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 Restated to reflect current Distribution and
Service (12b-1) Fee rates of the Fund's Investor Class
shares. As of February 1, 2021, the Board of Trustees approved a 12b-1 Fee
accrual 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 authorizes a
different rate (not exceeding 0.25% per annum). 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. 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. Prior to February 1, 2021, the
Board of Trustees had determined to cause the Focus Fund's Investor Class
shares to suspend the accrual of 12b-1 Fees for the period from June 1, 2018 to
January 31, 2021. Institutional Class shares of the Fund are not subject to a
b These expenses include custodian, transfer agency and administration fees, certain payments to financial services agents for non-distribution expenses, acquired fund fees and expenses, and other customary mutual fund expenses. 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. "Other Expenses" for Institutional Class shares have been estimated to reflect expenses expected to be incurred during the first fiscal year.
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, 2023. It may be terminated by the Adviser at any time after January 31, 2023, upon 15 days prior notice to the Fund and its administrator. The Adviser may recoup from the Fund fees previously waived or expenses previously reimbursed by the Adviser with respect to the Fund pursuant to this agreement (or a previous expense limitation agreement) if: (1) such recoupment by the Adviser does not cause the Fund, 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 Total Annual Fund Operating Expenses do not correlate to the “ratio of expenses to average net assets” provided in the Financial Highlights for the Investor Class shares. The information in the Financial Highlights does not include the restatement of the fees described above and reflected in the Distribution and Service (12b-1) Fees line item above for the entire fiscal year. Financial Highlights are not provided for the Institutional Class shares of the Fund as the share class had not commenced operations as of the most recent fiscal year ended September 30, 2021.