Disclosures

The inception date for AVALX (Class I) is 05/15/1998. The S&P SmallCap 600 Pure Value Index performance prior to December 16, 2005 cannot be shown since it relies on back-tested data.

The Fund Class I has an annualized gross expense ratio of 1.43% and a net annualized expense ratio, after fee waiver and/or Expense Reimbursement and Management Fee Recoupment, of 1.46%. Under the waiver, the Advisor has contractually agreed to limit certain fees and/or reimburse certain of the Fund’s expenses through April 30, 2025.

Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted.