13D Activist Fund Class I (DDDIX)

NEW YORK--(BUSINESS WIRE)--The 13D Activist Fund (DDDIX) reached its five-year milestone at the end of 2016. The Fund posted a one-year return of 19.57%, net of fees and expenses, as of December 31, 2016 compared to 11.96% for the S&P 500, and a five-year average annual return of 15.27%, net of fees and expenses, compared to the S&P 500 average annual return of 14.79%. The 13D Activist Fund is not a hedge fund replicator, quantitative fund or an activist investor. It is a qualitative, event-driven mutual fund that analyzes activist catalysts of companies that have been engaged by activist investors and constructs a portfolio of approximately 30 companies that it believes offer the most compelling activist catalysts. The Fund is managed by Ken Squire who founded the premier institutional research service on shareholder activism in 2006, has been writing the Activist Spotlight column in Barron’s since 2007, and hosts the industry’s largest shareholder activist conference. Fund Name InceptionThrough12/31/16(cumulative) One Year Five YearThrough12/31/16 (annualized) InceptionThrough12/31/16 (annualized) Inception date of the Fund is December 28, 2011. The total annual Fund operating expense ratio is 1.50% for Class I shares. 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. A Fund's performance, especially for very short periods of time, should not be the sole factor in making your investment decisions. For performance information current to the most recent month end, please call toll-free 1-877-413-3228. The S&P 500® is regarded as a gauge of large cap U.S. equities. It is not possible to invest in an index, unmanaged index returns do not reflect any fees, expenses or sales charges. In the following Q&A, Ken Squire addresses why a pure play on activism is an effective investment approach, the fund’s strategy, and the outlook for activism in 2017. Q. What is the approach of the 13D Activist Fund? Our approach is to create the purest, most comprehensive exposure to shareholder activism in a liquid, transparent vehicle at a lower cost than hedge funds. The Fund is long only with minimal cash, so we provide exposure to only activist situations, and not only to the top activist hedge funds, but also engagements of activists who do not take outside money (Carl Icahn), activists who are a small part of a larger multi-strategy fund (Elliott Associates), and some lesser known yet highly skilled activist funds. Q. You’ve described your fund as an oxymoron—a diversified portfolio of concentrated positions. What do you mean by that? Most activist hedge funds are highly concentrated with a vast majority of their capital in their top four to eight positions. This is necessary because activism is a time and resource intensive strategy, and it also has the added benefits of concentration – maximized focus, resources and analysis on a few positions. The Fund aggregates these concentrated positions into a portfolio of approximately 30 stocks that is diversified by activist, activist strategy and sector expertise. 2016 was a perfect example of the benefits of this concentration/diversification structure - the Fund’s 13 best performing positions in 2016 came from ten different activists. Q. Jeff Smith at Starboard has described activism as “alpha1 you can understand.” Do you agree with that description? Yes. Activism is value investing where the activist provides the catalyst to close the valuation gap. Not only is this understandable, but it is repeatable. In each instance, activists are taking specific steps to change corporate culture, implement best corporate governance practices, offer shareholders an alternate operational or strategic plan, and/or replace entrenched, conflicted and self-dealing management teams. The activists offer the market an alternate plan that creates a different risk curve for the Company. If this plan turns out to be a better plan than management’s and is implemented successfully, it puts the Company on this higher risk curve offering a better return. There are tons of analysts and investors analyzing management’s plan and risk curve. We analyze the activist’s plan, the chance of success of that plan, and the probability that the Company will end up on that risk curve. Q. 2015 was the worst year for activists in recent memory. How has this affected activism and the Fund? 2015 was an outlier year for shareholder activism and the Fund (the only year we were down and the only year we did not outperform the S&P 500). During that period, growth outperformed value investments, news about Valeant Pharmaceuticals cast a shadow across activism, and a number of activists struggled to make progress in an evolving activist environment. But despite this anomaly, the Fund has still outperformed the S&P 500 net of fees and expenses over our 5 year life and ended our fifth year (as of 12/31/16) in the top 9% of all funds in our Lipper Mid Cap Core category (25 of 297 funds). The experience of 2015 has led to a Darwinian effect on certain activist investors, the exodus of many fad followers who will move on to