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2024-12-31 0001027596 ck0001027596:BloombergUS2500ValueIndexMember 2021-01-01 2025-12-31 0001027596 ck0001027596:BloombergUS2500ValueIndexMember 2016-01-01 2025-12-31 0001027596 ck0001027596:BloombergUS2500ValueIndexMember 2015-12-31 2025-12-31 0001027596 ck0001027596:S000052294Member ck0001027596:C000164420Member 2016-01-01 2016-12-31 0001027596 ck0001027596:S000052294Member ck0001027596:C000164420Member 2017-01-01 2017-12-31 0001027596 ck0001027596:S000052294Member ck0001027596:C000164420Member 2018-01-01 2018-12-31 0001027596 ck0001027596:S000052294Member ck0001027596:C000164420Member 2019-01-01 2019-12-31 0001027596 ck0001027596:S000052294Member ck0001027596:C000164420Member 2020-01-01 2020-12-31 0001027596 ck0001027596:S000052294Member ck0001027596:C000164420Member 2021-01-01 2021-12-31 0001027596 ck0001027596:S000052294Member ck0001027596:C000164420Member 2022-01-01 2022-12-31 0001027596 ck0001027596:S000052294Member ck0001027596:C000164420Member 2023-01-01 2023-12-31 0001027596 ck0001027596:S000052294Member ck0001027596:C000164420Member 2024-01-01 2024-12-31 0001027596 ck0001027596:S000052294Member ck0001027596:C000164420Member 2025-01-01 2025-12-31 pure iso4217:USD 497 2026-10-27 ADVISORS SERIES TRUST 0001027596 false N-1A 0.1003 0.1953 -0.1379 0.3412 0.0347 0.3272 -0.0355 0.1996 0.1597 0.0899 0.1463 0.1174 -0.1873 0.3399 -0.0533 0.2950 -0.0492 0.1786 0.1017 0.0328 0.1199 0.2124 -0.1347 0.3043 -0.0349 0.2320 -0.0295 0.1084 0.2196 0.1058 0.1426 0.1504 -0.1840 0.2570 -0.0818 0.2651 -0.0712 0.1057 0.1342 0.0765 HUBER SELECT LARGE CAP VALUE FUND HUBER SMALL CAP VALUE FUND HUBER LARGE CAP VALUE FUND HUBER MID CAP VALUE FUND 2026-02-28 Investment Objective <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:192pt">The Huber Select Large Cap Value Fund</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:255pt;position:var(--position);text-decoration:none;white-space:pre;width:4.73pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:259.73pt;position:var(--position);text-decoration:none;white-space:pre;width:173.21pt">(the “Select Large Cap Value Fund”)</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:432.94pt;position:var(--position);text-decoration:none;white-space:pre;width:4.73pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:437.67pt;position:var(--position);text-decoration:none;white-space:pre;width:111.26pt">seeks to achieve current</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:140.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:142.86pt">income and capital appreciation.</span></div> Fees and Expenses of the Fund <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.85pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell Investor Class shares</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.85pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:191.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.88pt">and Institutional Class shares of the Select Large Cap Value Fund. You may pay other fees, such as brokerage</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:203.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.96pt">commissions and other fees to financial intermediaries, which are not reflected in the tables and examples</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:216.55pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:29.62pt">below.</span></div> SHAREHOLDER FEES (fees paid directly from your investment) -0.0100 -0.0100 ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) 0.0099 0.0099 0.0025 0.0000 0.0026 0.0011 0.0015 0.0000 0.0150 0.0110 -0.0019 -0.0019 0.0131 0.0091 February 28, 2027 Total Annual Fund Operating Expenses do not correlate to the Expense Ratios provided in the Financial Highlights section of the statutory prospectus, which reflect the actual operating expenses of the Select Large Cap Value Fund and do not include 0.01% that is attributed to acquired fund fees and expenses (“AFFE”). Example. <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:110.53pt;position:var(--position);text-decoration:none;white-space:pre;width:438.38pt">This Example is intended to help you compare the cost of investing in the Select Large Cap Value</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:75.65pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:486pt">Fund with the cost of investing in other mutual funds.  The Example assumes that you invest $10,000 in the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:549pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:88.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.81pt">Fund for the time periods indicated and then redeem all of your shares at the end of those periods.  The</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.81pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:100.95pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.87pt">Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:75.65pt">remain the same.</span> Although your actual costs may be higher or lower, based on these assumptions your costs would be: 133 455 800 1774 93 331 588 1323 Portfolio Turnover. <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:156.48000000000002pt;position:var(--position);text-decoration:none;white-space:pre;width:392.49pt">The Select Large Cap Value Fund pays transaction costs, such as commissions, when it</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:214.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.93pt">buys and sells securities (or “turns over” its portfolio).  A higher portfolio turnover rate may indicate higher</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:226.95pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.99pt">transaction costs and may result in higher taxes when Fund shares are held in a taxable account.  These costs,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:239.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.96pt">which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.96pt;position:var(--position);text-decoration:none;white-space:pre;width:5.5pt">  </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:252.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:336.87pt">During the most recent fiscal year, the Fund’s portfolio turnover rate was</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:399.87pt;position:var(--position);text-decoration:none;white-space:pre;width:4.12pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:403.99pt;position:var(--position);text-decoration:none;white-space:pre;width:20.16pt">46%</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:424.15pt;position:var(--position);text-decoration:none;white-space:pre;width:4.12pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:428.27pt;position:var(--position);text-decoration:none;white-space:pre;width:120.72pt">of the average value of its</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:264.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:41.22pt">portfolio.</span></div> 0.46 Principal Investment Strategies <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.86pt">The Select Large Cap Value Fund invests primarily in a diversified portfolio of common stocks, normally</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:315.55pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.93pt">investing at least 80% of its net assets (plus borrowings for investment purposes) in large capitalization U.S.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div>companies (“large cap companies”) whose stocks are considered by the Adviser to be undervalued. <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.86pt">The Select Large Cap Value Fund invests primarily in a diversified portfolio of common stocks, normally</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:315.55pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.93pt">investing at least 80% of its net assets (plus borrowings for investment purposes) in large capitalization U.S.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:328.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:464.24pt">companies (“large cap companies”) whose stocks are considered by the Adviser to be undervalued. </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:527.24pt;position:var(--position);text-decoration:none;white-space:pre;width:4.57pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:531.81pt;position:var(--position);text-decoration:none;white-space:pre;width:17.09pt">The</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:340.85pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.92pt">Adviser currently considers large cap companies to be those with market capitalizations in the range of those</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:353.5pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:486pt">found in the Bloomberg US 1000 Value Index, although the portfolio will generally consist of stocks with a</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:549pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:366.15pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.9pt">market capitalization of $1 billion or above  at time of initial purchase. The market capitalization range of the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:378.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.99pt">Bloomberg US 1000 Value Index changes constantly, but as of January 31, 2026, the market capitalization</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:391.45pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:235.45pt">range was between $1.75 billion and $4.08 trillion. </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:298.45pt;position:var(--position);text-decoration:none;white-space:pre;width:250.47pt"> Market capitalization is measured at the time of initial</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:404.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.86pt">purchase.  The Fund also normally invests in stocks with high cash dividends or payout yields relative to the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:416.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:486pt">market.  Payout yield refers to dividend yield (the yield from dividends paid) plus buyback yield (the yield</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:549pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:429.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:486pt">associated with a company buying back its own shares to reduce the number of shares on the market, thereby</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:549pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:442.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:283.62pt">increasing the earnings per share for the remaining shares). </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:346.62pt;position:var(--position);text-decoration:none;white-space:pre;width:202.3pt">While the Select Large Cap Value Fund is</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:454.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:318.16pt">diversified, the Fund may hold a higher concentration on certain issuers.</span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:480.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.9pt">The Select Large Cap Value Fund may make significant investments in securities of non-U.S. issuers</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:492.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.91pt">(“foreign securities”), including issuers in emerging markets.  The Fund will invest primarily in domestic U.S.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:505.35pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.97pt">securities but reserves the right to invest up to 20% of its net assets in American Depositary Receipts</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:518pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.91pt">(“ADRs”), dollar-denominated foreign securities, or directly in foreign securities.  Should appropriate</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:530.65pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.98pt">investment opportunities be available, the Fund may invest in initial public offerings (“IPOs”) but not in an</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:543.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.95pt">amount that exceeds 50% of the Fund’s total assets.  Additionally, the Fund may invest in Rule 144A and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:555.95pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.91pt">other restricted equity securities but not in an amount that exceeds 15% of the Fund’s total assets.  From time</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:568.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.95pt">to time, the Fund may be invested in securities of companies in the same economic sector. As of October 31,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:584.139pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;top:-2.889pt;white-space:pre;width:361.53pt">2025, 25.2% of the Fund’s total investments were invested in the financial sector. </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:424.53pt;position:var(--position);text-decoration:none;top:-2.626pt;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:606.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.89pt">The Adviser employs a value investing style, investing in stocks which, in the Adviser’s opinion, trade at a</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:619.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.9pt">significant discount to the present value of future cash flows.  The Adviser attempts to identify out-of-favor</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:631.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.97pt">stocks that represent solid fundamental value.  The Adviser identifies these investment opportunities by</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:644.55pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.99pt">employing a disciplined, bottom-up investment process that emphasizes internally generated fundamental</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:657.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.96pt">research.  The process includes an initial review, in-depth analysis, and employment of the Adviser’s</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:669.85pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.9pt">proprietary valuation methodology. The Fund strives for tax efficiency which may include tax loss harvesting</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:682.5pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:3.66pt">(</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:66.66pt;position:var(--position);text-decoration:none;white-space:pre;width:19.71pt">i.e., </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:86.37pt;position:var(--position);text-decoration:none;white-space:pre;width:462.48pt">periodically selling positions that have depreciated in value to realize capital losses that can be used to</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.85pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div>offset capital gains realized by the Fund) and other tools at the Adviser’s disposal. <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:460.93pt">Losing all or a portion of your investment is a risk of investing in the Select Large Cap Value Fund.</span> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;top:-2.889pt;white-space:pre;width:131.88pt">Economic and Market Risk.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:212.88pt;position:var(--position);text-decoration:none;top:-2.889pt;white-space:pre;width:6pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:218.88pt;position:var(--position);text-decoration:none;top:-2.889pt;white-space:pre;width:330.1pt">Economies and financial markets throughout the world are becoming</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.98pt;position:var(--position);text-decoration:none;top:-2.889pt;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:138.95pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.94pt">increasingly interconnected, which increases the likelihood that events or conditions in one country or</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:151.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.95pt">region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:164.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.93pt">portfolio may underperform in comparison to securities in general financial markets, a particular financial</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:176.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:468pt">market or other asset classes due to a number of factors, including: inflation (or expectations for</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:549pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:189.55pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.94pt">inflation); deflation (or expectations for deflation); interest rates; market instability; financial system</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:202.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.93pt">instability; debt crises and downgrades; embargoes; tariffs; sanctions and other trade barriers; regulatory</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:214.85pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.98pt">events; other governmental trade or market control programs and related geopolitical events. In addition,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:227.5pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.86pt">the value of the Fund’s investments may be negatively affected by the occurrence of global events such as</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:240.15pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.97pt">war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:252.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.94pt">disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:265.45pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.94pt">countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:191.13pt">instability in domestic and foreign markets.</span> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:109.35pt">Equity Securities Risk.  </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:190.35pt;position:var(--position);text-decoration:none;white-space:pre;width:358.51pt">The price of equity securities may rise or fall because of economic or political</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:309.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:468pt">changes or changes in a company’s financial condition, sometimes rapidly or unpredictably. These price</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:549pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:322.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.93pt">movements may result from factors affecting individual companies, sectors or industries selected for the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:334.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.88pt">Select Large Cap Value Fund’s portfolio or the securities market as a whole, such as changes in economic</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:99.23pt">or political conditions.</span> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:208.6pt">Foreign and Emerging Market Securities Risk.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:289.6pt;position:var(--position);text-decoration:none;white-space:pre;width:259.37pt">  Investments in foreign currencies and foreign issuers are</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:378.65pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.91pt">subject to additional risks, including political and economic risks, greater volatility, civil conflicts and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:391.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.92pt">war, sanctions or other measures by the United States or other governments, liquidity risks, currency</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:403.95pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.92pt">fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:416.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.93pt">expropriation and nationalization risks, and less stringent investor protection and disclosure standards of</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:429.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.92pt">foreign markets.  Events and evolving conditions in certain economies or markets may alter the risks</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:441.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.89pt">associated with investments tied to countries or regions that historically were perceived as comparatively</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:454.55pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.95pt">stable becoming riskier and more volatile.  These risks are magnified in countries in “emerging markets.”</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.95pt;position:var(--position);text-decoration:none;white-space:pre;width:5.5pt">  </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:467.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.95pt">Emerging market countries typically have less-established market economies than developed countries</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:479.85pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.94pt">and may face greater social, economic, regulatory and political uncertainties.  In addition, emerging</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:492.5pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.95pt">markets typically present greater illiquidity and price volatility concerns due to smaller or limited local</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:505.15pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.97pt">capital markets and greater difficulty in determining market valuations of securities due to limited public</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:101.08pt">information on issuers.</span> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:21.36pt">ADR</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:102.36pt;position:var(--position);text-decoration:none;white-space:pre;width:4.03pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:106.39pt;position:var(--position);text-decoration:none;white-space:pre;width:29.73pt">Risk.  </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:136.12pt;position:var(--position);text-decoration:none;white-space:pre;width:412.75pt">Investments in ADRs are subject to many of the same risks that are associated with direct</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:549.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.88pt">investments in foreign securities.  In addition, ADRs may not track the price of the underlying foreign</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:464.36pt">securities, and their value may change materially at times when the U.S. markets are not open for trading.</span> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:125.1pt">Large-Sized Company Risk.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:206.1pt;position:var(--position);text-decoration:none;white-space:pre;width:342.86pt">  Larger, more established companies may be unable to respond quickly to</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:593.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.96pt">new competitive challenges like changes in consumer tastes or innovative smaller competitors. In</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:605.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.97pt">addition, large-cap companies are sometimes unable to attain the high growth rates of successful, smaller</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:312.98pt">companies, especially during extended periods of economic expansion.</span> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:133.34pt">Initial Public Offering Risk.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:214.34pt;position:var(--position);text-decoration:none;white-space:pre;width:334.52pt">  The risk exists that the market value of IPO shares will fluctuate</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:649.65pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.98pt">considerably due to factors such as the absence of a prior public market, unseasoned trading, the small</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:662.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.99pt">number of shares available for trading and limited information about the issuer.  The purchase of IPO</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:674.95pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.87pt">shares may involve high transaction costs.  IPO shares are subject to market risk and liquidity risk.  When</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:687.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.91pt">the Select Large Cap Value Fund’s asset base is small, a significant portion of the Fund’s performance</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:700.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.91pt">could be attributable to investments in IPOs, because such investments would have a magnified impact on</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:63pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.95pt">the Fund.  As the Fund’s assets grow, the effect of the Fund’s investments in IPOs on the Fund’s</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:353.85pt">performance probably will decline, which could reduce the Fund’s performance.</span> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:87.42pt">Management Risk.  </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:168.42000000000002pt;position:var(--position);text-decoration:none;white-space:pre;width:380.49pt">The Select Large Cap Value Fund is an actively managed investment portfolio and the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:106.95pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.96pt">Fund relies on the Adviser’s ability to pursue the Fund’s goal.  The Adviser will apply its investment</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:119.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.93pt">techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:216.17pt">that its decisions will produce the desired results.</span> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:127.92pt">Value Style Investing Risk.  </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:208.92000000000002pt;position:var(--position);text-decoration:none;white-space:pre;width:339.94pt">The Select Large Cap Value Fund emphasizes a “value” style of investing,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:163.55pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.89pt">which targets undervalued companies with characteristics for improved valuations. This style of investing</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:176.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:468pt">is subject to the risk that the valuations never improve or that the returns on “value” securities may not</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:549pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:400.91pt">move in tandem with the returns on other styles of investing or the stock market in general.</span> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:114.4pt">Sector Emphasis Risk.  </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:195.4pt;position:var(--position);text-decoration:none;white-space:pre;width:353.56pt">Securities of companies in the same or related businesses, if comprising a</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:217.15pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.99pt">significant portion of the Select Large Cap Value Fund’s portfolio, could react in some circumstances</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:229.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.91pt">negatively to market conditions, interest rates and economic, regulatory or financial developments and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:242.45pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.95pt">adversely affect the value of the portfolio to a greater extent than if such business comprised a lesser</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:255.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:137.12pt">portion of the Fund’s portfolio.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:218.12pt;position:var(--position);text-decoration:none;white-space:pre;width:5.5pt">  </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:273.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:99pt;position:var(--position);text-decoration:none;white-space:pre;width:3.85pt">•</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:117pt;position:var(--position);text-decoration:none;white-space:pre;width:109.37pt">Financial Sector Risk: </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:226.37pt;position:var(--position);text-decoration:none;white-space:pre;width:322.62pt">Performance of companies in the financials sector may be adversely</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:286.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:117pt;position:var(--position);text-decoration:none;white-space:pre;width:431.97pt">impacted by many factors, including, among others, government regulations, economic</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:299.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:117pt;position:var(--position);text-decoration:none;white-space:pre;width:431.89pt">conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:311.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:117pt;position:var(--position);text-decoration:none;white-space:pre;width:431.97pt">markets. The impact of more stringent capital requirements, recent or future regulation of any</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:324.35pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:117pt;position:var(--position);text-decoration:none;white-space:pre;width:431.88pt">individual financial company or of the financials sector as a whole cannot be predicted. In recent</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:337pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:117pt;position:var(--position);text-decoration:none;white-space:pre;width:431.94pt">years, cyber attacks and technology malfunctions and failures have become increasingly frequent</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:349.65pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:117pt;position:var(--position);text-decoration:none;white-space:pre;width:431.9pt">in this sector and have caused significant losses to companies in this sector, which may negatively</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:362.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:117pt;position:var(--position);text-decoration:none;white-space:pre;width:74.2pt">impact the Fund.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:117pt;position:var(--position);text-decoration:none;white-space:pre;width:109.37pt">Financial Sector Risk: </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:226.37pt;position:var(--position);text-decoration:none;white-space:pre;width:322.62pt">Performance of companies in the financials sector may be adversely</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:286.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:117pt;position:var(--position);text-decoration:none;white-space:pre;width:431.97pt">impacted by many factors, including, among others, government regulations, economic</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:299.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:117pt;position:var(--position);text-decoration:none;white-space:pre;width:431.89pt">conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:311.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:117pt;position:var(--position);text-decoration:none;white-space:pre;width:431.97pt">markets. The impact of more stringent capital requirements, recent or future regulation of any</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:324.35pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:117pt;position:var(--position);text-decoration:none;white-space:pre;width:431.88pt">individual financial company or of the financials sector as a whole cannot be predicted. In recent</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:337pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:117pt;position:var(--position);text-decoration:none;white-space:pre;width:431.94pt">years, cyber attacks and technology malfunctions and failures have become increasingly frequent</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:349.65pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:117pt;position:var(--position);text-decoration:none;white-space:pre;width:431.9pt">in this sector and have caused significant losses to companies in this sector, which may negatively</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:362.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:117pt;position:var(--position);text-decoration:none;white-space:pre;width:74.2pt">impact the Fund.</span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:3.85pt">•</span> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:116.86pt">Rule 144A Securities Risk.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:197.86pt;position:var(--position);text-decoration:none;white-space:pre;width:350.98pt"> The market for Rule 144A securities typically is less active than the market for</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.8399999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:393.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.94pt">publicly-traded securities. Rule 144A securities carry the risk that the liquidity of these securities may</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:453.04pt">become impaired, making it more difficult for the Select Large Cap Value Fund to sell these securities.</span> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:52.57pt">Focus Risk.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:133.57pt;position:var(--position);text-decoration:none;white-space:pre;width:415.32pt"> At such times the Select Large Cap Value Fund holds the securities of a small number of</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:437.55pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.86pt">issuers, it may be more exposed to the risks associated with and developments affecting an individual</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:450.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.83pt">issuer or a smaller number of issuers than a fund that invests more widely. This may increase the Select</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.8299999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:462.85pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.98pt">Large Cap Value Fund’s volatility and cause the performance of a relatively smaller number of issuers to</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:475.5pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:218.59pt">have a greater impact on the Fund’s performance.</span></div> Performance <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.94pt">The following performance information indicates some of the risks of investing in the Select Large Cap Value</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:648.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:29.11pt">Fund. </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:92.11pt;position:var(--position);text-decoration:none;white-space:pre;width:439.76pt"> The bar chart shows the annual returns for the Fund’s Investor Class shares from year to year.  </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:531.87pt;position:var(--position);text-decoration:none;white-space:pre;width:17.09pt">The</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:661.45pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.88pt">table shows how the Fund’s average annual returns for the 1-year, 5-years, 10-years and since inception</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:674.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.96pt">periods compare with those of broad measures of market performance and a secondary benchmark that is</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:686.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:249.65pt">more representative of the Fund’s investment strategy.  </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:312.65pt;position:var(--position);text-decoration:none;white-space:pre;width:236.25pt">The Fund’s past performance, before and after taxes,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:699.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:279.56pt">does not necessarily indicate how it will perform in the future.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:342.56pt;position:var(--position);text-decoration:none;white-space:pre;width:206.41pt">  The Fund’s past performance benefited from</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:712.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.98pt">IPOs of certain issuers.  To the extent the Fund’s historical performance resulted from gains derived from</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:63pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.91pt">participation in IPOs and secondary offerings, there is no guarantee that these results can be replicated or that</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:75.65pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.86pt">the Fund will be able to participate to the same degree in IPO and secondary offerings in the future.  Updated</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:88.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:276.14pt">performance information is available on the Fund’s website at </span><span style="color:#0000ff;font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:339.14pt;position:var(--position);text-decoration:underline;white-space:pre;width:88.55pt">www.hubercap.com</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:427.69pt;position:var(--position);text-decoration:none;white-space:pre;width:2.8pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:430.49pt;position:var(--position);text-decoration:none;white-space:pre;width:118.42pt">or by calling the Fund toll-</span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:100.95pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:111.44pt">free at 888-HUBERCM (</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:174.44pt;position:var(--position);text-decoration:none;white-space:pre;width:62.32pt">888-482-3726</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:236.76pt;position:var(--position);text-decoration:none;white-space:pre;width:6.41pt">).</span></div> The following performance information indicates some of the risks of investing in the Select Large Cap Value Fund. The table shows how the Fund’s average annual returns for the 1-year, 5-years, 10-years and since inception periods compare with those of broad measures of market performance and a secondary benchmark that is more representative of the Fund’s investment strategy. The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. www.hubercap.com 888-482-3726 Select Large Cap Value Fund, Investor Class Calendar Year Total Returns as of December 31 <div style="font-size:0pt;left:171pt;position:var(--position);width:270pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:126pt"></td><td style="padding:0;width:71.25pt"></td><td style="padding:0;width:72.75pt"></td></tr><tr style="height:27.75pt"><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);width:270pt"><div><div style="line-height:11pt;position:var(--position);top:5.44pt;width:270pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:47.67pt;position:var(--position);text-decoration:underline;white-space:pre">Highest and Lowest Return Quarters </span></div><div style="line-height:11pt;position:var(--position);top:16.44pt;width:270pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:21.56pt;position:var(--position);text-decoration:underline;white-space:pre">during the period of time shown in the bar chart</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="border-bottom:1pt solid #b6b6b6;border-right:1pt solid #00000a;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:27.75pt;width:126pt"><div><div style="line-height:11pt;position:var(--position);top:2.63pt;width:126pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:11.4pt;position:var(--position);text-decoration:none;white-space:pre">Highest Return Quarter</span></div></div></div></td><td style="border-bottom:1pt solid #b6b6b6;border-left:1pt solid #00000a;border-right:1pt solid #00000a;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:126pt;position:var(--position);top:27.75pt;width:71.25pt"><div><div style="line-height:11pt;position:var(--position);top:2.63pt;width:71.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:13.32pt;position:var(--position);text-decoration:none;white-space:pre">3/31/2019</span></div></div></div></td><td style="border-bottom:1pt solid #b6b6b6;border-left:1pt solid #00000a;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:197.25pt;position:var(--position);top:27.75pt;width:72.75pt"><div><div style="line-height:11pt;position:var(--position);top:2.63pt;width:72.75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:20.36pt;position:var(--position);text-decoration:none;white-space:pre">14.19%</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="border-bottom:1pt solid #00000a;border-right:1pt solid #00000a;border-top:1pt solid #b6b6b6;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:42pt;width:126pt"><div><div style="line-height:11pt;position:var(--position);top:2.63pt;width:126pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:12.32pt;position:var(--position);text-decoration:none;white-space:pre">Lowest Return Quarter</span></div></div></div></td><td style="border-bottom:1pt solid #00000a;border-left:1pt solid #00000a;border-right:1pt solid #00000a;border-top:1pt solid #b6b6b6;font-size:0;text-align:left;vertical-align:top"><div style="left:126pt;position:var(--position);top:42pt;width:71.25pt"><div><div style="line-height:11pt;position:var(--position);top:2.63pt;width:71.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:13.32pt;position:var(--position);text-decoration:none;white-space:pre">3/31/2020</span></div></div></div></td><td style="border-bottom:1pt solid #00000a;border-left:1pt solid #00000a;border-top:1pt solid #b6b6b6;font-size:0;text-align:left;vertical-align:top"><div style="left:197.25pt;position:var(--position);top:42pt;width:72.75pt"><div><div style="line-height:11pt;position:var(--position);top:2.63pt;width:72.75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:18.53pt;position:var(--position);text-decoration:none;white-space:pre">-21.11%</span></div></div></div></td></tr></tbody></table></div></div> Highest Return Quarter 2019-03-31 0.1419 Lowest Return Quarter 2020-03-31 -0.2111 Average Annual Total Returns(For the periods ended December 31, 2025) 2007-06-29 Return Before Taxes 0.0899 0.1418 0.1181 0.0828 Return After Taxes on Distributions 0.0869 0.1398 0.1156 0.0798 Return After Taxes on Distributions and Sale of Fund Shares 0.0554 0.1139 0.0979 0.0693 Return Before Taxes 0.0933 0.1454 0.1217 0.0857 S&P 500® Index(reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.1788 0.1442 0.1482 0.1065 Bloomberg US 1000 Value Index(reflects no deduction for fees, expenses or taxes) 0.1653 0.1266 0.1107 0.0809 2011-10-25 <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.96pt">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:701.55pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:219.11pt">do not reflect the impact of state and local taxes.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:282.11pt;position:var(--position);text-decoration:none;white-space:pre;width:266.84pt">  Actual after-tax returns depend on your situation and may</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:714.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:119.46pt">differ from those shown.  </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:182.45999999999998pt;position:var(--position);text-decoration:none;white-space:pre;width:366.46pt">Furthermore, the after-tax returns shown are not relevant to those who hold their</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:63pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:488.71pt">shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts (“IRAs”). </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:551.71pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:75.65pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.88pt">After-tax returns are shown only for the Investor Class; after-tax returns for the Institutional Class will vary to</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:155.09pt">the extent it has different expenses.