Value Plus Fund - 2nd Quarter Commentary

Past performance does not guarantee future results. Performance represents past performance; current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor's shares, when redeemed may be worth more or less than the original cost. All returns reflect reinvested dividends and capital gains distributions, but do not reflect the deduction of taxes that an investor would pay on distributions or redemptions. To obtain performance through the most recent month end, call 800-432-7856, or visit our Funds' Returns page on the website. Subject to certain exceptions, shares of a Fund redeemed or exchanged within 10 days of purchase are subject to a 2% redemption fee. Performance does not reflect this fee, which if deducted would reduce an individual's return. 

The Value Plus Fund invests in stocks of small companies that generally are more volatile and less liquid than those of larger companies. Value investments are subject to the risk that their intrinsic values may not be recognized by the broad market. The Fund also invests in a smaller number of stocks (generally 40 to 70) than the average mutual fund. The performance of these holdings generally will increase the volatility of the Fund’s returns.

The statements and opinions expressed in the articles or appearances are those of the author. Any discussion of investments and investment strategies represents the Funds' investments and portfolio managers' views as of the date of the articles, and are subject to change without notice.

The above individual is a Registered Representative of ALPS Distributors, Inc.

CFA is a trademark owned by CFA Institute.

Book value (BV) is a company's common stock equity as it appears on a balance sheet, equal to total assets minus liabilities, preferred stock, and intangible assets such as goodwill.

Debt adjusted cash flow is a financial ratio commonly used in the analysis of oil companies, representing the after-tax operating cash flow, excluding financial expenses after taxes. Debt-adjusted cash flow (DACF) is calculated as follows: DACF = cash flow from operations + financing costs (after tax) + exploration expenses (before tax) +/- working capital adjustment

Debt to capital is a measurement of a company's financial leverage, calculated as the company's debt divided by its total capital.

Trailing 12 month cash flow refers to a company's cash flow over the 12 months ending on the last day of the most recent month.

Trailing 12 month earnings refers to a company's earnings over the 12 months ending on the last day of the most recent month.