Value Fund - 1st 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 Fund invests primarily in small companies selected on a value basis. Such securities generally are more volatile and less liquid than those of larger companies and there is risk that their intrinsic values may not be recognized by the broad market.

Russell 2000 Index includes the 2,000 firms from the Russell 3000 Index with the smallest market capitalizations. All indices are unmanaged. It is not possible to invest directly in an index.  

Russell 2000 Value Index measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values. All indices are unmanaged. It is not possible to invest directly in an index.

Price/Earnings Ratio of a stock is calculated by dividing the current price of the stock by its trailing 12 months' earnings per share.

Forward P/E Ratio is calculated by dividing the current price of the stock by its estimated 12 months' earnings per share.

Price/Book Ratio of a company is calculated by dividing the market price of its stock by the company's per-share book value.

Debt/Total Capital of a stock is calculated by dividing the long-term debt of the company by its total capital.

Earnings yield is the earnings per share for the most recent 12-month period divided by the current market price per share. The earnings yield is the inverse of the P/E ratio.

M & A represents mergers and acquisitions.

The statements and opinions expressed in the video are those of the presenter. Any discussion of investments and investment strategies represents the Funds' investments and portfolio managers' views as of the date of the video, and are subject to change without notice. All information is historical, not indicative of future results and subject to change. Audience should not assume that an investment in the securities mentioned was or would be profitable in the future. This information is not a recommendation to buy or sell.

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