CLS International Equity

The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Past performance is no guarantee of future results. The Fund’s total annual operating expenses including underlying fund expenses for the CLS International Equity Fund are 1.60%. Performance results reflect a contractual fee waiver by the investment adviser as described in the prospectus of the fund. For performance information current to the most recent month-end, please call toll-free 1-866-811-0225.

CLS uses fundamental and technical analysis of the following factors to evaluate the securities held by the Underlying Funds: size (based on market capitalization), value (based on characteristics such as price-to-book ratio), momentum (based on price performance), volatility (based on price volatility), and quality (based on financial strength and profitability).

Portfolio Managers

CLS utilizes a team approach for management of the Fund and from the team, the Fund is assigned co-portfolio managers who are primarily responsible for the day-to-day management of the Fund’s portfolio. Joe Smith, CFA, Senior Market Strategist and Konstantin Etus, CFA, Portfolio Manager of CLS, share primary responsibility for the day-to-day management of the Fund’s portfolio. Mr. Etus has served as Co-Portfolio Manager of the Fund since November 2014. Mr. Smith has served as Co-Portfolio Manager of the Fund since December 2015.

YOU MAY LOSE MONEY BY INVESTING IN THE FUND.

There is no guarantee that any investment strategy will achieve its objectives, generate profits or avoid losses.

CLS International Equity is a fund of funds meaning it invests in underlying mutual funds and exchange-traded funds (“Underlying Funds”). As a result, the Fund indirectly bears investment management fees of the underlying funds in addition to the fees and expenses of the Fund. In some instances it may be less expensive for an investor to invest in the underlying funds directly. There is also a risk that investment advisers of those underlying funds may make investment decisions that are detrimental to the performance of the Fund. Investments in underlying funds that own small- and mid-capitalization companies may be more vulnerable than larger, more established organizations. Investments in underlying funds that invest in foreign equity and debt securities could subject the Fund to greater risks including, currency fluctuation, economic conditions, and different governmental and accounting standards.