This chart illustrates the performance of a hypothetical $10,000 investment made in the Fund on the inception date and assumes reinvestment of dividends and capital gains. This chart does not imply future performance.
Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted.
* The performance shown for periods prior to 5/30/08 represents the performance of the Institutional Class shares of the Fund and includes expenses that are not applicable to and are lower than those of Investor Class shares.
Performance for periods prior to 10/26/12 is that of the FBR Focus Fund.