</span> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Furthermore, the after-tax returns shown are not relevant to those who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts (“IRAs”). After-tax returns are shown only for the Investor Class; after-tax returns for the Institutional Class will vary to the extent it has different expenses. Investment Objective <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:150.53pt">The Huber Small Cap Value Fund</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:213.53pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:216.28pt;position:var(--position);text-decoration:none;white-space:pre;width:299.78pt">(the “Small Cap Value Fund”) seeks to achieve capital appreciation.</span> Fees and Expenses of the Fund <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.85pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell Investor Class shares</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.85pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:178.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.95pt">and Institutional Class shares of the Small Cap Value Fund. You may pay other fees, such as brokerage</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:191.35pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.96pt">commissions and other fees to financial intermediaries, which are not reflected in the tables and examples</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:204pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:29.62pt">below.</span></div> SHAREHOLDER FEES (fees paid directly from your investment) -0.0100 -0.0100 ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) 0.0135 0.0135 0.0025 0.0000 0.0042 0.0027 0.0015 0.0000 0.0002 0.0002 0.0204 0.0164 -0.0036 -0.0036 0.0168 0.0128 February 28, 2027 Example. <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:110.97pt;position:var(--position);text-decoration:none;white-space:pre;width:437.89pt">This Example is intended to help you compare the cost of investing in the Small Cap Value Fund</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:75.65pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:486pt">with the cost of investing in other mutual funds.  The Example assumes that you invest $10,000 in the Fund</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:549pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:88.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.87pt">for the time periods indicated and then redeem all of your shares at the end of those periods.  The Example</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:100.95pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.99pt">also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:321.56pt">the same (taking into account the Expense Cap only in the first year).</span> Although your actual costs may be higher or lower, based on these assumptions your costs would be: 171 605 1065 2340 130 482 858 1913 Portfolio Turnover. <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:157.62pt;position:var(--position);text-decoration:none;white-space:pre;width:391.37pt">The Small Cap Value Fund pays transaction costs, such as commissions, when it buys</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:213.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.85pt">and sells securities (or “turns over” its portfolio).  A higher portfolio turnover rate may indicate higher</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.85pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:225.95pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.99pt">transaction costs and may result in higher taxes when Fund shares are held in a taxable account.  These costs,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:238.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.96pt">which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.96pt;position:var(--position);text-decoration:none;white-space:pre;width:5.5pt">  </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:251.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:336.87pt">During the most recent fiscal year, the Fund’s portfolio turnover rate was</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:399.87pt;position:var(--position);text-decoration:none;white-space:pre;width:4.12pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:403.99pt;position:var(--position);text-decoration:none;white-space:pre;width:20.16pt">35%</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:424.15pt;position:var(--position);text-decoration:none;white-space:pre;width:4.12pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:428.27pt;position:var(--position);text-decoration:none;white-space:pre;width:120.72pt">of the average value of its</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:263.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:41.22pt">portfolio.</span></div> 0.35 Principal Investment Strategies <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.99pt">The Small Cap Value Fund normally invests at least 80% of its net assets (plus borrowings for investment</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:313.85pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:486pt">purposes) in common stocks of small capitalization U.S. companies (“small cap companies”) whose stocks</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:549pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div>are considered by the Adviser to be undervalued. <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.99pt">The Small Cap Value Fund normally invests at least 80% of its net assets (plus borrowings for investment</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:313.85pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:486pt">purposes) in common stocks of small capitalization U.S. companies (“small cap companies”) whose stocks</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:549pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:326.5pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:220.56pt">are considered by the Adviser to be undervalued. </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:283.56pt;position:var(--position);text-decoration:none;white-space:pre;width:265.4pt"> The Adviser currently considers small cap companies to be</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:339.15pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.95pt">those with market capitalizations of $3.0 billion or less and/or those with market capitalizations in the range</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:351.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.87pt">of those found in the Bloomberg US 2000 Value Index. The market capitalization range of the Bloomberg US</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:364.45pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.89pt">2000 Value Index changes constantly, but as of January 31, 2026, the market capitalization range was</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:377.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.97pt">between $12.76 million and $18.74 billion.  Market capitalization is measured at the time of initial purchase.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.97pt;position:var(--position);text-decoration:none;white-space:pre;width:5.5pt">  </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:389.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:474.79pt">While the Small Cap Value Fund is diversified, the Fund may hold a higher concentration in certain issuers.</span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:414.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.97pt">The Small Cap Value Fund may also make significant investments in securities of non-U.S. issuers (“foreign</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:427.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.94pt">securities”), including issuers in emerging markets.  The Fund will invest primarily in domestic U.S.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:439.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.97pt">securities but reserves the right to invest up to 20% of its net assets in American Depositary Receipts</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:452.35pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.93pt">(“ADRs”), dollar-denominated foreign securities, or directly in foreign securities. Should appropriate</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:465pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.98pt">investment opportunities be available, the Fund may invest in initial public offerings (“IPOs”) but not in an</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:477.65pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.95pt">amount that exceeds 50% of the Fund’s total assets.  Additionally, the Fund may invest in Rule 144A and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:490.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.91pt">other restricted equity securities but not in an amount that exceeds 15% of the Fund’s total assets.  From time</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:505.839pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;top:-2.889pt;white-space:pre;width:402.92pt">to time, the Fund may be invested in securities of companies in the same economic sector.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:465.92pt;position:var(--position);text-decoration:none;top:-2.626pt;white-space:pre;width:2.92pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:468.84pt;position:var(--position);text-decoration:none;top:-2.889pt;white-space:pre;width:80.05pt">As of October 31,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.89pt;position:var(--position);text-decoration:none;top:-2.889pt;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:515.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:358.78pt">2025, 32.5% of the Fund’s total investments were invested in the financial sector.</span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:540.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.89pt">The Adviser employs a value investing style, investing in stocks which, in the Adviser’s opinion, trade at a</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:552.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.9pt">significant discount to the present value of future cash flows.  The Adviser attempts to identify out-of-favor</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:565.55pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.97pt">stocks that represent solid fundamental value.  The Adviser identifies these investment opportunities by</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:578.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.99pt">employing a disciplined, bottom-up investment process that emphasizes internally generated fundamental</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:590.85pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.96pt">research.  The process includes an initial review, in-depth analysis, and employment of the Adviser’s</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:603.5pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.9pt">proprietary valuation methodology. The Fund strives for tax efficiency which may include tax loss harvesting</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:616.15pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:3.66pt">(</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:66.66pt;position:var(--position);text-decoration:none;white-space:pre;width:19.71pt">i.e., </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:86.37pt;position:var(--position);text-decoration:none;white-space:pre;width:462.48pt">periodically selling positions that have depreciated in value to realize capital losses that can be used to</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.85pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;top:-2.889pt;white-space:pre;width:358.76pt">offset capital gains realized by the Fund) and other tools at the Adviser’s disposal</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:421.76pt;position:var(--position);text-decoration:none;top:-3.151pt;white-space:pre;width:3pt">.</span> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:416.69pt">Losing all or a portion of your investment is a risk of investing in the Small Cap Value Fund.</span> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;top:-2.889pt;white-space:pre;width:131.88pt">Economic and Market Risk.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:212.88pt;position:var(--position);text-decoration:none;top:-2.889pt;white-space:pre;width:6pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:218.88pt;position:var(--position);text-decoration:none;top:-2.889pt;white-space:pre;width:330.1pt">Economies and financial markets throughout the world are becoming</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.98pt;position:var(--position);text-decoration:none;top:-2.889pt;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:717.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.94pt">increasingly interconnected, which increases the likelihood that events or conditions in one country or</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:63pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.95pt">region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:75.65pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.93pt">portfolio may underperform in comparison to securities in general financial markets, a particular financial</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:88.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:468pt">market or other asset classes due to a number of factors, including: inflation (or expectations for</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:549pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:100.95pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.94pt">inflation); deflation (or expectations for deflation); interest rates; market instability; financial system</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:113.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.93pt">instability; debt crises and downgrades; embargoes; tariffs; sanctions and other trade barriers; regulatory</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:126.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.98pt">events; other governmental trade or market control programs and related geopolitical events. In addition,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:138.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.86pt">the value of the Fund’s investments may be negatively affected by the occurrence of global events such as</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:151.55pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.97pt">war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:164.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.94pt">disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:176.85pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.94pt">countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:191.13pt">instability in domestic and foreign markets.</span> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:109.35pt">Equity Securities Risk.  </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:190.35pt;position:var(--position);text-decoration:none;white-space:pre;width:358.51pt">The price of equity securities may rise or fall because of economic or political</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:220.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:468pt">changes or changes in a company’s financial condition, sometimes rapidly or unpredictably. These price</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:549pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:233.45pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.93pt">movements may result from factors affecting individual companies, sectors or industries selected for the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:246.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.88pt">Small Cap Value Fund’s portfolio or the securities market as a whole, such as changes in economic or</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:87.32pt">political conditions.</span> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:208.6pt">Foreign and Emerging Market Securities Risk.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:289.6pt;position:var(--position);text-decoration:none;white-space:pre;width:259.37pt">  Investments in foreign currencies and foreign issuers are</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:290.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.91pt">subject to additional risks, including political and economic risks, greater volatility, civil conflicts and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:302.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.92pt">war, sanctions or other measures by the United States or other governments, liquidity risks, currency</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:315.35pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.92pt">fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:328pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.93pt">expropriation and nationalization risks, and less stringent investor protection and disclosure standards of</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:340.65pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.92pt">foreign markets.  Events and evolving conditions in certain economies or markets may alter the risks</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:353.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.89pt">associated with investments tied to countries or regions that historically were perceived as comparatively</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:365.95pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.95pt">stable becoming riskier and more volatile.  These risks are magnified in countries in “emerging markets.”</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.95pt;position:var(--position);text-decoration:none;white-space:pre;width:5.5pt">  </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:378.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.95pt">Emerging market countries typically have less-established market economies than developed countries</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:391.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.94pt">and may face greater social, economic, regulatory and political uncertainties.  In addition, emerging</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:403.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.95pt">markets typically present greater illiquidity and price volatility concerns due to smaller or limited local</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:416.55pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.97pt">capital markets and greater difficulty in determining market valuations of securities due to limited public</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:101.08pt">information on issuers.</span> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:21.36pt">ADR</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:102.36pt;position:var(--position);text-decoration:none;white-space:pre;width:4.03pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:106.39pt;position:var(--position);text-decoration:none;white-space:pre;width:29.73pt">Risk.  </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:136.12pt;position:var(--position);text-decoration:none;white-space:pre;width:412.75pt">Investments in ADRs are subject to many of the same risks that are associated with direct</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:460.5pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.88pt">investments in foreign securities.  In addition, ADRs may not track the price of the underlying foreign</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:464.36pt">securities, and their value may change materially at times when the U.S. markets are not open for trading.</span> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:133.34pt">Initial Public Offering Risk.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:214.34pt;position:var(--position);text-decoration:none;white-space:pre;width:334.52pt">  The risk exists that the market value of IPO shares will fluctuate</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:504.45pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.98pt">considerably due to factors such as the absence of a prior public market, unseasoned trading, the small</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:517.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.99pt">number of shares available for trading and limited information about the issuer.  The purchase of IPO</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:529.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.87pt">shares may involve high transaction costs.  IPO shares are subject to market risk and liquidity risk.  When</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:542.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.96pt">the Small Cap Value Fund’s asset base is small, a significant portion of the Fund’s performance could be</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:555.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.91pt">attributable to investments in IPOs, because such investments would have a magnified impact on the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:567.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.95pt">Fund.  As the Fund’s assets grow, the effect of the Fund’s investments in IPOs on the Fund’s performance</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:295.55pt">probably will decline, which could reduce the Fund’s performance.</span> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:88.23pt">Management Risk.  </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:169.23000000000002pt;position:var(--position);text-decoration:none;white-space:pre;width:379.77pt">The Small Cap Value Fund is an actively managed investment portfolio and the Fund</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:549pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:611.65pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.91pt">relies on the Adviser’s ability to pursue the Fund’s goal.  The Adviser will apply its investment</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:624.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.93pt">techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:216.17pt">that its decisions will produce the desired results.