¹The investment advisory fee ("management fee") for managing the Focus Fund is reduced for any assets that exceed certain thresholds. The management fee schedule for the Fund is 0.85% per year of average daily net assets up to $3 billion, and 0.75% per year of average daily net assets exceeding $3 billion.

^(a) The Fund has adopted a Rule 12b-1 plan which allows the Fund to pay distribution and other fees for the sale and distribution of its shares and for services provided to shareholders. The maximum level of distribution expenses is 0.25% per year of the Fund's average net assets. As these fees are paid out of the Fund's assets on an on-going basis, over time these fees will increase the cost of your investment, reduce your investment returns, and may cost you more than paying other types of sales or distribution charges.

^(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.

^(c) The Adviser has entered into a written expense limitation and fee waiver agreement under which it has agreed to limit the total expenses of the Focus Fund (excluding interest, taxes, acquired fund fees and expenses, litigation, brokerage and extraordinary expenses) to an annual rate of 1.60% of the average net assets until January 31, 2013. This expense limitation and fee waiver agreement may be terminated by the Adviser at any time after January 31, 2013 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 that Fund pursuant to this agreement (or a previous expense limitation agreement) if such reimbursement does not cause the Fund to exceed the expense limitation currently in effect and the reimbursement is made within three years after the year in which the Adviser waived the fee or incurred the expense.

Example: Focus Fund
This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. This example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Please note that the above example is an estimate of the expenses to be incurred by shareholders of the Fund. Actual expenses may be higher or lower than those reflected above.