Bogle Investment Management

Mutual Fund Information

Bogle Small Cap Growth Fund as of 12/31/14
TICKER SYMBOL BOGLX
CUSIP 749255170
FUND ASSETS (ALL CLASSES) $ 195,378,162.76
Bogle Small Cap Growth Fund as of 12/31/14
TICKER SYMBOL BOGIX
CUSIP 749255188
FUND ASSETS (ALL CLASSES) $ 195,378,162.76
Bogle Small Cap Growth Fund Performance as of 12/31/14
1 Year 3 Year 5 Year 10 Year
Institutional Class 2.18% 23.62% 18.30% 8.37%
Investor Class 2.29% 23.76% 18.43% 8.48%
Russell 2000 ® Index 4.89% 19.21% 15.55% 7.77%

The performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value will fluctuate, so that an Investor's shares upon redemption, may be worth more or less than their original cost.  Certain fee waivers are in effect.  In the absence of fee waivers, total returnwould be reduced.  Current performance may be lower or higher than the performance data quoted.

For performance current to the most recent month-end, please call shareholder services at 1-877-264-5346.

Expense Ratios With Waivers and Reimbursements
Investor Shares 1.35% For the year ended 8/31/14
Institutional Shares 1.25% For the year ended 8/31/14
*Fee waivers and reimbursements are contractual and have been renewed through 12/31/15.

Expense Ratios If Waivers and Reimbursements Were Not in Place
Investor Shares 1.43% For the year ended 8/31/14
Institutional Shares 1.32% For the year ended 8/31/14

Fund Characteristics as of 12/31/14
Bogle Fund Investable Universe *
NUMBER OF STOCKS 199 1424
MEDIAN MARKET CAP (millions) $2,242 $3,346
TRAILING PRICE/EARNINGS 19.9x 23.1x
FORWARD PRICE/EARNING 16.6x 19.0x
PRICE/SALES 1.3x 2.0x
PERCENT INVESTED 98.3% 100.0%

Investable Universe is the group of stocks that are ranked by the Fund’s investment manager as possible candidates for the Fund’s portfolio. For definitions of the fund characteristics above, please refer to the glossary of technical terms.

Trailing Price/Earnings
is a measure of the price paid for a share relative to the last year of earnings per share.
Forward Price/Earnings
is a measure of the price paid for a share relative to the estimated future earnings (over the next one to two years) per share.  Estimated future earnings come from the First Call database and actual earnings may vary from this figure.
Price/Sales
is a measure of the price paid for a share relative to the last year of revenues per share.
Percent Invested
is a measure of the percentage of the fund invested in equity securities. The difference between the Percent Invested and 100% is the cash portion of the fund.

Hide glossary of technical terms

Sector Exposures as of 12/31/14
Bogle Fund Investable Universe *
BASIC MATERIALS 3.7% 5.4%
COMMUNICATIONS 8.2% 9.5%
CONSUMER CYCLICAL 15.5% 16.0%
CONSUMER NON CYCLICAL 16.9% 22.6%
ENERGY 10.75% 5.7%
FINANCIAL 20.1% 10.8%
INDUSTRIAL 11.1% 16.6%
TECHNOLOGY 13.6% 12.2%
UTILITIES 0.1% 1.1%
Top Ten Holdings as of 12/31/14
Percentage of Fund
Core-Mark Holding Company, Inc. 1.8%
Murphy USA, Inc. 1.7%
Integrated Device Technology Inc. 1.7%
Take-Two Interactive Software, Inc. 1.5%
Brocade Communications Systems, Inc. 1.5%
Piper Jaffray Companies 1.4%
Skechers USA Inc. 1.4%
Graphic Packaging Holding Company 1.3%
Health Net, Inc. 1.3%
Skyworks Solutions Inc. 1.3%

The Fund is offered only by prospectus, which contains information about the Fund's investment objective(s), risks, and charges and expenses.  You can download the prospectus above.  This is not an offer for the Bogle funds in any jurisdiction outside the U.S. shares of the funds are not registered for sale in any jurisdiction outside the U.S. and any purchase orders received from investors outside the U.S. will be rejected. Shares of Bogle mutual funds are distributed by Foreside Funds Distributors LLC, Berwyn, PA.

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