</span> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:127.92pt">Value Style Investing Risk.  </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:208.92000000000002pt;position:var(--position);text-decoration:none;white-space:pre;width:339.97pt">The Small Cap Value Fund emphasizes a “value” style of investing, which</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:668.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.91pt">targets undervalued companies with characteristics for improved valuations. This style of investing is</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:680.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.87pt">subject to the risk that the valuations never improve or that the returns on “value” securities may not</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:400.91pt">move in tandem with the returns on other styles of investing or the stock market in general.</span> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:109.2pt">Sector Emphasis Risk.  </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:190.2pt;position:var(--position);text-decoration:none;white-space:pre;width:358.69pt">The securities of companies in the same or related businesses, if comprising a</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:75.65pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.9pt">significant portion of the Small Cap Value Fund’s portfolio, could react in some circumstances negatively</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:88.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.88pt">to market conditions, interest rates and economic, regulatory or fiscal developments and adversely affect</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:100.95pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.88pt">the value of the portfolio to a greater extent than if such business comprised a lesser portion of the Fund’s</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:113.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:41.22pt">portfolio.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:122.22pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:134.866pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;top:-2.889pt;white-space:pre;width:3.85pt">•</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:99pt;position:var(--position);text-decoration:none;top:-2.889pt;white-space:pre;width:95.69pt">Financial Sector Risk</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:194.69pt;position:var(--position);text-decoration:none;top:-2.889pt;white-space:pre;width:6.02pt">: </span><span style="color:#ff0000;font-family:'Helvetica', sans-serif;font-size:12pt;font-style:normal;font-weight:normal;left:200.70999999999998pt;position:var(--position);text-decoration:none;top:-2.616pt;white-space:pre;width:3.55pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:204.26pt;position:var(--position);text-decoration:none;top:-2.889pt;white-space:pre;width:344.73pt">Performance of companies in the financials sector may be adversely impacted</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.99pt;position:var(--position);text-decoration:none;top:-2.889pt;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:146.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:99pt;position:var(--position);text-decoration:none;white-space:pre;width:449.9pt">by many factors, including, among others, government regulations, economic conditions, credit rating</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:158.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:99pt;position:var(--position);text-decoration:none;white-space:pre;width:449.93pt">downgrades, changes in interest rates, and decreased liquidity in credit markets. The impact of more</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:171.35pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:99pt;position:var(--position);text-decoration:none;white-space:pre;width:449.92pt">stringent capital requirements, recent or future regulation of any individual financial company or of</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:184pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:99pt;position:var(--position);text-decoration:none;white-space:pre;width:449.95pt">the financials sector as a whole cannot be predicted. In recent years, cyber attacks and technology</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:196.65pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:99pt;position:var(--position);text-decoration:none;white-space:pre;width:449.91pt">malfunctions and failures have become increasingly frequent in this sector and have caused</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:99pt;position:var(--position);text-decoration:none;white-space:pre;width:374.96pt">significant losses to companies in this sector, which may negatively impact the Fund.</span> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:99pt;position:var(--position);text-decoration:none;top:-2.889pt;white-space:pre;width:95.69pt">Financial Sector Risk</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:194.69pt;position:var(--position);text-decoration:none;top:-2.889pt;white-space:pre;width:6.02pt">: </span><span style="color:#ff0000;font-family:'Helvetica', sans-serif;font-size:12pt;font-style:normal;font-weight:normal;left:200.70999999999998pt;position:var(--position);text-decoration:none;top:-2.616pt;white-space:pre;width:3.55pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:204.26pt;position:var(--position);text-decoration:none;top:-2.889pt;white-space:pre;width:344.73pt">Performance of companies in the financials sector may be adversely impacted</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.99pt;position:var(--position);text-decoration:none;top:-2.889pt;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:146.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:99pt;position:var(--position);text-decoration:none;white-space:pre;width:449.9pt">by many factors, including, among others, government regulations, economic conditions, credit rating</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:158.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:99pt;position:var(--position);text-decoration:none;white-space:pre;width:449.93pt">downgrades, changes in interest rates, and decreased liquidity in credit markets. The impact of more</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:171.35pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:99pt;position:var(--position);text-decoration:none;white-space:pre;width:449.92pt">stringent capital requirements, recent or future regulation of any individual financial company or of</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:184pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:99pt;position:var(--position);text-decoration:none;white-space:pre;width:449.95pt">the financials sector as a whole cannot be predicted. In recent years, cyber attacks and technology</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:196.65pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:99pt;position:var(--position);text-decoration:none;white-space:pre;width:449.91pt">malfunctions and failures have become increasingly frequent in this sector and have caused</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:99pt;position:var(--position);text-decoration:none;white-space:pre;width:374.96pt">significant losses to companies in this sector, which may negatively impact the Fund.</span> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;top:-2.889pt;white-space:pre;width:104.33pt">Small Companies Risk.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:185.32999999999998pt;position:var(--position);text-decoration:none;top:-2.626pt;white-space:pre;width:7.64pt">  </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:192.97pt;position:var(--position);text-decoration:none;top:-2.889pt;white-space:pre;width:355.95pt">Investing in securities of small-sized companies may involve greater volatility</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9200000000001pt;position:var(--position);text-decoration:none;top:-2.889pt;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:240.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.93pt">than investing in larger and more established companies because companies with small market</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:253.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.95pt">capitalizations can be subject to more abrupt or erratic share price changes than larger, more established</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:49.77pt">companies.</span> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;top:-2.889pt;white-space:pre;width:116.86pt">Rule 144A Securities Risk.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:197.86pt;position:var(--position);text-decoration:none;top:-2.889pt;white-space:pre;width:350.98pt"> The market for Rule 144A securities typically is less active than the market for</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.8399999999999pt;position:var(--position);text-decoration:none;top:-2.889pt;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:297.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.94pt">publicly-traded securities. Rule 144A securities carry the risk that the liquidity of these securities may</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:423.45pt">become impaired, making it more difficult for the Small Cap Value Fund to sell these securities.</span> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:51.73pt">Focus Risk.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:132.73pt;position:var(--position);text-decoration:none;white-space:pre;width:416.17pt"> At such times the Small Cap Value Fund holds the securities of a small number of issuers, it</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:341.15pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.99pt">may be more exposed to the risks associated with and developments affecting an individual issuer or a</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:353.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.95pt">smaller number of issuers than a fund that invests more widely. This may increase the Small Cap Value</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:366.45pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.98pt">Fund’s volatility and cause the performance of a relatively smaller number of issuers to have a greater</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:379.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:154.19pt">impact on the Fund’s performance.</span></div> Performance <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.9pt">The following performance information indicates some of the risks of investing in the Small Cap Value Fund.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9pt;position:var(--position);text-decoration:none;white-space:pre;width:5.5pt">  </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:584.15pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:443.39pt">The bar chart shows the annual returns for the Fund’s Investor Class shares from year to year.  </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:506.39pt;position:var(--position);text-decoration:none;white-space:pre;width:42.61pt">The table</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:549pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:596.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.94pt">shows how the Fund’s average annual returns for the 1-year, 5-years, 10-years and since inception periods</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:609.45pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.93pt">compare with those of broad measures of market performance and a secondary benchmark that is more</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:622.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:219.18pt">representative of the Fund’s investment strategy.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:282.18pt;position:var(--position);text-decoration:none;white-space:pre;width:3.72pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:285.9pt;position:var(--position);text-decoration:none;white-space:pre;width:263pt">The Fund’s past performance, before and after taxes, does</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:634.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:255.09pt">not necessarily indicate how it will perform in the future.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:318.09000000000003pt;position:var(--position);text-decoration:none;white-space:pre;width:230.84pt">  The Fund’s past performance benefited from IPOs</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:647.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.99pt">of certain issuers.  To the extent the Fund’s historical performance resulted from gains derived from</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:660.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.91pt">participation in IPOs and secondary offerings, there is no guarantee that these results can be replicated or that</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:672.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.86pt">the Fund will be able to participate to the same degree in IPO and secondary offerings in the future.  Updated</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:685.35pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:276.14pt">performance information is available on the Fund’s website at </span><span style="color:#0000ff;font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:339.14pt;position:var(--position);text-decoration:underline;white-space:pre;width:88.55pt">www.hubercap.com</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:427.69pt;position:var(--position);text-decoration:none;white-space:pre;width:2.8pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:430.49pt;position:var(--position);text-decoration:none;white-space:pre;width:118.42pt">or by calling the Fund toll-</span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:698pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:111.44pt">free at 888-HUBERCM (</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:174.44pt;position:var(--position);text-decoration:none;white-space:pre;width:62.32pt">888-482-3726</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:236.76pt;position:var(--position);text-decoration:none;white-space:pre;width:6.41pt">).</span></div> The following performance information indicates some of the risks of investing in the Small Cap Value Fund. The table shows how the Fund’s average annual returns for the 1-year, 5-years, 10-years and since inception periods compare with those of broad measures of market performance and a secondary benchmark that is more representative of the Fund’s investment strategy. The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. www.hubercap.com 888-482-3726 Small Cap Value Fund, Investor Class Calendar Year Total Returns as of December 31 <div style="font-size:0pt;left:171pt;position:var(--position);width:270pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:126pt"></td><td style="padding:0;width:71.25pt"></td><td style="padding:0;width:72.75pt"></td></tr><tr style="height:27.75pt"><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);width:270pt"><div><div style="line-height:11pt;position:var(--position);top:5.44pt;width:270pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:47.67pt;position:var(--position);text-decoration:underline;white-space:pre">Highest and Lowest Return Quarters </span></div><div style="line-height:11pt;position:var(--position);top:16.44pt;width:270pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:21.56pt;position:var(--position);text-decoration:underline;white-space:pre">during the period of time shown in the bar chart</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="border-bottom:1pt solid #b6b6b6;border-right:1pt solid #00000a;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:27.75pt;width:126pt"><div><div style="line-height:11pt;position:var(--position);top:2.63pt;width:126pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:11.4pt;position:var(--position);text-decoration:none;white-space:pre">Highest Return Quarter</span></div></div></div></td><td style="border-bottom:1pt solid #b6b6b6;border-left:1pt solid #00000a;border-right:1pt solid #00000a;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:126pt;position:var(--position);top:27.75pt;width:71.25pt"><div><div style="line-height:11pt;position:var(--position);top:2.63pt;width:71.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:10.57pt;position:var(--position);text-decoration:none;white-space:pre">12/31/2020</span></div></div></div></td><td style="border-bottom:1pt solid #b6b6b6;border-left:1pt solid #00000a;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:197.25pt;position:var(--position);top:27.75pt;width:72.75pt"><div><div style="line-height:11pt;position:var(--position);top:2.63pt;width:72.75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:20.36pt;position:var(--position);text-decoration:none;white-space:pre">38.99%</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="border-bottom:1pt solid #00000a;border-right:1pt solid #00000a;border-top:1pt solid #b6b6b6;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:42pt;width:126pt"><div><div style="line-height:11pt;position:var(--position);top:2.63pt;width:126pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:12.32pt;position:var(--position);text-decoration:none;white-space:pre">Lowest Return Quarter</span></div></div></div></td><td style="border-bottom:1pt solid #00000a;border-left:1pt solid #00000a;border-right:1pt solid #00000a;border-top:1pt solid #b6b6b6;font-size:0;text-align:left;vertical-align:top"><div style="left:126pt;position:var(--position);top:42pt;width:71.25pt"><div><div style="line-height:11pt;position:var(--position);top:2.63pt;width:71.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:13.32pt;position:var(--position);text-decoration:none;white-space:pre">3/31/2020</span></div></div></div></td><td style="border-bottom:1pt solid #00000a;border-left:1pt solid #00000a;border-top:1pt solid #b6b6b6;font-size:0;text-align:left;vertical-align:top"><div style="left:197.25pt;position:var(--position);top:42pt;width:72.75pt"><div><div style="line-height:11pt;position:var(--position);top:2.63pt;width:72.75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:18.53pt;position:var(--position);text-decoration:none;white-space:pre">-35.65%</span></div></div></div></td></tr></tbody></table></div></div> Highest Return Quarter 2020-12-31 0.3899 Lowest Return Quarter 2020-03-31 -0.3565 Average Annual Total Returns(For the periods ended December 31, 2025) 2007-06-29 Return Before Taxes 0.0328 0.1055 0.0811 0.0647 Return After Taxes on Distributions 0.0302 0.1041 0.0797 0.0633 Return After Taxes on Distributions and Sale of Fund Shares 0.0213 0.0838 0.0659 0.0538 Return Before Taxes 0.0363 0.1082 0.0836 0.0672 Bloomberg US 2000 Total Return Index(reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.1106 0.0665 0.1000 0.0821 Bloomberg US 2000 Value Index(reflects no deduction for fees, expenses or taxes) 0.0896 0.1022 0.0991 0.0795 2011-10-25 <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.96pt">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:643.55pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:219.11pt">do not reflect the impact of state and local taxes.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:282.11pt;position:var(--position);text-decoration:none;white-space:pre;width:266.84pt">  Actual after-tax returns depend on your situation and may</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:656.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:119.46pt">differ from those shown.  </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:182.45999999999998pt;position:var(--position);text-decoration:none;white-space:pre;width:366.46pt">Furthermore, the after-tax returns shown are not relevant to those who hold their</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:668.85pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:488.71pt">shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts (“IRAs”). </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:551.71pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:681.5pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.88pt">After-tax returns are shown only for the Investor Class; after-tax returns for the Institutional Class will vary to</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:155.09pt">the extent it has different expenses.</span> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Furthermore, the after-tax returns shown are not relevant to those who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts (“IRAs”). After-tax returns are shown only for the Investor Class; after-tax returns for the Institutional Class will vary to the extent it has different expenses. Investment Objective <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:152.02pt">The Huber Large Cap Value Fund</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:215.02pt;position:var(--position);text-decoration:none;white-space:pre;width:3.05pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:218.07pt;position:var(--position);text-decoration:none;white-space:pre;width:134.91pt">(the “Large Cap Value Fund”)</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:352.98pt;position:var(--position);text-decoration:none;white-space:pre;width:3.05pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:356.03pt;position:var(--position);text-decoration:none;white-space:pre;width:192.9pt">seeks to achieve current income and capital</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:140.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:57.08pt">appreciation.</span></div> Fees and Expenses of the Fund <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.85pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell Investor Class shares</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.85pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:191.35pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.94pt">and Institutional Class shares of the Large Cap Value Fund. You may pay other fees, such as brokerage</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:204pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.96pt">commissions and other fees to financial intermediaries, which are not reflected in the tables and examples</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:216.65pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:29.62pt">below.