact the Fund to a greater extent than if the Fund's assets were invested in a
wider variety of industries. The amount of Fund assets in a particular industry may not match the industry's representation in
the Index during rebalancing or when the Fund is small.
Derivatives Risk — A derivative is a financial contract, the value of which depends on, or is derived from, the value of a financial asset (such as a stock, bond or currency), a physical asset (such as gold) or a market index (such as the S&P 500
Index). The Fund's use of futures contracts, options and swaps is subject to market risk, leverage risk, correlation risk and
liquidity risk. Market risk is the risk that the market value of a security may move up and down, sometimes rapidly and
unpredictably. Liquidity risk is the risk that a security may be difficult or impossible to sell at the time and price that the Fund
would like. Leverage risk is the risk that the use of leverage can amplify the effects of market volatility on the Fund's share
price and may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to
satisfy its obligations. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the
underlying asset, rate or index. The Fund's use of swap agreements is also subject to credit risk and valuation risk. Valuation
risk is the risk that the derivative may be difficult to value and/or may be valued incorrectly. Credit risk is the risk that the
counterparty to a contract will default or otherwise become unable to honor a financial obligation. Each of these risks could
cause the Fund to lose more than the principal amount invested in a derivative instrument.
REIT Risk — The Fund is subject to risks related to investment in real estate investment trusts or "REITs," including
fluctuations in the value of underlying properties, defaults by borrowers or tenants, lack of diversification, heavy cash flow
dependency, self-liquidation, and potential failure to qualify for tax-free pass through of income and exemption from
registration as an investment company. By investing in REITs indirectly through the Fund, a shareholder will bear expenses of
the REITs in addition to expenses of the Fund.
Other Investment Company Risk — When the Fund invests in another investment company, including an ETF, in addition
to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the other investment
company's expenses. While the risks of owning shares of an ETF generally reflect the risks of owning the underlying securities
the ETF is designed to track, lack of liquidity in an ETF can result in its value being more volatile than the underlying portfolio
Interest Rate Risk — The Fund may invest in fixed income securities that change in value based on changes in interest
rates. If rates increase, the value of these investments generally declines. On the other hand, if rates fall, the value of these
investments generally increases. Fixed income markets have experienced historically low interest rates for an extended period
of time, which may increase the risk of interest rates rising in the future as a result of market forces, government action or
other factors. The value of a fixed income security with greater duration will be more sensitive to changes in interest rates than
a similar security with less duration. Duration is a measure of the sensitivity of the price of a fixed income security (or a
portfolio of fixed income securities) to changes in interest rates. The prices of fixed income securities with less duration
generally will be less affected by changes in interest rates than the prices of fixed income securities with greater duration. For
example, a 5-year duration means the fixed income security is expected to decrease in value by 5% if interest rates rise 1%
and increase in value by 5% if interest rates fall 1%, holding other factors constant. Usually, the changes in the value of fixed
income securities will not affect cash income generated, but may affect the value of your investment.