As of September 30, 2015, the Oak Ridge International Small Cap Fund had no performance history. The supplemental, related- performance information of the similarly-managed account does not represent the historical performance of the Oak Ridge International Small Cap Fund and should not be considered indicative of future performance of the Fund. Results may differ because the account was not subject to 1940 Act limits or requirements regarding leverage, diversification, and liquidity that, if applicable, might have affected the performance shown. Performance may also differ because of differences in brokerage commissions, account expenses including management fees, the size of positions taken in relation to account size, timing of purchases and sales and availability of cash for new investment. The investment objective, strategies, and policies of the similarly-managed account are similar to those of the Oak Ridge International Small Cap Fund.
The net-of-fee returns are calculated by deducting all expenses and investment management fees that a prospective investor of the account would pay from gross returns. The account for which performance is presented is not subject to the same type of expenses as the Fund. If the Fund’s fees and expenses had been used in calculating the similarly-managed account’s performance, the performance of the similarly managed account may have been lower. In addition, the similarly-managed account is not subject to certain investment limitations, diversification requirements and other restrictions imposed by the 1940 Act, and the Internal Revenue Code of 1986, as amended (the “Code”), which if applicable, may have adversely affected the performance results of the similarly- managed account. The results for different products may vary.
Please refer to the prospectus for additional information on Sub-adviser Related Performance