</span></div> SHAREHOLDER FEES (fees paid directly from your investment) -0.0100 -0.0100 ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) 0.0075 0.0075 0.0025 0.0000 0.0105 0.0090 0.0015 0.0000 0.0205 0.0165 -0.0024 -0.0024 0.0116 0.0076 Total Annual Fund Operating Expenses do not correlate to the Expense Ratios provided in the Financial Highlights section of the statutory prospectus, which reflect the actual operating expenses of the Large Cap Value Fund and do not include 0.01% that is attributed to acquired fund fee expenses (“AFFE”). February 28, 2027 Example. <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:110.97pt;position:var(--position);text-decoration:none;white-space:pre;width:437.88pt">This Example is intended to help you compare the cost of investing in the Large Cap Value Fund</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.85pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:703.5pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:486pt">with the cost of investing in other mutual funds.  The Example assumes that you invest $10,000 in the Fund</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:549pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:716.15pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.87pt">for the time periods indicated and then redeem all of your shares at the end of those periods.  The Example</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:63pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.99pt">also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:318.92pt">the same (taking into account the Expense Cap only in the first year).</span> Although your actual costs may be higher or lower, based on these assumptions your costs would be: 118 557 1021 2308 78 433 813 1880 Portfolio Turnover. <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:157.62pt;position:var(--position);text-decoration:none;white-space:pre;width:391.36pt">The Large Cap Value Fund pays transaction costs, such as commissions, when it buys</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:178.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.85pt">and sells securities (or “turns over” its portfolio).  A higher portfolio turnover rate may indicate higher</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.85pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:191.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.99pt">transaction costs and may result in higher taxes when Fund shares are held in a taxable account.  These costs,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:203.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.96pt">which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.96pt;position:var(--position);text-decoration:none;white-space:pre;width:5.5pt">  </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:216.55pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:336.87pt">During the most recent fiscal year, the Fund’s portfolio turnover rate was</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:399.87pt;position:var(--position);text-decoration:none;white-space:pre;width:4.12pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:403.99pt;position:var(--position);text-decoration:none;white-space:pre;width:20.16pt">34%</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:424.15pt;position:var(--position);text-decoration:none;white-space:pre;width:4.12pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:428.27pt;position:var(--position);text-decoration:none;white-space:pre;width:120.72pt">of the average value of its</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:229.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:41.22pt">portfolio.</span></div> 0.34 Principal Investment Strategies <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.98pt">The Large Cap Value Fund normally invests at least 80% of its net assets (plus borrowings for investment</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span>purposes) in common stocks of large capitalization U.S. companies (“large cap companies”). <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.98pt">The Large Cap Value Fund normally invests at least 80% of its net assets (plus borrowings for investment</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:279.85pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:416.06pt">purposes) in common stocks of large capitalization U.S. companies (“large cap companies”). </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:479.06pt;position:var(--position);text-decoration:none;white-space:pre;width:69.83pt">The Fund looks</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:292.5pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.93pt">for companies whose stocks are considered by the Adviser to be undervalued. The Adviser currently</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:305.15pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.9pt">considers large cap companies to be those with market capitalizations in the range of those found in the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:317.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.96pt">Bloomberg US 1000 Value Index, although the portfolio will generally consist of stocks with a market</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:330.45pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.86pt">capitalization of $5 billion or above at time of initial purchase. The market capitalization range of the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:343.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.99pt">Bloomberg US 1000 Value Index changes constantly, but as of January 31, 2026, the market capitalization</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:355.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.94pt">range was between $1.75 billion and $4.08 trillion. Market capitalization is measured at the time of initial</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:368.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:486pt">purchase. The Fund also normally invests in stocks with high cash dividends or payout yields relative to the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:549pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:381.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.93pt">market. Payout yield refers to dividend yield (the yield from dividends paid) plus buyback yield (the yield</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:393.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:486pt">associated with a company buying back its own shares to reduce the number of shares on the market, thereby</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:549pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:406.35pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:270.75pt">increasing the earnings per share for the remaining shares). </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:333.75pt;position:var(--position);text-decoration:none;white-space:pre;width:215.2pt">While the Large Cap Value Fund is diversified,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:419pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:263.2pt">the Fund may hold a higher concentration in certain issuers.</span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:443.65pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.91pt">The Large Cap Value Fund may also make investments in securities of non-U.S. issuers (“foreign securities”),</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:456.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.9pt">including issuers in emerging markets. The Fund will invest primarily in domestic U.S. securities but reserves</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:468.95pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.92pt">the right to invest up to 20% of its net assets in American Depositary Receipts (“ADRs”), dollar-denominated</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:481.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.94pt">foreign securities, or directly in foreign securities. Should appropriate investment opportunities be available,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:494.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.9pt">the Fund may invest in initial public offerings (“IPOs”) but not in an amount that exceeds 50% of the Fund’s</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:506.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.99pt">total assets.  Additionally, the Fund may invest in Rule 144A and other restricted equity securities but not in</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:519.55pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.99pt">an amount that exceeds 15% of the Fund’s total assets.  From time to time, the Fund may be invested in</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:535.089pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;top:-2.889pt;white-space:pre;width:236pt">securities of companies in the same economic sector. </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:299pt;position:var(--position);text-decoration:none;top:-2.626pt;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:557.55pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.89pt">The Adviser employs a value investing style, investing in stocks which, in the Adviser’s opinion, trade at a</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:570.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.9pt">significant discount to the present value of future cash flows.  The Adviser attempts to identify out-of-favor</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:582.85pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.97pt">stocks that represent solid fundamental value.  The Adviser identifies these investment opportunities by</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:595.5pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.99pt">employing a disciplined, bottom-up investment process that emphasizes internally generated fundamental</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:608.15pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.96pt">research.  The process includes an initial review, in-depth analysis, and employment of the Adviser’s</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:620.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:159.59pt">proprietary valuation methodology. </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:222.59pt;position:var(--position);text-decoration:none;white-space:pre;width:326.31pt">The Fund strives for tax efficiency which may include tax loss harvesting</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:633.45pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:3.66pt">(</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:66.66pt;position:var(--position);text-decoration:none;white-space:pre;width:16.18pt">i.e.,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:82.84pt;position:var(--position);text-decoration:none;white-space:pre;width:466.01pt"> periodically selling positions that have depreciated in value to realize capital losses that can be used to</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.85pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:646.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:361.51pt">offset capital gains realized by the Fund) and other tools at the Adviser’s disposal.</span></div> Losing all or a portion of your investment is a risk of investing in the Large Cap Value Fund. <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;top:-2.889pt;white-space:pre;width:131.88pt">Economic and Market Risk.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:212.88pt;position:var(--position);text-decoration:none;top:-2.889pt;white-space:pre;width:6pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:218.88pt;position:var(--position);text-decoration:none;top:-2.889pt;white-space:pre;width:330.1pt">Economies and financial markets throughout the world are becoming</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.98pt;position:var(--position);text-decoration:none;top:-2.889pt;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:119.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.94pt">increasingly interconnected, which increases the likelihood that events or conditions in one country or</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:132.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.95pt">region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:144.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.93pt">portfolio may underperform in comparison to securities in general financial markets, a particular financial</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:157.55pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:468pt">market or other asset classes due to a number of factors, including: inflation (or expectations for</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:549pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:170.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.94pt">inflation); deflation (or expectations for deflation); interest rates; market instability; financial system</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:182.85pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.93pt">instability; debt crises and downgrades; embargoes; tariffs; sanctions and other trade barriers; regulatory</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:195.5pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.98pt">events; other governmental trade or market control programs and related geopolitical events. In addition,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:208.15pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.86pt">the value of the Fund’s investments may be negatively affected by the occurrence of global events such as</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:220.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.97pt">war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:233.45pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.94pt">disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:246.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.94pt">countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:258.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:191.13pt">instability in domestic and foreign markets.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:109.35pt">Equity Securities Risk.  </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:190.35pt;position:var(--position);text-decoration:none;white-space:pre;width:358.51pt">The price of equity securities may rise or fall because of economic or political</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:290.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:468pt">changes or changes in a company’s financial condition, sometimes rapidly or unpredictably. These price</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:549pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:302.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.93pt">movements may result from factors affecting individual companies, sectors or industries selected for the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:315.35pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.87pt">Large Cap Value Fund’s portfolio or the securities market as a whole, such as changes in economic or</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:87.32pt">political conditions.</span> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:208.6pt">Foreign and Emerging Market Securities Risk.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:289.6pt;position:var(--position);text-decoration:none;white-space:pre;width:259.37pt">  Investments in foreign currencies and foreign issuers are</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:359.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.91pt">subject to additional risks, including political and economic risks, greater volatility, civil conflicts and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:371.95pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.92pt">war, sanctions or other measures by the United States or other governments, liquidity risks, currency</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:384.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.92pt">fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:397.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.93pt">expropriation and nationalization risks, and less stringent investor protection and disclosure standards of</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:409.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.92pt">foreign markets.  Events and evolving conditions in certain economies or markets may alter the risks</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:422.55pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.89pt">associated with investments tied to countries or regions that historically were perceived as comparatively</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:435.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.95pt">stable becoming riskier and more volatile.  These risks are magnified in countries in “emerging markets.”</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.95pt;position:var(--position);text-decoration:none;white-space:pre;width:5.5pt">  </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:447.85pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.95pt">Emerging market countries typically have less-established market economies than developed countries</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:460.5pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.94pt">and may face greater social, economic, regulatory and political uncertainties.  In addition, emerging</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:473.15pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.95pt">markets typically present greater illiquidity and price volatility concerns due to smaller or limited local</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:485.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.97pt">capital markets and greater difficulty in determining market valuations of securities due to limited public</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:101.08pt">information on issuers.</span> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:21.36pt">ADR</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:102.36pt;position:var(--position);text-decoration:none;white-space:pre;width:4.03pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:106.39pt;position:var(--position);text-decoration:none;white-space:pre;width:29.73pt">Risk.  </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:136.12pt;position:var(--position);text-decoration:none;white-space:pre;width:412.75pt">Investments in ADRs are subject to many of the same risks that are associated with direct</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:529.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.88pt">investments in foreign securities.  In addition, ADRs may not track the price of the underlying foreign</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:464.36pt">securities, and their value may change materially at times when the U.S. markets are not open for trading.</span> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:125.1pt">Large-Sized Company Risk.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:206.1pt;position:var(--position);text-decoration:none;white-space:pre;width:342.86pt">  Larger, more established companies may be unable to respond quickly to</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:573.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.96pt">new competitive challenges like changes in consumer tastes or innovative smaller competitors. In</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:586.35pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.97pt">addition, large-cap companies are sometimes unable to attain the high growth rates of successful, smaller</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:312.98pt">companies, especially during extended periods of economic expansion.</span> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:133.34pt">Initial Public Offering Risk.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:214.34pt;position:var(--position);text-decoration:none;white-space:pre;width:334.52pt">  The risk exists that the market value of IPO shares will fluctuate</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:630.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.98pt">considerably due to factors such as the absence of a prior public market, unseasoned trading, the small</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:642.95pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.99pt">number of shares available for trading and limited information about the issuer.  The purchase of IPO</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:655.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.87pt">shares may involve high transaction costs.  IPO shares are subject to market risk and liquidity risk.  When</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:668.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.95pt">the Large Cap Value Fund’s asset base is small, a significant portion of the Fund’s performance could be</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:680.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.91pt">attributable to investments in IPOs, because such investments would have a magnified impact on the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:693.55pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.95pt">Fund.  As the Fund’s assets grow, the effect of the Fund’s investments in IPOs on the Fund’s performance</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:295.55pt">probably will decline, which could reduce the Fund’s performance.</span> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:88.23pt">Management Risk.  </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:169.23000000000002pt;position:var(--position);text-decoration:none;white-space:pre;width:379.76pt">The Large Cap Value Fund is an actively managed investment portfolio and the Fund</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:75.65pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.91pt">relies on the Adviser’s ability to pursue the Fund’s goal.  The Adviser will apply its investment</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:88.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.93pt">techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:216.17pt">that its decisions will produce the desired results.</span> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:127.92pt">Value Style Investing Risk.  </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:208.92000000000002pt;position:var(--position);text-decoration:none;white-space:pre;width:339.96pt">The Large Cap Value Fund emphasizes a “value” style of investing, which</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:132.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.91pt">targets undervalued companies with characteristics for improved valuations. This style of investing is</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:144.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.87pt">subject to the risk that the valuations never improve or that the returns on “value” securities may not</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:400.91pt">move in tandem with the returns on other styles of investing or the stock market in general.</span> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:109.2pt">Sector Emphasis Risk.  </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:190.2pt;position:var(--position);text-decoration:none;white-space:pre;width:358.69pt">The securities of companies in the same or related businesses, if comprising a</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:188.85pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.89pt">significant portion of the Large Cap Value Fund’s portfolio, could react in some circumstances negatively</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:201.5pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.88pt">to market conditions, interest rates and economic, regulatory or fiscal developments and adversely affect</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:214.15pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.88pt">the value of the portfolio to a greater extent than if such business comprised a lesser portion of the Fund’s</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:41.22pt">portfolio.</span> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:116.86pt">Rule 144A Securities Risk.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:197.86pt;position:var(--position);text-decoration:none;white-space:pre;width:350.98pt"> The market for Rule 144A securities typically is less active than the market for</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.8399999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:258.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.94pt">publicly-traded securities. Rule 144A securities carry the risk that the liquidity of these securities may</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:423.44pt">become impaired, making it more difficult for the Large Cap Value Fund to sell these securities.</span> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:51.73pt">Focus Risk.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:132.73pt;position:var(--position);text-decoration:none;white-space:pre;width:3.19pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:135.92000000000002pt;position:var(--position);text-decoration:none;white-space:pre;width:412.97pt">At such times the Large Cap Value Fund holds the securities of a small number of issuers, it</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:300.73pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.99pt">may be more exposed to the risks associated with and developments affecting an individual issuer or a</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:312.06pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.94pt">smaller number of issuers than a fund that invests more widely. This may increase the Large Cap Value</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:323.39pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:467.98pt">Fund’s volatility and cause the performance of a relatively smaller number of issuers to have a greater</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:334.72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre;width:154.19pt">impact on the Fund’s performance.</span></div> Performance <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.89pt">The following performance information indicates some of the risks of investing in the Large Cap Value Fund.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.89pt;position:var(--position);text-decoration:none;white-space:pre;width:5.5pt">  </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:382.68pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:439.23pt">The bar chart shows the annual returns for the Fund’s Investor Class shares from year to year. </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:502.23pt;position:var(--position);text-decoration:none;white-space:pre;width:46.77pt"> The table</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:549pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:395.33pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.94pt">shows how the Fund’s average annual returns for the 1-year, 5-years, 10-years and since inception periods</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:407.98pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.93pt">compare with those of broad measures of market performance and a secondary benchmark that is more</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:420.63pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:219.66pt">representative of the Fund’s investment strategy. </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:282.65999999999997pt;position:var(--position);text-decoration:none;white-space:pre;width:3.18pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:285.84000000000003pt;position:var(--position);text-decoration:none;white-space:pre;width:263.08pt">The Fund’s past performance, before and after taxes, is not</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:433.28pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:307.43pt">necessarily an indication of how the Fund will perform in the future.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:370.43pt;position:var(--position);text-decoration:none;white-space:pre;width:178.45pt"> The Fund’s past performance benefited</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:445.93pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.98pt">from IPOs of certain issuers.  To the extent the Fund’s historical performance resulted from gains derived</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:458.58pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.97pt">from participation in IPOs and secondary offerings, there is no guarantee that these results can be replicated</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:471.23pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.85pt">or that the Fund will be able to participate to the same degree in IPO and secondary offerings in the future.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.85pt;position:var(--position);text-decoration:none;white-space:pre;width:5.5pt">  </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:483.88pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:320.79pt">Updated performance information is available on the Fund’s website at </span><span style="color:#0000ff;font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:383.79pt;position:var(--position);text-decoration:underline;white-space:pre;width:88.55pt">www.hubercap.com</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:472.34pt;position:var(--position);text-decoration:none;white-space:pre;width:76.54pt"> or by calling the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:496.53pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:154.2pt">Fund toll free at 888-HUBERCM (</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:217.2pt;position:var(--position);text-decoration:none;white-space:pre;width:62.32pt">888-482-3726</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:279.52pt;position:var(--position);text-decoration:none;white-space:pre;width:6.41pt">).</span></div> The following performance information indicates some of the risks of investing in the Large Cap Value Fund. The table shows how the Fund’s average annual returns for the 1-year, 5-years, 10-years and since inception periods compare with those of broad measures of market performance and a secondary benchmark that is more representative of the Fund’s investment strategy. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. www.hubercap.com 888-482-3726 Large Cap Value Fund, Investor Class Calendar Year Total Return as of December 31 <div style="font-size:0pt;left:171pt;position:var(--position);width:270pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:126pt"></td><td style="padding:0;width:71.25pt"></td><td style="padding:0;width:72.75pt"></td></tr><tr style="height:27.75pt"><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);width:270pt"><div><div style="line-height:11pt;position:var(--position);top:5.44pt;width:270pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:47.67pt;position:var(--position);text-decoration:underline;white-space:pre">Highest and Lowest Return Quarters </span></div><div style="line-height:11pt;position:var(--position);top:16.44pt;width:270pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:21.56pt;position:var(--position);text-decoration:underline;white-space:pre">during the period of time shown in the bar chart</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="border-bottom:1pt solid #b6b6b6;border-right:1pt solid #00000a;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:27.75pt;width:126pt"><div><div style="line-height:11pt;position:var(--position);top:2.63pt;width:126pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:11.4pt;position:var(--position);text-decoration:none;white-space:pre">Highest Return Quarter</span></div></div></div></td><td style="border-bottom:1pt solid #b6b6b6;border-left:1pt solid #00000a;border-right:1pt solid #00000a;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:126pt;position:var(--position);top:27.75pt;width:71.25pt"><div><div style="line-height:11pt;position:var(--position);top:2.63pt;width:71.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:10.57pt;position:var(--position);text-decoration:none;white-space:pre">12/31/2020</span></div></div></div></td><td style="border-bottom:1pt solid #b6b6b6;border-left:1pt solid #00000a;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:197.25pt;position:var(--position);top:27.75pt;width:72.75pt"><div><div style="line-height:11pt;position:var(--position);top:2.63pt;width:72.75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:20.36pt;position:var(--position);text-decoration:none;white-space:pre">16.85%</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="border-bottom:1pt solid #00000a;border-right:1pt solid #00000a;border-top:1pt solid #b6b6b6;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:42pt;width:126pt"><div><div style="line-height:11pt;position:var(--position);top:2.63pt;width:126pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:12.32pt;position:var(--position);text-decoration:none;white-space:pre">Lowest Return Quarter</span></div></div></div></td><td style="border-bottom:1pt solid #00000a;border-left:1pt solid #00000a;border-right:1pt solid #00000a;border-top:1pt solid #b6b6b6;font-size:0;text-align:left;vertical-align:top"><div style="left:126pt;position:var(--position);top:42pt;width:71.25pt"><div><div style="line-height:11pt;position:var(--position);top:2.63pt;width:71.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:13.32pt;position:var(--position);text-decoration:none;white-space:pre">3/31/2020</span></div></div></div></td><td style="border-bottom:1pt solid #00000a;border-left:1pt solid #00000a;border-top:1pt solid #b6b6b6;font-size:0;text-align:left;vertical-align:top"><div style="left:197.25pt;position:var(--position);top:42pt;width:72.75pt"><div><div style="line-height:11pt;position:var(--position);top:2.63pt;width:72.75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:18.53pt;position:var(--position);text-decoration:none;white-space:pre">-24.68%</span></div></div></div></td></tr></tbody></table></div></div> Highest Return Quarter 2020-12-31 0.1685 Lowest Return Quarter 2020-03-31 -0.2468 Average Annual Total Returns(For the periods ended December 31, 2025) 2012-12-31 2012-12-31 Return Before Taxes 0.1058 0.1231 0.1021 0.0976 Return After Taxes on Distributions 0.1030 0.1198 0.0986 0.0914 Return After Taxes on Distributions and Sale of Fund Shares 0.0647 0.0979 0.0834 0.0789 Return Before Taxes 0.1087 0.1257 0.1043 0.1004 S&P 500® Index(reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.1788 0.1442 0.1482 0.1489 Bloomberg US 1000 Value Index(reflects no deduction for fees, expenses or taxes) 0.1653 0.1266 0.1107 0.1154 <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.96pt">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:584.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:219.11pt">do not reflect the impact of state and local taxes.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:282.11pt;position:var(--position);text-decoration:none;white-space:pre;width:266.84pt">  Actual after-tax returns depend on your situation and may</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:596.95pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:115.66pt">differ from those shown. </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:178.66pt;position:var(--position);text-decoration:none;white-space:pre;width:370.26pt"> Furthermore, the after-tax returns shown are not relevant to those who hold their</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:609.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:488.71pt">shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts (“IRAs”). </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:551.71pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:622.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.88pt">After-tax returns are shown only for the Investor Class; after-tax returns for the Institutional Class will vary to</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:155.09pt">the extent it has different expenses.</span> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Furthermore, the after-tax returns shown are not relevant to those who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts (“IRAs”). After-tax returns are shown only for the Investor Class; after-tax returns for the Institutional Class will vary to the extent it has different expenses. Investment Objective <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:283.98pt">The Huber Mid Cap Value Fund (the “Mid Cap Value Fund”)</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:346.98pt;position:var(--position);text-decoration:none;white-space:pre;width:3.91pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:350.89pt;position:var(--position);text-decoration:none;white-space:pre;width:198.06pt">seeks to achieve current income and capital</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:140.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:57.08pt">appreciation.</span></div> Fees and Expenses of the Fund <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.85pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell Investor Class shares</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.85pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:191.35pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.95pt">and Institutional Class shares of the Mid Cap Value Fund. You may pay other fees, such as brokerage</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:204pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.96pt">commissions and other fees to financial intermediaries, which are not reflected in the tables and examples</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:29.62pt">below.</span> SHAREHOLDER FEES (fees paid directly from your investment) -0.0100 -0.0100 ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) 0.0100 0.0100 0.0025 0.0000 0.0146 0.0141 0.0015 0.0010 0.0271 0.0241 -0.0040 -0.0040 0.0141 0.0111 Total Annual Fund Operating Expenses do not correlate to the Expense Ratios provided in the Financial Highlights section of the statutory prospectus, which reflect the actual operating expenses of the Mid Cap Value Fund and do not include 0.01% that is attributed to acquired fund fees and expenses (“AFFE”). February 28, 2027 Example. <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:111.75pt;position:var(--position);text-decoration:none;white-space:pre;width:437.21pt">This Example is intended to help you compare the cost of investing in the Mid Cap Value Fund</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:75.65pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:486pt">with the cost of investing in other mutual funds.  The Example assumes that you invest $10,000 in the Fund</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:549pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:88.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.87pt">for the time periods indicated and then redeem all of your shares at the end of those periods.  The Example</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:100.95pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.99pt">also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:318.92pt">the same (taking into account the Expense Cap only in the first year).</span> Although your actual costs may be higher or lower, based on these assumptions your costs would be: 144 718 1319 2946 113 627 1168 2647 Portfolio Turnover. <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:155.43pt;position:var(--position);text-decoration:none;white-space:pre;width:393.47pt">The Mid Cap Value Fund pays transaction costs, such as commissions, when it buys and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:214.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.88pt">sells securities (or “turns over” its portfolio).  A higher portfolio turnover rate may indicate higher transaction</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:226.95pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.9pt">costs and may result in higher taxes when Fund shares are held in a taxable account.  These costs, which are</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:239.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.9pt">not reflected in annual fund operating expenses or in the example, affect the Fund’s performance.  During the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:252.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:271.72pt">most recent fiscal year, the Fund’s portfolio turnover rate was</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:334.72pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:337.47pt;position:var(--position);text-decoration:none;white-space:pre;width:20.16pt">65%</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:357.63pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:360.38pt;position:var(--position);text-decoration:none;white-space:pre;width:157.84pt">of the average value of its portfolio.</span></div> 0.65 Principal Investment Strategies <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.99pt">The Mid Cap Value Fund normally invests at least 80% of its net assets (plus borrowings for investment</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:302.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.96pt">purposes) in common stocks of mid-sized capitalization U.S. companies (“mid cap companies”) whose stocks</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div>are considered by the Adviser to be undervalued. <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.99pt">The Mid Cap Value Fund normally invests at least 80% of its net assets (plus borrowings for investment</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:302.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.96pt">purposes) in common stocks of mid-sized capitalization U.S. companies (“mid cap companies”) whose stocks</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:315.45pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:225.44pt">are considered by the Adviser to be undervalued. </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:288.44pt;position:var(--position);text-decoration:none;white-space:pre;width:260.54pt">The Adviser currently considers mid cap companies to be</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:328.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.86pt">those with a market capitalization range between $100 million and $90 billion at the time of purchase. While</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:340.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:437.87pt">the Mid Cap Value Fund is diversified, the Fund may hold a higher concentration in certain issuers.</span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:365.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.88pt">The Mid Cap Value Fund may make significant investments in securities of non-U.S. issuers (“foreign</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:378.55pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.99pt">securities”), including issuers in emerging markets. The Fund invests primarily in domestic U.S. securities but</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:391.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.95pt">reserves the right to invest up to 20% of its net assets in American Depositary Receipts (“ADRs”), dollar-</span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:403.85pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.96pt">denominated foreign securities, or directly in foreign securities. Should appropriate investment opportunities</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:416.5pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.89pt">be available, the Fund may invest in initial public offerings (“IPOs”) without limitation. Additionally, the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:429.15pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.99pt">Fund may invest in Rule 144A and other restricted equity securities but not in an amount that exceeds 15% of</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:441.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.96pt">the Fund’s total assets. From time to time, the Fund may be invested in securities of companies in the same</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:454.45pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.98pt">economic sector. As of October 31, 2025, 30.5% of the Fund’s total investments were invested in the financial</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:469.989pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;top:-2.889pt;white-space:pre;width:31.75pt">sector. </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:94.75pt;position:var(--position);text-decoration:none;top:-2.626pt;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:492.45pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.89pt">The Adviser employs a value investing style, investing in stocks which, in the Adviser’s opinion, trade at a</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:505.