Quant Small Cap Fund

Investment Objective
The Quant Small Cap Fund seeks consistent long-term growth of capital with reduced risk and volatility.

Investment Philosophy
Columbia Partners, L.L.C., Investment Management believes that the key to successful portfolio performance is found in successful individual stock selection. Using analytical techniques and disciplines, the Fund seeks to identify under-valued securities that have the potential for significant increases in valuation over time.

Investment Process
The Fund utilizes a bottom-up approach to security selection, and a continuous investment process of research, portfolio construction, and managing risk. Using analytical techniques and disciplines, the Fund seeks to identify under-valued securities that have the potential for significant increases in valuation over time.

The Fund closely follows and screens companies with market capitalizations of $250 million to $2 billion at the time of purchase, using a proprietary quantitative model to assess various factors such as:

• Earnings and growth
• Current relative value
• Profitability
• Stock price momentum
• Technical and balance sheet factors
• The company’s particular economic sector

The small cap universe contains about 1500 securities. The Fund typically holds between 60 to 70 of them. To reduce portfolio risk and market volatility, the Fund diversifies by individual security, economic sector, and capitalization. To reduce security risk, the Fund generally holds evenly-weighted positions of between 1 and 2 percent of the portfolio in each security. The maximum position for an individual security is generally 5%.

While the Fund has sector overweight/underweight guidelines, sector risk is reduced by holding generally no more than 150% and not less than 50% of the sector weighting of the benchmark index. While the Fund’s intent is a fully invested portfolio, cash appears for frictional purposes at an average level of three to four percent.

An investment in the Fund involves certain risks.

Small cap companies are more likely than larger companies to have limited product lines, markets or financial resources, or to depend on a small, inexperienced management group. Small cap companies’ earnings and revenue tend to be less predictable than for larger companies. Stocks of these companies may trade less frequently and in limited volume, and their prices may fluctuate more than stocks of other companies. Stocks of these companies may therefore be more vulnerable to adverse developments than those of larger companies. Such stocks may be harder to sell at the times and prices the Fund’s Advisor thinks appropriate.

Before investing carefully consider a Fund’s investment objectives, risks, charges and expenses. Please read the prospectus carefully before you invest or send money.