the next thing, and a much dimmer spotlight on activist investing. What will remain will be the real activist hedge funds engaging with the boards and shareholders of underperforming companies with less of a spotlight on their endeavors. We believe this is beneficial for activism and the Fund. No portfolio manager likes to go through a year like 2015, but we did take away several positives from that experience including how fast we bounced back in 2016 and how the structure of our fund afforded us the agility to exit our Valeant position with a significant gain, turning a potential catastrophe into one of our best investments. Q. What were some of the fund’s top performing positions in 2016? There were many M&A catalysts for our portfolio holdings in 2016, but the crux of our returns has been and we believe will continue to be derived from successful operational and corporate governance activism. Only three acquisitions were among our top ten contributors in 2016 - Lifelock, Cabelas and Mentor Graphics. However, our best position (without accounting for value from spinoffs) was Marvell, which was a corporate governance and operational activist campaign by Starboard that was up 57.3% in 2016. Other top contributors included: Manitowoc (Icahn, Strategic, +64.9%), Brinks (Starboard, Operational, +42.9%), HD Supply (JANA, Strategic, +31.6% since our 10/27/16 purchase), Air Products (Pershing Square, Operational/Strategic, +31.2%), Terex (Marcato, Operational/Strategic, +31.2% since our 7/29/16 purchase) and Allison Transmission (ValueAct, Corporate Governance, +23.7% through our 11/22/16 disposition). Q. Do you anticipate anything different in 2017? We have not changed our strategy going into 2017. While the activist landscape has changed from several years ago — it is now easier to get board seats but somewhat harder to create value — the experienced activists have adapted to this new environment and our focus remains on analyzing all activist campaigns and selecting those opportunities we think offer the most compelling activist catalysts. We do not try to predict the future of the markets or make wholesale changes based on macro factors. Activism is a resilient strategy that adapts to different market environments. Strategic activism works well in a low interest rate environment. A focus on operational and corporate governance activism worked well in 2008 and 2009. In flat, down or unpredictable markets, activism often works best as investors need a catalyst to generate returns, it is hard for bad management to hide, and it is easier for activists to gain support from other shareholders. About 13D Management New York based 13D Management, a registered investment advisor and manager of the 13D Activist Fund, is an event driven asset manager that focuses on 13D filings of activist investors. The firm was founded by Ken Squire who is the leading authority on activist investors and also leads 13D Monitor, a research service for major investment banks, top law firms, hedge funds and institutional investors. The 13D Activist Fund is available directly to investors or through Schwab, Fidelity, TD Ameritrade, UBS, Scottrade, E*TRADE, Vanguard and Pershing LLC, among other major platforms. Investors should carefully consider the investment objectives, risks, charges and expenses. This and other important information is contained within the Prospectus, which can be obtained by calling 877-413-3228. The Fund Prospectus should be read carefully before investing. The Fund is distributed by ALPS Distributors, Inc. 13D Monitor and 13D Management, LLC and the above listed platforms are not affiliated with ALPS Distributors, Inc. Lipper Rankings – 25 out of 297 Mid Cap Core funds on the 5 year. 79 out of 402 Mid Cap Core funds on the 1 year & 126 out of 349 Mid Cap Core funds on the 3 year. Source Lipper: Rankings are based on total returns, are historical and do not guarantee future results. Past performance is not indicative of future results. Overall stock market risks will affect the value of individual instruments in which the Fund invests. Factors such as economic growth, market conditions, interest rate levels, and political events affect the U.S. securities markets. When the value of the Fund's investments goes down, your investment in the Fund decreases in value and you could lose money. The Fund is a non-diversified investment company, which makes the value of the Fund's shares more susceptible to certain risks than shares of a diversified investment company. The Fund has a greater potential to realize losses upon the occurrence of adverse events affecting a particular issuer. The value of small or medium capitalization company stocks may be subject to more abrupt or erratic market movements than those of larger, more established companies or the market averages in general. Past performance is no guarantee of future results. 1 http://www.investopedia.com/terms/a/alpha.asp CN 13D000216 Exp. 1/31/18

NEW YORK--(BUSINESS WIRE)--The 13D Activist Fund (DDDIX), the first mutual fund to offer investors pure exposure to shareholder activism, has achieved a market-beating three-year track record. The Fund’s three-year average annual return of 24.12% compares to the S&P 500 average annual return of 20.41%. The Fund received Morningstar’s lowest risk rating and an overall Morningstar Rating™ of 5 Stars, ranking 12th (top 2 percent) out of 645 funds in the mid-cap growth category, based on risk adjusted returns for its overall history and three years ended 12/31/14. According to Morningstar, a hypothetical investment of $10,000 in the Fund made at inception (December 28, 2011) would have grown to $19,123.06 as of December 31, 2014 versus $17,357.04 for the S&P 500.1 The Fund has assets of approximately $375 million as of December 31, 2014 and is widely available on platforms such as Schwab and Fidelity in addition to select wirehouses. Fund Name InceptionThrough12/31/14(Cumulative) One Year Three Year InceptionThrough12/31/14(annualized) Inception date of the Fund is December 28, 2011. The total annual Fund operating expense ratio is 1.50% for Class I shares. 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. A Fund's performance, especially for very short periods of time, should not be the sole factor in making your investment decisions. For performance information current to the most recent month end, please call toll-free 1-877-413-3228. The S&P 500® is regarded as a gauge of large cap U.S. equities. It is not possible to invest in an index, unmanaged index returns do not reflect any fees, expenses or sales charges. 13D Activist Fund was created by portfolio manager Ken Squire who has operated the premier research service on shareholder activism for the institutional community since 2006, has hosted the largest shareholder activist conference, and has written a column on activism in Barron’s since 2007. The Fund is an event-driven mutual fund that focuses on and analyzes activist 13D filings for what Squire believes to be the best investment opportunities. In the following Q&A, Ken Squire talks about the unique niche the Fund holds, its current strategy, and the outlook for 2015. Q. Briefly explain the difference between the 13D Activist Fund and what people generally think of when they hear “activist fund.” When you hear “activist fund” you think of investors like Carl Icahn, Bill Ackman and Nelson Peltz – investors who invest in what they believe to be undervalued companies and provide their own catalyst for unlocking value by advocating for governance, strategic or financial changes. The 13D Activist Fund is not an activist investor, but a fund that invests in what we believe to be the most compelling investments of activist investors. Q. Why did you start a mutual fund and not a hedge fund? After six years of seeing how successful an activist investment strategy has been historically, I wanted to give exposure to the strategy to individual investors who do not have the resources to invest in an activist hedge fund. We have been pleasantly surprised to see that there has also been significant interest from institutional investors who want exposure to the strategy with more liquidity and lower fees than hedge funds tend to offer. Q. Your fund invests in niche, event-driven situations requiring a unique skill set to understand the wide variety of activists and the many types of activist strategies. What experience do you have analyzing activist engagements? We have been operating the leading research service on shareholder activism for the institutional investor community since 2006. Over the past eight years we have done nothing but analyze 13D filings and shareholder activism. We really understand the different activists and activist catalysts and the chances that an activist agenda will yield a sizable return. There are over 1,500 13D filings and 4,000 13D amendments each year and we analyze each 13D event to select the approximately 30 situations we feel offer the best risk-reward ratio. Among other things, we analyze the activist, his track record, the sector and his track record in that sector, the activist strategy employed, and the type of returns that strategy typically creates. We also make a judgment on the probability for success of the filing based on the activist’s experience, the shareholder base and other factors. Q. What is the outlook for activism in 2015? Each of the past three years more money has been allocated to activist investors. Shareholder activism has become an accepted asset class and is increasingly supported by institutional investors. It is also more widely accepted as a positive way to improve company management and governance. With low rates combined with an improving deal-making environment, we expect the number of activist situations to grow in 2015 creating more opportunities for the Fund Still only a very small proportion of public companies that are engaged by an activist investor. There was less than 2% in 2014. So, activism has a long way to grow while still providing many attractive investment opportunities. Q. How does the Fund do in down markets? Activism has often flourished in down markets as it is hard for bad managements to hide and it is easier to get shareholder support for activist agendas. Moreover, when investors cannot rely on up-markets to generate returns, a non-correlated catalyst is even more valuable. As we expected, our Fund has captured more of the gains of up markets, but less of the losses of down markets. According to Morningstar, the Fund’s upside and downside capture ratio over the past three years ending December 31, 2014 is 102.29 up and 62.41 down*. Q. Tell us about a few of your top performers in 2014. Which positions did not do as well as expected and why? One of our best positions for 2014 was Tessera Technologies, Inc. In 2013 Starboard Value Fund settled a proxy fight with the company pursuant to which Starboard received control of the Board. When you believe in the activist and the activist agenda, the best thing that can happen is for the activist to get control. The stock was trading at 19.71 at the beginning of the year, and closed the year at $35.76, an 81.43% increase. We also did very well with some more transactional forms of activism, with activists getting companies like Beam, Forest Labs, Compuware and Riverbed sold. Like many funds, we ran into a bit of trouble with our oil and gas companies. With the sector in decline, we decreased our exposure to oil drillers to the two positions we thought had the best activist catalysts. We also increased our position in the company we thought had the strongest activist catalyst – Talisman Energy. In November, with the stock down to $5.75, from our initial price of $13.08 in October of 2013, we more than doubled our position, not because of the price drop, but because we felt there was a very strong activist catalyst for a sale of the company. Carl Icahn had two board seats, the CEO had announced that he wanted to resign by the end of the year, and the Company had been discussing a sale with several potential acquirers throughout the year, and came very close with Repsol when the stock was trading over $10 per share. On December 16, the Company agreed to be sold to Repsol for $8.00 per share. Our other oil driller, Chesapeake Energy, is down to $19.57, from $27.14 at the beginning of the year, but Carl Icahn has a board seat there too, so we know someone is looking out for the shareholders. *We like to look at Morningstar’s upside/downside capture ratio to gauge how our investment strategy holds up vs. a benchmark. This statistic is a relatively straightforward way to evaluate a fund's historical performance during both rallies and down markets. The capture ratio shows whether a given fund has outperformed ─ gained more or lost less than ─ a broad market benchmark during periods of market strength and weakness, and if so, by how much. If both the upside and downside capture ratios for a fund are 100%, that means the fund moved in lockstep with the benchmark during both up and down markets. For most actively managed funds, upside and downside capture ratios will illustrate a more significant divergence from the benchmark. For example, our Fund’s upside capture for the three years ending December 31, 2014 is 102.29% and its downside is 62.41%. What this means is that the Fund outperformed the benchmark by 2.29% in up markets and captured only 62.41% of its benchmark’s negative performance during market declines. Morningstar benchmarks our Fund vs. the Mid-Cap Blend category. Our downside capture ratio has been consistently low which supports the premise that activism is less correlated to the markets in general. About 13D Management New York based 13D Management, a registered investment advisor and manager of the 13D Activist Fund, is an event driven asset manager that focuses on 13D filings of activist investors. The firm was founded by Ken Squire who is the leading authority on activist investors and also leads 13D Monitor, a research service for major investment banks, top law firms, hedge funds and institutional investors. The 13D Activist Fund is available directly to investors or through Schwab, Fidelity, TD Ameritrade, UBS, Scottrade, E*TRADE, Vanguard and Pershing LLC, among other major platforms. Investors should carefully consider the investment objectives, risks, charges and expenses. This and other important information is contained within the Prospectus, which can be obtained by calling 877-413-3228. The Fund Prospectus should be read carefully before investing. The Fund is distributed by ALPS Distributors, Inc. 13D Monitor and 13D Management, LLC and the above listed platforms are not affiliated with ALPS Distributors, Inc. Overall stock market risks will affect the value of individual instruments in which the Fund invests. Factors such as economic growth, market conditions, interest rate levels, and political events affect the U.S. securities markets. When the value of the Fund's investments goes down, your investment in the Fund decreases in value and you could lose money. The Fund is a non-diversified investment company, which makes the value of the Fund's shares more susceptible to certain risks than shares of a diversified investment company. The Fund has a greater potential to realize losses upon the occurrence of adverse events affecting a particular issuer. The value of small or medium capitalization company stocks may be subject to more abrupt or erratic market movements than those of larger, more established companies or the market averages in general. