Disciplined Value Fund

Quarterly Performance as of 09/30/18 (%)

  Total Return Average Annualized Total Return
Qtr. YTD 1 Year 3 Year 5 Year 10 Year Since Inception
Disciplined Value Fund - Inv. 0.19 -0.75 1.06 6.50 5.08 7.37 5.43
Russell 3000 Index 7.12 10.57 17.58 17.07 13.46 12.01 8.33
S&P 500 Index 7.71 10.56 17.91 17.31 13.95 11.97 8.26

Performance data quoted represents past performance and does not guarantee future results. Investment returns and principal value will fluctuate, and when sold, may be worth more or less than their original cost. Performance current to the most recent month-end may be lower or higher than the performance quoted and can be obtained by calling 866-996-FUND. The Funds impose a 2.00% redemption fee on shares held 30 days or less. Performance data does not reflect the redemption fee. If it had, returns would be reduced. The gross expense ratio for the Disciplined Value Fund-Investor Shares is 1.41%. The net expense ratio for the Disciplined Value Fund-Investor Shares is 1.30%. The Fund’s Advisor contractually agreed to waive certain fees through January 31, 2019.

The Fund's inception date is 10/31/2007.

Annual Performance

  Investor Russell 3000 Index S&P 500 Index
2017 6.72% 21.13% 21.83%
2016 12.02% 12.74% 11.96%
2015 -3.70% 0.48% 1.38%
2014 7.77% 12.56% 13.69%
2013 18.53% 33.55% 32.39%
2012 10.51% 16.42% 16.00%
2011 -0.58% 1.03% 2.11%
2010 16.75% 16.93% 15.06%
2009 31.90% 28.34% 26.46%
2008 -23.84% -37.31% -37.00%
2007 -5.30%* -5.08%* -4.85%*
*
Partial year returns. Inception date was 10/31/2007.

Growth of $10K - Investor Class as of 09/30/18

The charts illustrate the performance of a hypothetical $10,000 investment made in the Fund’s share class since inception. Assumes reinvestment of dividends and capital gains but does not reflect the redemption fees.

5-year Risk & Return as of 09/30/18

  • ICMCX
  • Value Fund

Risk is the annualized monthly standard deviation and the Fund Peer Average consists of 397 funds per Bloomberg’s Value classification.

Per the Prospectus dated January 31, 2018, the annual operating expense (gross) for the Disciplined Value Fund-Investor Shares is 1.41%. The Fund's Advisor has contractually agreed to waive a portion of its fees and/or reimburse expenses until January 31, 2019 such that Net Expense Ratio for the Disciplined Value Fund-Investor Class is 1.30%. The Net Expense Ratio represents the percentage paid by investors. Otherwise, performance shown would have been lower.
The Fund invests in debt securities, which typically decrease in value when interest rates rise. This risk is usually greater for longer term debt securities. Investment by the Fund in lower-rated and non-rated securities presents a greater risk of loss to principal and interest than higher-rated securities. The Funds may invest in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods. The risks of owning ETFs generally reflect the risks of owning the underlying securities they are designed to track, although lack of liquidity in an ETF could result in it being more volatile than the underlying portfolio of securities. ETFs also have management fees that increase their costs versus the costs of owning the underlying securities directly. ADRs may be subject to some of the same risks as direct investment in foreign companies, which includes international trade, currency, political, regulatory and diplomatic risks.
Diversification does not guarantee a profit or protect from loss in a declining market.
Investment performance reflects fee waivers. In the absence of waivers, total return would be reduced.
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