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 (01/31/2019)

	Q1	Q2	Q3	Q4	CALENDAR YEAR

2018	-3.15	3.13	4.65	-17.96	-14.25

2017	4.31	3.47	3.54	6.37	18.87

2016	0.86	1.50	6.07	10.26	19.72

2015	-0.15	1.04	-10.88	2.57	-7.77

2014	4.98	3.70	-0.41	4.68	13.49

2013	13.42	6.17	6.15	9.49	39.95

2012	14.48	-4.27	5.10	3.10	18.74

2011	5.44	-1.68	-17.35	11.76	-4.25

2010	10.82	-12.14	11.34	10.56	19.85

2009	-12.99	25.16	20.99	1.94	34.32

2008	-11.00	-9.88	-12.07	-24.62	-46.84

2007	1.38	3.82	-7.30	-8.33	-10.55

2006	4.10	-3.90	5.11	8.13	13.70

2005	-1.23	4.54	2.18	0.86	6.41

2004	4.63	2.08	1.69	12.33	22.01

2003	-6.38	22.28	7.96	15.52	42.77

2002	6.81	-5.55	-16.92	10.35	-7.51

2001	0.39	8.90	-9.29	8.86	7.95

2000	-6.70	-3.02	9.93	9.76	9.18

1999	-2.72	13.29	-11.52	0.14	-2.35

1998	10.31	-2.87	-10.84	9.22	4.34

1997	1.48	12.94	10.84	3.25	31.16

1996	5.81	0.80	1.62	8.31	17.38

1995	10.23	8.35	8.01	4.21	34.43

1994	-4.69	0.33	4.72	-3.62	-3.50

1993	5.66	1.30	2.96	5.06	15.79

1992	5.46	3.53	-1.23	5.65	13.93

1991	17.70	4.73	5.98	3.05	34.62

1990	-5.57	0.00	-19.94	8.37	-18.07

1989	8.36	8.22	10.81	-4.82	23.67

1988	8.72	7.13	2.42	1.55	21.15

1987	--	--	2.49	-18.53	--

	1 MONTH	3 MONTH	YTD	1 YEAR	3 YEAR	5 YEAR	10 YEAR	SINCE 06/24/1987

HWLIX	12.30	-0.54	12.30	-9.04	13.60	8.25	15.51	8.91

Russell 1000 Value Index	7.78	0.34	7.78	-4.81	11.62	8.33	13.39	N/A

S&P 500 Index	8.01	0.26	8.01	-2.31	14.02	10.96	15.00	9.55

	HWLIX

	Russell 1000 Value Index

	S&P 500 Index

20%

15%

10%

-5%

-10%

	1 MONTH	3 MONTH	YTD	1 YEAR	3 YEAR	5 YEAR	10 YEAR	SINCE 06/24/1987

HWLIX	-11.81	-17.96	-14.25	-14.25	6.86	5.01	12.58	8.54

Russell 1000 Value Index	-9.60	-11.72	-8.27	-8.27	6.95	5.95	11.18	N/A

S&P 500 Index	-9.03	-13.52	-4.38	-4.38	9.26	8.49	13.12	9.31

GROWTH OF $10,000 SINCE FUND INCEPTION AS OF 01/31/2019

Initial Investment $	Investment Date

HWLIX

Russell 1000 Value Index

EXPENSES

ANNUAL EXPENSES

As of 06/30/2018

Net Expense Ratio	n/a

Gross Expense Ratio	0.95%

Management Fee	0.70%

12b-1 Fee	None

MINIMUM INVESTMENT

Minimum Investment	$250,000

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 Fund may invest in American Depository Receipts (“ADRs”) and Global Depository Receipts (“GDRs”) which may be subject to some of the same risks as direct investment in foreign companies.

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.

Index definitions

Glossary of financial terms