Before investing you should carefully consider the Fund’s investment objectives, risks, charges and expenses. This and other information is in the prospectus, a copy of which may be obtained by clicking here or by calling (877) 328-9437. Please read the prospectus carefully before you invest.
Past performance is no guarantee of future results. The Auxier Focus Fund was rated against the following numbers of U.S.-domiciled Large Value funds over the following time periods (ending 4/30/2013): 1037 funds in the last three years, 926 funds in the last five years and 587 funds in the last ten years. With respect to these Large Value funds, the Auxier Focus Fund received a Morningstar Rating of 3 stars, 5 stars and 5 stars for the 3-, 5- and 10-year periods, respectively. For the period ended 4/30/2013, the fund ranked 1093 out of 1196, 58 out of 926 and 132 out of 587 Large Value funds for the 1-, 5- and 10-year periods, respectively. Morningstar ranks funds in various categories by making comparative calculations using total returns.
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 fund’s 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 Rating for a fund is derived from a weighted-average of the performance figures associated with its three-, five- and ten-year Morningstar Rating metrics.
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The Fund may invest in value stocks, which are subject to risk that their intrinsic value may never be realized, and growth stocks, which may be susceptible to rapid price swings. Investments in mid-sized companies generally carry greater risk than is customarily associated with larger companies. Moreover, if the Fund’s portfolio is overweighed in a sector, any negative development affecting that sector will have a greater impact on the Fund than a fund that is not overweighed in that sector. An increase in interest rates typically causes a fall in the value of a debt security (Fixed-Income Securities Risk) with corresponding changes to the Fund’s value. Foreign securities are subject to additional risks including international trade, currency, political, regulatory and diplomatic risks.