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a funds’ monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar RatingTM for a fund is derived from a weighted average of the performance figures associated with its three-, five-, and ten-year (if applicable) Morningstar RatingTM metrics. 13D Activist Fund was rated against the following number of U.S. domiciled mid-cap growth funds over the last three years: 645. With respect to these mid-cap growth funds, 13D Activist Fund received a Morningstar RatingTM of 5 stars for the three-year period. Past performance is no guarantee of future results. © 2015 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. 1 The S&P 500 Index is an unmanaged composite of 500-large capitalization companies. This index is widely used by professional investors as a performance benchmark for large-cap stocks. You cannot invest directly in an index. Past performance is no guarantee of future results. CN 13D 150 Exp. 01/31/16

NEW YORK--(BUSINESS WIRE)--13D Activist Fund (NASDAQ: DDDIX), an event-driven mutual fund focused on 13D filings and the first mutual fund to offer activist investing as its primary strategy, was named “Category King” by the Wall Street Journal for the one year period ending July 31, 2014. The Category King recognizes the top 10 performing funds in each equity category for one-year performance, based on total returns. The 13D Activist Fund ranked #2 in the multi-cap growth equity category, out of 585 funds. During this period the fund generated a return of 20.10%. The following table highlights the Fund’s performance since its inception on December 28, 2011: Fund Performanceas of 6/30/14 Fund Founder and Portfolio Manager Ken Squire has been actively analyzing shareholder activism and 13D filings since 2006, when he founded 13D Monitor, the premiere research service on shareholder activism for the institutional investor community. Squire said: “Our fund is the first of its kind to allow an investor to hold a basket of activist stocks and pursue a pure activist investment strategy.” The Fund seeks capital appreciation and is designed to potentially outperform market indices by generating returns that are not correlated to the broader market. About 13D Management New York based 13D Management, a registered investment advisor and manager of the 13D Activist Fund, is an event driven asset manager that focuses on 13D filings of activist investors. The firm was founded by Ken Squire who is the leading authority on activist investors and also leads 13D Monitor, a research service for major investment banks, top law firms, hedge funds and institutional investors. The 13D Activist Fund is available directly to investors or through Schwab, Fidelity, TD Ameritrade, UBS, E*TRADE and Pershing LLC. Investors should carefully consider the investment objectives, risks, charges and expenses. This and other important information is contained within the Prospectus, which can be obtained by calling 877-413-3228. The Fund Prospectus should be read carefully before investing. The Fund is distributed by ALPS Distributors, Inc. 13D Monitor and 13D Management, LLC are not affiliated with ALPS Distributors, Inc. Expense Ratios: Institutional Shares: 1.50% (Class I), Investor Shares: 1.75% (Class A), Investor Shares: 2.50% (Class C/DDDCX). Shares held for less than 30 days of both classes are subject to a 2.00% redemption fee. Please remember that past performance may not be indicative and is no guarantee of future results. The fund 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. Fund performance, especially for very short periods of time, should not be the sole factor in making your investment decisions. There is no guarantee that any investment strategy will achieve its objectives, generate profits or avoid losses. For the most recent month end performance information, please visit www.13DActivistFund.com or call tollfree 1-877- 413-3228. Historical performance results for investment indices and/or categories have been provided for general comparison purposes only, and generally do not reflect the deduction of transaction and/or custodial charges, the deduction of an investment management fee, nor the impact of taxes, the incurrence of which would have the effect of decreasing historical performance results. It should not be assumed that your account holdings correspond directly to any comparative indices. Past performance may not be indicative of future results and does not reflect the impact of taxes on non-qualified accounts. The data herein is not guaranteed. You cannot invest directly in an index. The S&P 500 Index is an unmanaged composite of 500-large capitalization companies. This index is widely used by professional investors as a performance benchmark for large-cap stocks. Overall stock market risks will affect the value