Bogle Investment Management

Mutual Fund Information

Bogle Small Cap Growth Fund as of 12/31/17
TICKER SYMBOL BOGIX
CUSIP 749255188
FUND ASSETS (ALL CLASSES) $ 110,334,649
Bogle Small Cap Growth Fund as of 12/31/17
Bogle Small Cap Growth Fund Performance as of 12/31/17
1 Year 3 Year 5 Year 10 Year
Institutional Class 17.07% 8.98% 14.24% 8.60%
Russell 2000® Index 14.65% 9.96% 14.12% 8.71%

Expense Ratios With Waivers and Reimbursements
Institutional Shares 1.25% For the year ended 12/31/17
Fee waivers and reimbursements are contractual and have been renewed through 12/31/18.

Expense Ratios If Waivers and Reimbursements Were Not in Place
Institutional Shares 1.35% For the year ended 12/31/17

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

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 return would be reduced.  Current performance may be lower or higher than the performance data quoted.

Frank Russell Company ("Russell) is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes.  Russell® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and/or Russell ratings or underlying data and no party may rely on any Russell Indexes and/or Russell ratings and/or underlying data contained in this communication.  No further distribution of Russell Data is permitted without Russell's express written consent.  Russell dos not promote, sponsor or endorse the content of this communicaiton.

Fund Characteristics as of 12/31/17
Bogle Fund Investable Universe *
NUMBER OF STOCKS 142 1236
MEDIAN MARKET CAP (millions) $1,955 $4,224
TRAILING PRICE/EARNINGS 23.2x 26.0x
FORWARD PRICE/EARNING 18.8x 21.4x
PRICE/SALES 1.4x 2.4x
PERCENT INVESTED 97.7% 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 12/31/17
Bogle Fund Investable Universe *
COMMERCIAL SERVICES 5.2% 4.0%
COMMUNICATIONS 0.3% 1.5%
CONSUMER DURABLES 4.5% 2.9%
CONSUMER NON DURABLES 3.7% 3.6%
CONSUMER SERVICES 5.2% 6.5%
DISTRIBUTION SERVICES 1.7% 2.4%
ELECTRONIC TECHNOLOGY 6.0% 9.9%
ENERGY MINERALS 5.0% 3.9%
FINANCE 21.5% 13.7%
HEALTH SERVICES 0.1% 1.7%
HEALTH TECHNOLOGY 9.7% 11.8%
INDUSTRIAL SERVICES 3.0% 2.0%
NON-ENERGY MINERALS 3.5% 3.5%
PROCESS INDUSTRIES 6.5% 5.6%
PRODUCER MANUFACTURING 11.2% 9.5%
RETAIL TRADE 2.9% 3.5%
TECHNOLOGY SERVICES 5.5% 11.2%
TRANSPORTATION 1.2% 1.9%
UTILITIES 0.9% 1.0%
Top Ten Holdings as of 09/30/17
Percentage of Fund
YY Inc. (ADR) 1.4%
Daqo New Energy Corp 1.4%
Piper Jaffray Companies 1.4%
Penn National Gaming, Inc 1.4%
LPL Financial Holdings Inc. 1.4%
Exelixis, Inc. 1.4%
Interactive Brokers Group, Inc. 1.3%
Taylor Morrison Home Corp 1.2%
HollyFrontier Corp 1.2%
Koppers Holdings Inc. 1.2%

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 Quasar Distributors, LLC, Milwaukee, WI.

CUSIP identifiers have been provided by CUSIP Global Services, managed on behalf of the American Bankers Association by Standard & Poor's Financial Services, LLC, and are not for use or dissemination in a manner that would serve as a substitute for any CUSIP service.  The CUSIP Database, © 2011 American Bankers Association.  "CUSIP" is a registered trademark of the American Bankers Association.

Fund holdings and sector allocations are subject to change and are not a recommendation to buy or sell any security.