Performance data quoted represents past performance. Past performance is no guarantee of future results. Due to market volatility, current performance may be less or higher than the figures shown. Investment return and principal value will fluctuate so that upon redemption, shares may be worth more or less than their original cost.

The Investment Advisor has delegated its portfolio management responsibilities for this Fund to its Investment Subadvisor, Madison Square Investors, which is a subsidiary of New York Life Investment Management Holdings LLC. The firm offers quantitative investment solutions to a wide range of individual, corporate, public, endowment and foundation, and Taft-Hartley clients. Madsion Square Investors applies a disciplined investment process that brings together the important elements of security analysis, risk management, and superior portfolio construction across all of their investment strategies.

• Stocks and bonds can decline due to adverse issuer, market, regulatory, or economic developments. Growth stocks may be more volatile than other stocks because they are generally more sensitive to investor perceptions and market moves. During periods of growth stock underperformance, a fund's performance may suffer. The principal risk of investing in value stocks is that the price of the security may not approach its anticipated value or may decline in value. High-yield securities carry higher risks and some of the Fund's investments have speculative characteristics and present a greater risk of loss than higher-quality debt securities. These securities can also be subject to greater price volatility.
• There are additional risks associated with investing in mid-cap and small-cap securities. Stocks of midcap companies may be more volatile and less liquid than the securities of larger companies. Stocks of small companies may be subject to higher price volatility, significantly lower trading volume, and greater spreads between bid and ask prices, than stocks of larger companies. Furthermore, small-cap companies may be more vulnerable to adverse business or market developments and may have more limited product lines than large capitalization stocks.
• The underlying Funds may experience a portfolio turnover rate of over 100% and may generate short-term capital gains which are taxable. Liquidity risk is the risk that certain securities may be difficult or impossible to sell at the time that the seller would like or at the price that the seller believes the security is currently worth.
• Foreign securities may be subject to greater risks than U.S. investments, including currency fluctuations, less liquid trading markets, greater price volatility, political and economic instability, less publicly available information, and changes in tax or currency laws or monetary policy.
• When interest rates rise, the prices of fixed-income securities in the underlying Funds' portfolios will generally fall. Conversely, when interest rates fall, the prices of fixed-income securities in the underlying Funds' portfolios will generally rise.
• Floating rate funds are generally considered to have speculative characteristics that involve the risk of default on principal and interest and the risks associated with collateral impairment, nondiversification, borrower industry concentration, and limited liquidity.
• An investment in a money market fund is not insured or guaranteed by the FDIC or any other government agency. Although the fund seeks to maintain a value of $1.00 per share, it is possible to lose money.