of individual instruments in which the Fund invests. Factors such as economic growth, market conditions, interest rate levels, and political events affect the U.S. securities markets. When the value of the Fund's investments goes down, your investment in the Fund decreases in value and you could lose money. The Fund is a non-diversified investment company, which makes the value of the Fund's shares more susceptible to certain risks than shares of a diversified investment company. The Fund has a greater potential to realize losses upon the occurrence of adverse events affecting a particular issuer. The value of small or medium capitalization company stocks may be subject to more abrupt or erratic market movements than those of larger, more established companies or the market averages in general. CN 13D 131 Exp 12/31/14

NEW YORK--(BUSINESS WIRE)--The 13D Activist Fund (DDDIX), the only mutual fund that offers investors exposure to shareholder activism as an investment strategy, turned in one year performance of 21.27%, net of fees and expenses, that beat the S&P 500 by 5.27%. The 13D Activist Fund is an event driven mutual fund that focuses on and analyzes 13D filings for investment opportunities. The 13D Activist Fund was founded by Ken Squire, who has been operating the premier research service on shareholder activism for the institutional community since 2006. 13D Monitor clients include most of the major investment banks and many top law firms, hedge funds and institutional investors. The 13D Activist Fund analyzes activist 13D events, evaluating the activist, the sector, the activist’s track record, the activist strategy being employed and the probability of success. According to 13D Monitor data, when a 13D is filed of the type that the Fund focuses on (premium activist investors on companies with $1 billion+ market caps), historically there is an average 2.65% one day bump in the stock price. While Portfolio Manager Ken Squire expects that the 13D Activist Fund will never capture the return on that price bump, the same data shows that these 13D filings produce an average return during their 15 month average life that outperforms the S&P 500 by approximately 16%, over and above the initial 2.65% bump. Said Squire, “We focus on capturing this long-term growth for shareholders, and believe this strategy offers an excellent way for investors to participate alongside successful activists.” For a full Q&A with Mr. Squire, click here. About 13D Management New York based 13D Management, a registered investment advisor and manager of the 13D Activist Fund, is an event driven asset manager that focuses on 13D filings of activist investors. The firm was founded by Ken Squire who is the leading authority on activist investors and also leads 13D Monitor, a research service for major investment banks, top law firms, hedge funds and institutional investors. The 13D Activist Fund is available directly to investors or through Schwab, Fidelity, UBS, E*TRADE, Pershing LLC, and Scottrade. Performance for periods less than one year is not annualized. Inception date of the fund is December 28, 2011. The maximum sales charge for Class A Shares is 5.75%. Class A Share investors may be eligible for a reduction in sales charges. The total annual fund operating expense ratio is 1.75% for Class A, 1.50 % for Class I and 2.50% for Class C. 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. A Fund's performance, especially for very short periods of time, should not be the sole factor in making your investment decisions. For performance information current to the most recent month end, please call toll-free 1-877-413-3228. The S&P 500® is regarded as a gauge of large cap U.S. equities. It is not possible to invest in an index, unmanaged index returns do not reflect any fees, expenses or sales charges. Investors should carefully consider the investment objectives, risks, charges and expenses. This and other important information is contained within the Prospectus, which can be obtained by calling 877-413-3228. The Fund Prospectus should be read carefully before investing. The Fund is distributed by Northern Lights Distributors, LLC. 13D Monitor and 13D Management, LLC are not affiliated with Northern Lights Distributors. Overall stock market risks will affect the value of individual instruments in which the Fund invests. Factors such as economic growth, market conditions, interest rate levels, and political events affect the U.S. securities markets. When the value of the Fund's investments goes down, your investment in the Fund decreases in value and you could lose money. The Fund is a non-diversified investment company, which makes the value of the Fund's shares more susceptible to certain risks than shares of a diversified investment company. The Fund has a greater potential to realize losses upon the occurrence of adverse events affecting a particular issuer. The value of small or medium capitalization company stocks may be subject to more abrupt or erratic market movements than those of larger, more established companies or the market averages in general.