Fees and Expenses

  • Shareholder Fees
    The table below describes the fees and expenses you may pay if you buy and hold shares of the Fund.

    • Shareholder Fees

    (Fees paid directly from your investment)1
    Maximum Sales Charge (Load)  
    Imposed on Purchases NONE
    Maximum Deferred Sales NONE
    Charge (Load)  
    Redemption Fee (as a percentage of the total amount on Shares redeemded within 60 days of the date of purchase) 2 2.00%

    Annual Fund Operating Expenses:

    (ongoing expenses that you pay each year as a percentage of the value of your investment)
    Management Fee 1.50 %
    Distribution and/or Shareholder Servicing (12b-1) Fees 0.00%
    Other Expenses1 4.10%
    Acquired Fund Fees and Expenses2 0.07%
    Total Annual Fund Operating Expenses 5.67%
    Fee Reduction and/or Expense Reimbursement 3 -3.72%
    Total Annual Fund Operating Expenses (After Fee Waiver and/or Expense Reimbursement) 1.95%

    1. Because the Fund is a new fund, “Other Expenses” are based on estimated amounts for the current fiscal year.
    2. The Fund’s shareholders indirectly bear the expenses of the other funds in which the Fund invests (Acquired Funds). The Total Annual Fund Operating Expenses in this fee table may not correlate to the expense ratio in the Fund’s financial statements (or the financial highlights in this prospectus) because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in the Acquired Funds.
    3. Cook & Bynum Capital Management, LLC, the Fund’s adviser (the “Adviser”), has contractually agreed to reduce fees and/or reimburse the Fund’s expenses to the extent that Total Fund Operating Expenses exceed 1.88%. This agreement is in effect through February 1, 2011 and thereafter is reevaluated on an annual basis. The expense reimbursement arrangement relates to all expenses incurred by the Fund, except interest, taxes, brokerage commissions and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, including, but not limited to, acquired fund fees and expenses. The Adviser may be permitted to recover expenses it has borne through the agreement described above to the extent that the Fund’s expenses in later periods fall below an annual rate of 1.88%. This agreement shall terminate automatically upon the termination of the investment management agreement with the Adviser

  • Example
    The Example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all 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 total operating expenses remain the same except for year one. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

    One Year
    Three Years
    $198
    $1,359

    • Portfolio Turnover

    The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the 3 month fiscal period ended September 30, 2009, the Fund’s portfolio turnover rate was 0.38% of the average value of its whole portfolio.