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.94pt">significant discount to the present value of future cash flows. The Adviser attempts to identify out-of-favor</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:517.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.92pt">stocks that represent solid fundamental value. The Adviser identifies these investment opportunities by</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:530.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.99pt">employing a disciplined; bottom-up investment process that emphasizes internally generated fundamental</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:543.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.95pt">research. The process includes an initial review, in-depth analysis, and employment of the Adviser’s</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:555.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:159.59pt">proprietary valuation methodology. </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:222.59pt;position:var(--position);text-decoration:none;white-space:pre;width:326.31pt">The Fund strives for tax efficiency which may include tax loss harvesting</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:568.35pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:3.66pt">(</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:66.66pt;position:var(--position);text-decoration:none;white-space:pre;width:16.18pt">i.e.,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:82.84pt;position:var(--position);text-decoration:none;white-space:pre;width:466.01pt"> periodically selling positions that have depreciated in value to realize capital losses that can be used to</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.85pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:581pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:361.51pt">offset capital gains realized by the Fund) and other tools at the Adviser’s disposal.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:415.5pt">Losing all or a portion of your investment is a risk of investing in the Mid Cap Value Fund.</span> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:99pt;position:var(--position);text-decoration:none;top:-2.889pt;white-space:pre;width:127.38pt">Economic and Market Risk.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:226.38pt;position:var(--position);text-decoration:none;top:-2.889pt;white-space:pre;width:4.5pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:230.88pt;position:var(--position);text-decoration:none;top:-2.889pt;white-space:pre;width:318.1pt">Economies and financial markets throughout the world are becoming</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.98pt;position:var(--position);text-decoration:none;top:-2.889pt;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:668.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:99pt;position:var(--position);text-decoration:none;white-space:pre;width:450pt">increasingly interconnected, which increases the likelihood that events or conditions in one country or</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:549pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:680.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:99pt;position:var(--position);text-decoration:none;white-space:pre;width:449.95pt">region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:693.55pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:99pt;position:var(--position);text-decoration:none;white-space:pre;width:449.97pt">portfolio may underperform in comparison to securities in general financial markets, a particular</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:706.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:99pt;position:var(--position);text-decoration:none;white-space:pre;width:449.98pt">financial market or other asset classes due to a number of factors, including: inflation (or expectations</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:718.85pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:99pt;position:var(--position);text-decoration:none;white-space:pre;width:450pt">for inflation); deflation (or expectations for deflation); interest rates; market instability; financial</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:549pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:63pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:99pt;position:var(--position);text-decoration:none;white-space:pre;width:449.93pt">system instability; debt crises and downgrades; embargoes; tariffs; sanctions and other trade barriers;</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:75.65pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:99pt;position:var(--position);text-decoration:none;white-space:pre;width:449.98pt">regulatory events; other governmental trade or market control programs and related geopolitical</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:88.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:99pt;position:var(--position);text-decoration:none;white-space:pre;width:449.97pt">events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:100.95pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:99pt;position:var(--position);text-decoration:none;white-space:pre;width:449.98pt">of global events such as war, terrorism, environmental disasters, natural disasters or events, country</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:113.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:99pt;position:var(--position);text-decoration:none;white-space:pre;width:449.87pt">instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs on</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:126.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:99pt;position:var(--position);text-decoration:none;white-space:pre;width:449.99pt">goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:138.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:99pt;position:var(--position);text-decoration:none;white-space:pre;width:326.69pt">also may lead to volatility and instability in domestic and foreign markets.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:99pt;position:var(--position);text-decoration:none;white-space:pre;width:91.2pt">Management Risk.  </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:190.2pt;position:var(--position);text-decoration:none;white-space:pre;width:358.68pt">The Mid Cap Value Fund is an actively managed investment portfolio and the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:170.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:99pt;position:var(--position);text-decoration:none;white-space:pre;width:449.9pt">Fund relies on the Adviser’s ability to pursue the Fund’s goal.  The Adviser applies its investment</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:182.85pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:99pt;position:var(--position);text-decoration:none;white-space:pre;width:449.9pt">techniques and risk analyses in making investment decisions for the Fund, but there can be no</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:99pt;position:var(--position);text-decoration:none;white-space:pre;width:261.65pt">guarantee that its decisions will produce the desired results.</span> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:99pt;position:var(--position);text-decoration:none;white-space:pre;width:105.11pt">Equity Securities Risk.  </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:204.11pt;position:var(--position);text-decoration:none;white-space:pre;width:344.73pt">The price of equity securities may rise or fall because of economic or political</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.8399999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:226.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:99pt;position:var(--position);text-decoration:none;white-space:pre;width:449.9pt">changes or changes in a company’s financial condition, sometimes rapidly or unpredictably. These</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:239.45pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:99pt;position:var(--position);text-decoration:none;white-space:pre;width:449.91pt">price movements may result from factors affecting individual companies, sectors or industries</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:252.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:99pt;position:var(--position);text-decoration:none;white-space:pre;width:449.87pt">selected for the Mid Cap Value Fund’s portfolio or the securities market as a whole, such as changes</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:99pt;position:var(--position);text-decoration:none;white-space:pre;width:156.02pt">in economic or political conditions.</span> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:99pt;position:var(--position);text-decoration:none;white-space:pre;width:117.42pt">Mid-Sized Company Risk.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:216.42000000000002pt;position:var(--position);text-decoration:none;white-space:pre;width:332.58pt">  A mid-sized company may be more vulnerable to adverse business or</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:549pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:296.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:99pt;position:var(--position);text-decoration:none;white-space:pre;width:449.88pt">economic events than stocks of larger companies.  These stocks present greater risks than securities of</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:99pt;position:var(--position);text-decoration:none;white-space:pre;width:156pt">larger, more diversified companies.</span> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:99pt;position:var(--position);text-decoration:none;white-space:pre;width:124.57pt">Value Style Investing Risk.  </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:223.57pt;position:var(--position);text-decoration:none;white-space:pre;width:325.29pt">The Mid Cap Value Fund emphasizes a “value” style of investing, which</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:340pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:99pt;position:var(--position);text-decoration:none;white-space:pre;width:449.91pt">targets undervalued companies with characteristics for improved valuations. This style of investing is</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:352.65pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:99pt;position:var(--position);text-decoration:none;white-space:pre;width:449.85pt">subject to the risk that the valuations never improve or that the returns on “value” securities may not</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.85pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:99pt;position:var(--position);text-decoration:none;white-space:pre;width:400.91pt">move in tandem with the returns on other styles of investing or the stock market in general.</span> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:99pt;position:var(--position);text-decoration:none;white-space:pre;width:104.72pt">Sector Emphasis Risk.  </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:203.72pt;position:var(--position);text-decoration:none;white-space:pre;width:345.25pt">The securities of companies in the same or related businesses, if comprising a</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:396.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:99pt;position:var(--position);text-decoration:none;white-space:pre;width:449.89pt">significant portion of the Mid Cap Value Fund’s portfolio, could react in some circumstances</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:409.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:99pt;position:var(--position);text-decoration:none;white-space:pre;width:449.9pt">negatively to market conditions, interest rates and economic, regulatory or fiscal developments and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:421.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:99pt;position:var(--position);text-decoration:none;white-space:pre;width:449.93pt">adversely affect the value of the portfolio to a greater extent than if such business comprised a lesser</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:434.55pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:99pt;position:var(--position);text-decoration:none;white-space:pre;width:137.12pt">portion of the Fund’s portfolio.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:236.12pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:455.816pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:117pt;position:var(--position);text-decoration:none;top:-2.889pt;white-space:pre;width:3.85pt">•</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:135pt;position:var(--position);text-decoration:none;top:-2.889pt;white-space:pre;width:96.79pt">Financial Sector Risk</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:231.79000000000002pt;position:var(--position);text-decoration:none;top:-2.889pt;white-space:pre;width:6.57pt">: </span><span style="color:#ff0000;font-family:'Helvetica', sans-serif;font-size:12pt;font-style:normal;font-weight:normal;left:238.36pt;position:var(--position);text-decoration:none;top:-2.616pt;white-space:pre;width:4.1pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:242.45999999999998pt;position:var(--position);text-decoration:none;top:-2.889pt;white-space:pre;width:306.42pt">Performance of companies in the financials sector may be adversely</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.88pt;position:var(--position);text-decoration:none;top:-2.889pt;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:467pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:135pt;position:var(--position);text-decoration:none;white-space:pre;width:413.97pt">impacted by many factors, including, among others, government regulations, economic</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:479.65pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:135pt;position:var(--position);text-decoration:none;white-space:pre;width:413.96pt">conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:492.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:135pt;position:var(--position);text-decoration:none;white-space:pre;width:413.97pt">credit markets. The impact of more stringent capital requirements, recent or future regulation</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:504.95pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:135pt;position:var(--position);text-decoration:none;white-space:pre;width:413.99pt">of any individual financial company or of the financials sector as a whole cannot be</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:517.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:135pt;position:var(--position);text-decoration:none;white-space:pre;width:414pt">predicted. In recent years, cyber attacks and technology malfunctions and failures have</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:549pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:530.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:135pt;position:var(--position);text-decoration:none;white-space:pre;width:413.95pt">become increasingly frequent in this sector and have caused significant losses to companies</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:135pt;position:var(--position);text-decoration:none;white-space:pre;width:235.72pt">in this sector, which may negatively impact the Fund.</span> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:135pt;position:var(--position);text-decoration:none;top:-2.889pt;white-space:pre;width:96.79pt">Financial Sector Risk</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:231.79000000000002pt;position:var(--position);text-decoration:none;top:-2.889pt;white-space:pre;width:6.57pt">: </span><span style="color:#ff0000;font-family:'Helvetica', sans-serif;font-size:12pt;font-style:normal;font-weight:normal;left:238.36pt;position:var(--position);text-decoration:none;top:-2.616pt;white-space:pre;width:4.1pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:242.45999999999998pt;position:var(--position);text-decoration:none;top:-2.889pt;white-space:pre;width:306.42pt">Performance of companies in the financials sector may be adversely</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.88pt;position:var(--position);text-decoration:none;top:-2.889pt;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:467pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:135pt;position:var(--position);text-decoration:none;white-space:pre;width:413.97pt">impacted by many factors, including, among others, government regulations, economic</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:479.65pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:135pt;position:var(--position);text-decoration:none;white-space:pre;width:413.96pt">conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:492.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:135pt;position:var(--position);text-decoration:none;white-space:pre;width:413.97pt">credit markets. The impact of more stringent capital requirements, recent or future regulation</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:504.95pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:135pt;position:var(--position);text-decoration:none;white-space:pre;width:413.99pt">of any individual financial company or of the financials sector as a whole cannot be</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:517.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:135pt;position:var(--position);text-decoration:none;white-space:pre;width:414pt">predicted. In recent years, cyber attacks and technology malfunctions and failures have</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:549pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:530.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:135pt;position:var(--position);text-decoration:none;white-space:pre;width:413.95pt">become increasingly frequent in this sector and have caused significant losses to companies</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:135pt;position:var(--position);text-decoration:none;white-space:pre;width:235.72pt">in this sector, which may negatively impact the Fund.</span> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:99pt;position:var(--position);text-decoration:none;white-space:pre;width:208.1pt">Foreign and Emerging Market Securities Risk.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:307.1pt;position:var(--position);text-decoration:none;white-space:pre;width:241.84pt">  Investments in foreign currencies and foreign issuers</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:574.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:99pt;position:var(--position);text-decoration:none;white-space:pre;width:449.98pt">are subject to additional risks, including political and economic risks, greater volatility, civil conflicts</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:586.85pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:99pt;position:var(--position);text-decoration:none;white-space:pre;width:449.96pt">and war, sanctions or other measures by the United States or other governments, liquidity risks,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:599.5pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:99pt;position:var(--position);text-decoration:none;white-space:pre;width:449.99pt">currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:612.15pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:99pt;position:var(--position);text-decoration:none;white-space:pre;width:449.95pt">investment, expropriation and nationalization risks, and less stringent investor protection and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:624.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:99pt;position:var(--position);text-decoration:none;white-space:pre;width:450pt">disclosure standards of foreign markets.  Events and evolving conditions in certain economies or</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:549pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:637.45pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:99pt;position:var(--position);text-decoration:none;white-space:pre;width:449.98pt">markets may alter the risks associated with investments tied to countries or regions that historically</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:650.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:99pt;position:var(--position);text-decoration:none;white-space:pre;width:449.99pt">were perceived as comparatively stable becoming riskier and more volatile.  These risks are</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:662.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:99pt;position:var(--position);text-decoration:none;white-space:pre;width:449.98pt">magnified in countries in “emerging markets.”  Emerging market countries typically have less-</span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:675.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:99pt;position:var(--position);text-decoration:none;white-space:pre;width:449.91pt">established market economies than developed countries and may face greater social, economic,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:688.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:99pt;position:var(--position);text-decoration:none;white-space:pre;width:449.93pt">regulatory and political uncertainties.  In addition, emerging markets typically present greater</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:700.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:99pt;position:var(--position);text-decoration:none;white-space:pre;width:449.91pt">illiquidity and price volatility concerns due to smaller or limited local capital markets and greater</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:99pt;position:var(--position);text-decoration:none;white-space:pre;width:443.32pt">difficulty in determining market valuations of securities due to limited public information on issuers.</span> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:99pt;position:var(--position);text-decoration:none;white-space:pre;width:21.36pt">ADR</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:120.36pt;position:var(--position);text-decoration:none;white-space:pre;width:3.03pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:123.39pt;position:var(--position);text-decoration:none;white-space:pre;width:27.73pt">Risk.  </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:151.12pt;position:var(--position);text-decoration:none;white-space:pre;width:397.75pt">Investments in ADRs are subject to many of the same risks that are associated with direct</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:75.65pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:99pt;position:var(--position);text-decoration:none;white-space:pre;width:449.99pt">investments in foreign securities. In addition, ADRs may not track the price of the underlying foreign</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:88.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:99pt;position:var(--position);text-decoration:none;white-space:pre;width:449.96pt">securities, and their value may change materially at times when the U.S. markets are not open for</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div>trading. <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:99pt;position:var(--position);text-decoration:none;white-space:pre;width:136.51pt">Initial Public Offering Risk. </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:235.51pt;position:var(--position);text-decoration:none;white-space:pre;width:313.36pt">The risk exists that the market value of IPO shares will fluctuate</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:132.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:99pt;position:var(--position);text-decoration:none;white-space:pre;width:449.9pt">considerably due to factors such as the absence of a prior public market, unseasoned trading, the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:144.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:99pt;position:var(--position);text-decoration:none;white-space:pre;width:449.87pt">small number of shares available for trading and limited information about the issuer. The purchase of</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:157.55pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:99pt;position:var(--position);text-decoration:none;white-space:pre;width:449.86pt">IPO shares may involve high transaction costs. IPO shares are subject to market risk and liquidity</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:170.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:99pt;position:var(--position);text-decoration:none;white-space:pre;width:449.95pt">risk. When the Mid Cap Value Fund’s asset base is small, a significant portion of the Fund’s</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:182.85pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:99pt;position:var(--position);text-decoration:none;white-space:pre;width:449.98pt">performance could be attributable to investments in IPOs, because such investments would have a</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:195.5pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:99pt;position:var(--position);text-decoration:none;white-space:pre;width:449.88pt">magnified impact on the Fund. As the Fund’s assets grow, the effect of the Fund’s investments in</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:99pt;position:var(--position);text-decoration:none;white-space:pre;width:441.82pt">IPOs on the Fund’s performance probably will decline, which could reduce the Fund’s performance.</span> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:99pt;position:var(--position);text-decoration:none;white-space:pre;width:123.07pt">Rule 144A Securities Risk.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:222.07pt;position:var(--position);text-decoration:none;white-space:pre;width:326.82pt"> The market for Rule 144A securities typically is less active than the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:239.45pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:99pt;position:var(--position);text-decoration:none;white-space:pre;width:450pt">market for publicly-traded securities. Rule 144A securities carry the risk that the liquidity of these</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:549pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:252.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:99pt;position:var(--position);text-decoration:none;white-space:pre;width:449.95pt">securities may become impaired, making it more difficult for the Mid Cap Value Fund to sell these</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:264.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:99pt;position:var(--position);text-decoration:none;white-space:pre;width:44.26pt">securities.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:99pt;position:var(--position);text-decoration:none;white-space:pre;width:48.9pt">Focus Risk</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:147.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt">.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:150.65pt;position:var(--position);text-decoration:none;white-space:pre;width:3.11pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:153.76pt;position:var(--position);text-decoration:none;white-space:pre;width:395.1pt">At such times the Mid Cap Value Fund holds the securities of a small number of issuers,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:294.73pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:99pt;position:var(--position);text-decoration:none;white-space:pre;width:449.88pt">it may be more exposed to the risks associated with and developments affecting an individual issuer</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:306.06pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:99pt;position:var(--position);text-decoration:none;white-space:pre;width:449.93pt">or a smaller number of issuers than a fund that invests more widely. This may increase the Mid Cap</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:317.39pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:99pt;position:var(--position);text-decoration:none;white-space:pre;width:449.96pt">Value Fund’s volatility and cause the performance of a relatively smaller number of issuers to have a</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:328.72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:99pt;position:var(--position);text-decoration:none;white-space:pre;width:187.45pt">greater impact on the Fund’s performance.</span></div> Performance <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.95pt">The following performance information indicates some of the risks of investing in the Mid Cap Value Fund.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:526.45pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:387.45pt">The bar chart shows the annual return for the Fund’s Investor Class from year to year.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:450.45pt;position:var(--position);text-decoration:none;white-space:pre;width:98.41pt"> The table shows how</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:539.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.89pt">the Fund’s average annual return for the 1-year, 5-years, and since inception periods compares with a broad</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:551.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.92pt">measure of market performance and a secondary benchmark that is more representative of the Fund’s</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:564.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:92.45pt">investment strategy. </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:155.45pt;position:var(--position);text-decoration:none;white-space:pre;width:3.33pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:158.78pt;position:var(--position);text-decoration:none;white-space:pre;width:390.09pt">The Fund’s past performance, before and after taxes, is not necessarily an indication of</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:577.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:179.11pt">how the Fund will perform in the future.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:242.11pt;position:var(--position);text-decoration:none;white-space:pre;width:306.81pt"> Updated performance information is available on the Fund’s website</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:589.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:10.68pt">at </span><span style="color:#0000ff;font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:73.68pt;position:var(--position);text-decoration:underline;white-space:pre;width:88.55pt">www.hubercap.com</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:162.23000000000002pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:164.98000000000002pt;position:var(--position);text-decoration:none;white-space:pre;width:228.7pt">or by calling the Fund toll free at 888-HUBERCM (</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:393.68pt;position:var(--position);text-decoration:none;white-space:pre;width:62.32pt">888-482-3726</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:456pt;position:var(--position);text-decoration:none;white-space:pre;width:6.41pt">).</span></div> The following performance information indicates some of the risks of investing in the Mid Cap Value Fund. The table shows how the Fund’s average annual return for the 1-year, 5-years, and since inception periods compares with a broad measure of market performance and a secondary benchmark that is more representative of the Fund’s investment strategy. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. www.hubercap.com 888-482-3726 Mid Cap Value Fund, Investor Class Calendar Year Total Return as of December 31 <div style="font-size:0pt;left:171pt;position:var(--position);width:270pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:126pt"></td><td style="padding:0;width:71.25pt"></td><td style="padding:0;width:72.75pt"></td></tr><tr style="height:27.75pt"><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);width:270pt"><div><div style="line-height:11pt;position:var(--position);top:5.44pt;width:270pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:47.67pt;position:var(--position);text-decoration:underline;white-space:pre">Highest and Lowest Return Quarters </span></div><div style="line-height:11pt;position:var(--position);top:16.44pt;width:270pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:21.56pt;position:var(--position);text-decoration:underline;white-space:pre">during the period of time shown in the bar chart</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="border-bottom:1pt solid #b6b6b6;border-right:1pt solid #00000a;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:27.75pt;width:126pt"><div><div style="line-height:11pt;position:var(--position);top:2.63pt;width:126pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:11.4pt;position:var(--position);text-decoration:none;white-space:pre">Highest Return Quarter</span></div></div></div></td><td style="border-bottom:1pt solid #b6b6b6;border-left:1pt solid #00000a;border-right:1pt solid #00000a;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:126pt;position:var(--position);top:27.75pt;width:71.25pt"><div><div style="line-height:11pt;position:var(--position);top:2.63pt;width:71.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:10.57pt;position:var(--position);text-decoration:none;white-space:pre">12/31/2020</span></div></div></div></td><td style="border-bottom:1pt solid #b6b6b6;border-left:1pt solid #00000a;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:197.25pt;position:var(--position);top:27.75pt;width:72.75pt"><div><div style="line-height:11pt;position:var(--position);top:2.63pt;width:72.75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:20.36pt;position:var(--position);text-decoration:none;white-space:pre">32.96%</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="border-bottom:1pt solid #00000a;border-right:1pt solid #00000a;border-top:1pt solid #b6b6b6;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:42pt;width:126pt"><div><div style="line-height:11pt;position:var(--position);top:2.63pt;width:126pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:12.32pt;position:var(--position);text-decoration:none;white-space:pre">Lowest Return Quarter</span></div></div></div></td><td style="border-bottom:1pt solid #00000a;border-left:1pt solid #00000a;border-right:1pt solid #00000a;border-top:1pt solid #b6b6b6;font-size:0;text-align:left;vertical-align:top"><div style="left:126pt;position:var(--position);top:42pt;width:71.25pt"><div><div style="line-height:11pt;position:var(--position);top:2.63pt;width:71.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:13.32pt;position:var(--position);text-decoration:none;white-space:pre">3/31/2020</span></div></div></div></td><td style="border-bottom:1pt solid #00000a;border-left:1pt solid #00000a;border-top:1pt solid #b6b6b6;font-size:0;text-align:left;vertical-align:top"><div style="left:197.25pt;position:var(--position);top:42pt;width:72.75pt"><div><div style="line-height:11pt;position:var(--position);top:2.63pt;width:72.75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:18.53pt;position:var(--position);text-decoration:none;white-space:pre">-34.57%</span></div></div></div></td></tr></tbody></table></div></div> Highest Return Quarter 2020-12-31 0.3296 Lowest Return Quarter 2020-03-31 -0.3457 Average Annual Total Returns(For the periods ended December 31, 2025) 2015-12-31 2015-12-31 Return Before Taxes 0.0765 0.0967 0.0698 0.0698 Return After Taxes on Distributions 0.0745 0.0936 0.0669 0.0669 Return After Taxes on Distributions and Sale of Fund Shares 0.0467 0.0762 0.0558 0.0558 Return Before Taxes 0.0795 0.0980 0.0716 0.0716 Bloomberg US 2500 Total Return Index(reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.1084 0.0712 0.1028 0.1028 Bloomberg US 2500 Value Index(reflects no deduction for fees, expenses or taxes) 0.1088 0.1061 0.0958 0.0958 <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.96pt">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:549.35pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:219.11pt">do not reflect the impact of state and local taxes.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:282.11pt;position:var(--position);text-decoration:none;white-space:pre;width:266.84pt">  Actual after-tax returns depend on your situation and may</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:562pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:119.46pt">differ from those shown.  </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:182.45999999999998pt;position:var(--position);text-decoration:none;white-space:pre;width:366.46pt">Furthermore, the after-tax returns shown are not relevant to those who hold their</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:574.65pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.96pt">shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts (“IRAs”).</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:587.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.88pt">After-tax returns are shown only for the Investor Class; after-tax returns for the Institutional Class will vary to</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:548.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre;width:155.09pt">the extent it has different expenses.</span> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Furthermore, the after-tax returns shown are not relevant to those who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts (“IRAs”). After-tax returns are shown only for the Investor Class; after-tax returns for the Institutional Class will vary to the extent it has different expenses. Huber Capital Management, LLC (the “Adviser”) has voluntarily agreed to reduce the Fund’s management fee, from 0.99% to 0.80%, through at least February 28, 2027. The Adviser cannot recoup these amounts. The current year expense ratio in the Financial Highlights reflects a management fee of 0.79%. Each class of the Select Large Cap Value Fund may accrue up to 0.25% in “Distribution and Service (Rule 12b-1) Fees” of the average daily net assets and may accrue up to 0.15% in “Shareholder Servicing Plan Fee” of the average daily net assets. However, accrual for the Fund’s Institutional Class shares is currently set at 0.00% through at least February 28, 2027 for both Distribution and Service (Rule 12b-1) Fees and Shareholder Servicing Plan Fee, and any accrual increase must first be approved by the Board of Trustees (the “Board”). Total Annual Fund Operating Expenses above reflect the maximum Rule 12b-1 fee and/or Shareholder Servicing Plan fee for the Investor Class shares allowed while the Expense Ratios in the Financial Highlights reflect actual expenses. Total Annual Fund Operating Expenses do not correlate to the Expense Ratios provided in the Financial Highlights section of the statutory prospectus, which reflect the actual operating expenses of the Select Large Cap Value Fund and do not include 0.01% that is attributed to acquired fund fees and expenses (“AFFE”). The former Institutional Class shares were re-designated as Investor Class shares on October 25, 2011.  The Investor Class incepted on June 29, 2007, and the current Institutional Class incepted on October 25, 2011.  Performance shown prior to the inception of the current Institutional Class reflects the performance of the Investor Class and includes expenses that are not applicable to and are higher than those of the Institutional Class. Huber Capital Management, LLC (the “Adviser”) has voluntarily agreed to reduce the Fund’s management fee, from 1.35% to 0.99%, through at least February 28, 2027. The Adviser cannot recoup these amounts. Each class of the Small Cap Value Fund may accrue up to 0.25% in “Distribution and Service (Rule 12b-1) Fees” of the average daily net assets and may accrue up to 0.15% in “Shareholder Servicing Plan Fee” of the average daily net assets. However, accrual for the Fund’s Institutional Class shares is currently set at 0.00% through at least February 28, 2027 for both the Distribution and Service (Rule 12b-1) Fees and Shareholder Servicing Plan Fee, and any accrual increase must first be approved by the Board of Trustees (the “Board”). Total Annual Fund Operating Expenses above reflect the maximum Rule 12b-1 fee and/or Shareholder Servicing Plan fee for the Investor Class shares allowed while the Expense Ratios in the Financial Highlights reflect actual expenses.   The former Institutional Class shares were re-designated as Investor Class shares on October 25, 2011.  The Investor Class incepted on June 29, 2007, and the current Institutional Class incepted on October 25, 2011.  Performance shown prior to the inception of the current Institutional Class reflects the performance of the Investor Class and includes expenses that are not applicable to and are higher than those of the Institutional Class. Huber Capital Management, LLC (the “Adviser”) has voluntarily agreed to reduce the Fund’s management fee, from 0.75% to 0.10%, through at least February 28, 2027. The Adviser cannot recoup these amounts. The current year expense ratio in the Financial Highlights reflects a management fee of 0.03%. Each class of the Large Cap Value Fund may accrue up to 0.25% in “Distribution and Service (Rule 12b-1) Fees” of the average daily net assets and may accrue up to 0.15% in “Shareholder Servicing Plan Fee” of the average daily net assets. However, accrual for the Fund’s Institutional Class shares is currently set at 0.00% through at least February 28, 2027, for both the Distribution and Service (Rule 12b-1) Fees and Shareholder Servicing Plan Fee and any accrual increase must first be approved by the Board of Trustees (the “Board”). Total Annual Fund Operating Expenses above reflect the maximum Rule 12b-1 fee and/or Shareholder Servicing Plan fee allowed while the Expense Ratios in the Financial Highlights reflect actual expenses.  Total Annual Fund Operating Expenses do not correlate to the Expense Ratios provided in the Financial Highlights section of the statutory prospectus, which reflect the actual operating expenses of the Large Cap Value Fund and do not include 0.01% that is attributed to acquired fund fee expenses (“AFFE”). The Adviser has contractually agreed to waive all or a portion of its management fees and pay expenses of the Large Cap Value Fund to ensure that Total Annual Fund Operating Expenses (excluding AFFE, interest expense, taxes, extraordinary expenses, Rule 12b-1 fees and any other class-specific expenses) do not exceed 0.75% of the average daily net assets of the Fund (the “Expense Cap”).  The Expense Cap will remain in effect through at least February 28, 2027, and may be terminated only by the Trust’s Board.  The Adviser may request recoupment of previously waived fees and paid expenses pursuant to the contract from the Fund for 36 months from the date they were waived or paid, subject to the Expense Cap at the time such amounts were waived or at the time of recoupment, whichever is lower. Huber Capital Management, LLC (the “Adviser”) has voluntarily agreed to reduce the Fund’s management fee, from 1.00% to 0.10%, through at least February 28, 2027. The Adviser cannot recoup these amounts. The current year expense ratio in the Financial Highlights reflects a management fee of 0.03%. Each class of the Mid Cap Value Fund may accrue up to 0.25% in “Distribution and Service (Rule 12b-1) Fees” of the average daily net assets; however, accrual for the Institutional Class shares is currently set at 0.00% through at least February 28, 2027, and any accrual increase must first be approved by the Board of Trustees (the “Board”). The Investor Class shares may accrue up to 0.15% of the average daily net assets and the Institutional Class shares may accrue up to 0.10% of the average daily net assets of shareholder servicing fees. Total Annual Fund Operating Expenses above reflect the maximum Rule 12b-1 fee and/or Shareholder Servicing Plan fee allowed while the Expense Ratios in the Financial Highlights reflect actual expenses.  Total Annual Fund Operating Expenses do not correlate to the Expense Ratios provided in the Financial Highlights section of the statutory prospectus, which reflect the actual operating expenses of the Mid Cap Value Fund and do not include 0.01% that is attributed to acquired fund fees and expenses (“AFFE”). The Adviser has contractually agreed to waive a portion or all of its management fees and pay expenses of the Mid Cap Value Fund to ensure that Total Annual Fund Operating Expenses (excluding AFFE, interest expense, taxes, extraordinary expenses, Rule 12b-1 fees, shareholder servicing fees, and any other class-specific expenses) do not exceed 1.00% of average daily net assets of the Fund (the “Expense Cap”). The Expense Cap will remain in effect through at least February 28, 2027, and may be terminated only by the Trust’s Board of Trustees (the “Board”). The Adviser may request recoupment of previously waived fees and paid expenses pursuant to the contract from the Fund for 36 months from the date they were waived and paid, subject to the Expense Cap at the time such amounts were waived or at the time of recoupment, whichever is lower.