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Portfolio Turnover Risk —The Fund may engage in a significant number of short -term <br />transactions, which may adversely affect performance, Increased portfolio turnover may result <br />in higher brokerage costs or other transactions fees and expenses. These costs are ultimately <br />passed on to shareholders. <br />REITs Risk —Real estate investment trusts ( "REITs ") are subject to risks generally associated <br />with investing in real estate, such as declining real estate values, over - building, property tax <br />increases, increases in operating expenses and interest rates, insufficient levels of occupancy, <br />the inability to obtain financing (at all or on acceptable terms), and the national, regional and <br />local economic conditions affecting the real estate market. <br />Repurchase Agreement Counterparty Risk —The risk that a counterparty in a repurchase <br />agreement could fail to honor the terms of its agreement. <br />Small -Cap Securities Risk — Investments in small - capitalization companies involve greater risk <br />than is customarily associated with investments in larger, more established companies. Equity <br />securities of small - capitalization companies are generally subject to greater price volatility than <br />those of larger companies due to: less certain growth prospects, the lower degree of liquidity in <br />the markets for their securities, and the greater sensitivity of smaller companies to changing <br />economic conditions. Also, small - capitalization companies may have more limited product lines, <br />fewer capital resources and less experienced management than larger companies. <br />Stock Market Risk —Stock market risk is the possibility that the prices of equity securities <br />overall will experience increased volatility and decline over short or extended periods. Markets <br />tend to move in cycles, with periods of rising prices and periods of falling prices. <br />Style Risk —All of the funds are subject, in varying degrees, to style risk, which is the possibility <br />that returns from a specific type of security in which a fund invests or the investment style of a <br />fund's adviser will trail the returns of the overall market. In the past, different types of <br />securities have experienced cycles of outperformance and underperformance in comparison to <br />the market in general. Therefore, investing in a fund with a specific style will create exposure to <br />this risk. For example, growth stocks have performed best during the later stages of economic <br />expansion and value stocks have performed best during periods of economic recovery. <br />Therefore, both the growth and value investing styles may, over time, go in and out of favor. At <br />times when the investing style used by a fund is out of favor, that fund may underperform <br />other funds that use different investing styles. <br />TBA Risk —In To- Be- Announced ( "TBA ") transactions, the fund commits to purchase certain <br />mortgage - backed securities for a fixed price at a future date. TBA transactions involve the risk <br />that the actual securities received by the Fund may be less favorable than what was anticipated <br />when entering into the transaction. TBA transactions also involve the risk that a counterparty <br />will fail to deliver the securities, exposing the Fund to further losses. <br />VantageTrust 11 Funds <br />Disclosure Memorandum <br />2016.01.7.3 -13- <br />