Chartwell Small Cap Value Fund (CWSIX) Diversifiers

The fund normally invests at least 80% of its net assets (including amounts borrowed for investment purposes) in common stocks of small capitalization U.S. companies. The fund's advisor considers small capitalization companies to be those companies that, at the time of initial purchase, have a market capitalization within the range of the Russell 2000 Value Index during the most recent 12-month period. It generally invests in companies that its advisor believes to be undervalued. The fund may invest up to 20% of its assets in U.S. dollar denominated securities of issuers based outside of the U.S.