Focus Fund

The Fund's benchmark is MSCI ACWI Index as of April 15, 2020. Prior to that, the Fund’s benchmark was the S&P 500 Index.

For Institutional Class, Class A and Class C, total (net) expense represents, and for Investor Class, Trust Class and Advisor Class shares gross expense represents, the total annual operating expenses that shareholders pay (after the effect of fee waivers and/or expense reimbursement). The Manager contractually caps certain expenses of the Fund (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any; consequently, total (net) expenses may exceed the contractual cap) through 08/31/2023 for Institutional Class at 0.75%, 1.11% for Class A, 1.86% for Class C, 1.50% for Trust Class, 1.50% for Advisor Class (each as a % of average net assets). As of the Fund’s most recent prospectuses, the Manager was not required to waive or reimburse any expenses pursuant to this arrangement. Absent such arrangements, which cannot be changed without Board approval, the returns may have been lower. Information as of the most recent prospectuses dated December 13, 2019, as amended.

Figures are derived from FactSet as of 12/31/19. The Trailing Price/Earnings (P/E) ratio is the weighted harmonic aggregate of the Trailing P/E ratios of all the stocks currently held in the Portfolio. The Trailing P/E ratio of a stock is calculated by dividing the current ending price of the stock by its trailing 12 months’ Earnings Per Share (EPS). The Fund’s Investor Class was used to calculate beta, a measure of the magnitude of a fund‘s past share price fluctuations in relation to the fluctuations in the stock market (as represented by the fund‘s benchmark). While not predictive of the future, funds with a beta greater than 1 have in the past been more volatile than the benchmark, and those with a beta less than 1 have in the past been less volatile than the benchmark. Standard Deviation is a statistical measure of portfolio risk. The Standard Deviation describes the average deviation of the portfolio returns from the mean portfolio return over a certain period of time. Standard Deviation measures how wide this range of returns typically is. The wider the typical range of returns, the higher the Standard Deviation of returns, and the higher the portfolio risk. Active Share measures the percentage of mutual fund assets that are invested differently from the benchmark, and will range between 0% and 100%, Funds with an active share below 20% are likely to be pure index funds, while those with an active share between 20% and 60% are considered to be closet index funds.