Large Cap Value Fund (HWLIX)

I SHARES    A SHARES    C SHARES    R SHARES   

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Investment return and principal value of the fund will fluctuate, and shares may be worth more or less than their original cost when redeemed. Click quarter-end or month-end to obtain the most recent fund performance.

LONG TERM     HISTORICAL
Performance (%) Average Annual Total Returns for periods greater than one year
As of latest:    MONTH-END     QUARTER-END    (04/30/2012)
  1 MONTH 3 MONTH YTD 1 YEAR 3 YEAR 5 YEAR 10 YEAR SINCE
06/24/1987
HWLIX -0.57 7.92 13.83 1.26 20.31 -4.77 4.35 8.20
Russell 1000 Value Index -1.02 5.98 9.99 1.03 18.32 -1.73 4.83 N/A
S&P 500 Index -0.63 7.08 11.88 4.76 19.46 1.01 4.71 8.73
HWLIX
Russell 1000 Value Index
S&P 500 Index
25%
20%
15%
10%
5%
0%
-5%
GROWTH OF $10,000 SINCE FUND INCEPTION AS OF 04/30/2012
Initial Investment $
 Investment Date
   
At NAV
  HWLIX
  Russell 1000 Value Index
EXPENSES
ANNUAL EXPENSES
As of 06/30/2011
Total Expense Ratio 1.07%
Net Expense Ratio 1.05%
Management Fee 0.75%
12b-1 Fee None
MINIMUM INVESTMENT
Minimum Investment $1,000,000
Minimum Subsequent Investment $100
Minimum Investment IRA --
Minimum Subsequent Investment IRA --
Fiscal Year End June 30
Open To New Investors Yes

Mutual fund investing involves risk. Principal loss is possible.  Diversification does not assure a profit nor protect against loss in a declining market.

The Fund may invest in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods.

The Growth of $10,000 Since Fund Inception chart reflects a hypothetical $10,000 investment in the class of shares noted with no sales charges applied. Assumes reinvestment of dividends and capital gains. Performance for other share classes will vary.

Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced. The Advisor has contractually agreed to fee waivers to limit Fund net expenses through October 31, 2012.

Index definitions

Glossary of financial terms