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Active investing generally has higher management fees because of the manager's increased level of involvement while passive investing has lower management and operating fees. Investing in both actively and passively managed funds involves risk and principal loss is possible. Both actively and passively managed funds generally have daily liquidity. There are no guarantees regarding the performance of actively and passively managed funds. Actively managed mfunds may have higher portfolio turnover than passively managed funds. Excessive turnover can limit returns and can incur capital gains.

Holdings and allocations are subject to change at any time. Please click here for QVAL holding and expense information. Please click here for IVAL holding and expense information.

Past performance does not guarantee future results.

Any tax or legal information provided isn't an exhaustive interpretation of some of the current income tax regulations. Investors must consult their tax advisor or legal counsel for advice and information concerning their particular situation. Neither the Fund nor any of its representatives may give legal or tax advice.

Definitions:

P/E = P/E, or price-to-earnings is defined as market price per share divided by annual earnings per share.
P/B = P/B, or price-to-book is defined as market price per share divided by book value per share
Free Cash Flow = Free cash flow is defined as the cash that a company is able to generate after laying out the money required to maintain or expand its asset base
EBITDA/TEV = EBITDA/TEV, or enterprise multiple, is defined as the earnings before interests, taxes, depreciation, and amortization divided by total enterprise value per share.
Basis Points (bps) = A unit that is equal to 1/100th of 1 percent.

Correlation: The statistical relationship between two variables.
The Russell 1000 is a broad based unmanaged index of 1000 stocks, which is widely recognized as representative of the equity market in general. The index does not reflect any management fees, transaction costs, or expenses. Indexes are unmanaged and one cannot invest directly in an index.

The MSCI EAFE Index is a broad based unmanaged index of international stocks, which is widely recognized as representative of the equity market in general. The index does not reflect any management fees, transaction costs, or expenses. Indexes are unmanaged and one cannot invest directly in an index.

The S&P 500 Value Index is a broad based unmanaged index of 500 stocks, which is widely recognized as representative of the equity market in general. The index does not reflect any management fees, transaction costs, or expenses. Indexes are unmanaged and one cannot invest directly in an index.

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