Performance
The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Past performance is no guarantee of future results. For performance information current to the most recent month-end, please call toll-free 1-866-672-3863. The Fund’s investment adviser has contractually agreed to reduce its fees and/or absorb expenses of the Fund, at least until January 31, 2010, to ensure that the net annual fund operating expenses will not exceed 1.50% for the Investor shares of the Small Cap Fund, subject to possible recoupment from the Fund in future years. Without these waivers, the Fund's total annual operating expenses would have been 1.78% for the Investor shares of the Small Cap Fund. Please review the Fund’s prospectus for more detail on the expense waiver. All performance figures reflect management fee waivers and expense subsidies, without which performance figures would have been lower. The Fund charges a fee of 2.00% on redemption of shares held less than 30 days. The performance figures stated above do not reflect the deduction of this fee. Had such a fee been deducted, performance figures would have been lower.
(1) Represents the percentage increase/decrease in the net asset value from the prior trading day.
(2) Performance for periods less than one year is not annualized.
(3) The inception date of the Predecessor Fund, New River Small Cap Fund, was October 1, 2003.
(4) The Russell 2000 is an unmanaged market capitalization-weighted index which is comprised of 2000 of the smallest capitalized U.S. domiciled companies and includes the reinvestment of all dividends. An investor cannot invest directly in an index.