The Focus Fund is classified as a non-diversified
portfolio, which means it may hold fewer securities than a diversified fund
because it is permitted to invest a greater percentage of its assets in a
smaller number of securities. Holding fewer securities increases the risk that
the value of the Fund could go down because of the poor performance of a single
investment. The Fund and the stocks and markets in which it invests are subject
to general risks that include unforeseen events such as pandemics, volatility
and instability, periods of cyclical change and decline, that investors
may at times avoid investments in equity securities, and that the investment
adviser may select investments for the Fund that do not perform as anticipated.
Past performance is no guarantee of future results. Recent performance may have been negative.
1 Lipper ranks are based on total return. Lipper Inc., A Refinitiv Company, is a nationally recognized organization that measures the performance of mutual funds within a universe of funds that have similar investment objectives. Returns are historical with capital gains and dividends reinvested.
2 The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. ©Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
a The Fund has adopted a Rule 12b-1 plan, as amended,
(the “Plan”) that authorizes payments by the Fund in connection with the
distribution and other fees and costs for the sale and distribution of its
Investor Class shares and for services provided to its Investor Class
shareholders at an annual rate, as determined from time-to-time by the Board of
Trustees, of up to 0.25% of the Fund's average daily net assets attributable to
Investor Class shares. The Plan states that while the maximum 12b-1 Fee
rate remains limited to 0.25% per annum of the Fund's average daily net assets
attributable to Investor Class shares, the Fund may be charged a lower rate
from time to time upon approval by the Board of Trustees. Pursuant to the Plan, the Board of Trustees has
determined to cause the Fund to accrue 12b-1 Fees at a rate of 0.25% per annum
of the average daily net assets attributable to Investor Class shares of the
Fund, until such time as the Board of Trustees authorizes a different rate (not
exceeding 0.25% per annum). As these fees are paid out of the Fund's
assets on an ongoing basis, over time these fees will increase the cost of your
investment in Investor Class shares and reduce your investment returns. Institutional
Class shares of the Fund are not subject to a 12b-1 fee.
b These expenses include custodian, transfer agency and
administration fees, certain payments to financial services agents for
non-distribution expenses, appreciation or depreciation in value of Fund shares
previously purchased under the Trustees Deferred Fee Plan (the “Deferred Fee
Plan”), acquired fund fees and expenses, and other customary mutual fund
expenses. Under the Deferred Fee Plan, Trustee deferred fees are deemed
invested in the Fund and are recorded as a liability. If the Fund's performance
increases, the amount of invested deferred fees increases, which results in the
Fund's liability to the Trustees increasing and a resulting increase in the
Fund's expenses. The opposite is true when the Fund's performance decreases,
which would result in lowering the Fund's expenses. In each case, the Investor
Class and the Institutional Class bear a pro rata portion of these expenses.
During the period from October 1, 2021 until the commencement of the
Institutional Class on December 6, 2021, expense related to the Deferred Fee
Plan was borne solely by the Investor Class. Acquired fund fees and expenses
are those expenses incurred indirectly by the Fund as a result of acquiring
investments in shares of one or more other investment companies, and would be
stated in a separate line item in the table if they exceeded 0.01% per annum.
c Marsico Capital Management, LLC, the investment adviser to the
Fund (the "Adviser"), has entered into a written expense limitation
and fee waiver agreement under which it has agreed (i) to limit the total
expenses of the Investor Class of the Focus Fund (excluding taxes, interest,
acquired fund fees and expenses, litigation, extraordinary expenses, and
brokerage and other transaction expenses relating to the purchase or sale of
portfolio investments) to an annual rate of 1.45% of the Fund's average net
assets attributable to Investor Class shares, and (ii) to limit the total expenses
of the Institutional Class of the Fund (excluding taxes, interest, acquired
fund fees and expenses, litigation, extraordinary expenses, and brokerage and
other transaction expenses relating to the purchase or sale of portfolio
investments) to an annual rate of 1.20% of the Fund's average net assets
attributable to Institutional Class shares, until January 31, 2024. It may be
terminated by the Adviser at any time after January 31, 2024, upon 15 days
prior notice to the Fund and its administrator. The Adviser may recoup from the
Fund (or share class as applicable) any fees previously waived and/or expenses
previously reimbursed by the Adviser with respect to the Fund or share class,
as applicable, including any applicable waivers which may apply to a specific
share class, pursuant to this agreement (including waivers or reimbursements
under previous expense limitations) if (1) such recoupment by the Adviser does
not cause the Fund's share class, at the time of recoupment, to exceed the
lesser of (a) the expense limitation in effect at the time the relevant amount
was waived and/or reimbursed, or (b) the expense limitation in effect at the
time of the proposed recoupment, and (2) the recoupment is made within three years
after the fiscal year end date as of which the amount to be waived or
reimbursed was determined and the waiver or reimbursement occurred.
d The Annual Fund Operating Expenses table above does not
correlate to the “Ratio of total expenses to average net assets” nor the “Ratio
of net expenses (before expenses paid indirectly) to average net assets”
provided in the Financial Highlights. The information in the Financial
Highlights does not include Acquired Fund Fees and Expenses, which are included
in the Other Expenses line item above.