*Past performance is not a guarantee of future results. As of 03/31/19, based on calendar quarter performance of Russell 1000 Growth Index and Russell 1000 Value Index. The Russell 1000 Index tracks the performance of 1000 of the largest U.S. companies, based on market capitalization. The Russell 1000 Growth Index measures the performance of those Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 1000 Value Index measures the performance of those Russell 1000 Index companies with lower price-to-book ratios and lower forecasted growth values. It is not possible to invest directly in an index. Forward Earnings Yield – Forecasted forward 12-month earnings divided by stock month-end close price; Book/Price – Reported Common Book Equity per share divided by stock month-end close price. Valuation is the analytical process of determining the current (or projected) worth of an asset or a company. A valuation ratio is a calculation that determines whether a particular security is cheap or expensive. Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. Value securities may be unprofitable if the market fails to recognize their intrinsic worth or that worth has been misgauged.