Akre Focus Fund commentary for the fourth quarter 2014.

The fourth quarter turned out to be the strongest of the year. And, as we shared with you in the third quarter letter, we began to put excess capital to work in the fall. We remain pleased with the holdings in the portfolio and feel there have been few surprises in the operating experiences of the Fund’s holdings. We remain optimistic as to the continuation of strong operating performance, given the nature of the businesses owned. As usual, we are not waiting with baited breath for the release of earnings reports or other corporate filings. We are able to move beyond that precisely because of our investment philosophy and implementation.

The Akre Focus Fund Retail Shares (AKREX) and Institutional Shares (AKRIX) returned 6.97% and 7.03%, respectively, net of fees and expenses in the fourth quarter of 2014 versus the S&P 500 with a return of 4.93% for the same period.

Akre Focus Fund’s largest contributors: Dollar Tree and MasterCard; detractors: Colfax and Discovery Communications

Our positions in Dollar Tree and MasterCard were the largest contributors to performance over the quarter. Colfax and Discovery Communications were the most meaningful detractors from performance over the quarter. At the end of the fourth quarter the Fund was approximately 89.9% invested and the portfolio held 28 positions.

As always, we thank you for your confidence in our firm’s ability to manage your assets. Please know that we treat each dollar as if it were our own, striving to achieve desirable outcomes.

Chuck, Tom, & John

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Fund performance current to the most recent month-end may be lower or higher than the performance quoted and can be obtained by calling 1-877-862-9556. The Fund’s annual operating expense (gross) for the Retail Class shares is 1.35% and 1.10% for the Institutional Class shares. The Fund imposes a 1.00% redemption fee on shares held less than 30 days. Performance data does not reflect the redemption fee, and if reflected, total returns would be reduced.

Mutual fund investing involves risk. Principal loss is possible. The Fund is non-diversified, meaning it may concentrate its assets in fewer individual holdings than a diversified fund. Therefore, the Fund is more exposed to individual stock volatility than a diversified fund. The Fund invests in small- and medium- capitalization companies, which involve additional risks such as limited liquidity and greater volatility than larger capitalization companies.

The composition of the sector weightings and fund holdings are subject to change and are not recommendations to buy or sell any securities. Cash and Equivalents include asset backed bonds, corporate bonds, investment purchased with cash proceeds for securities lending, and other assets in excess of liabilities.

The S&P 500 is a broad based unmanaged index of 500 stocks, which is widely recognized as representative of the equity market in general. It is not possible to invest directly in an index.

The Fund’s investment objectives, risks, charges, and expenses must be considered carefully before investing. The summary and statutory prospectuses contain this and other important information about the investment company and it may be obtained by calling (877) 862-9556 or visiting www.akrefund.com. Read it carefully before investing.

Fund holdings and sector allocations are subject to change at any time and should not be considered a recommendation to buy or sell any security.

The Akre Focus Fund is distributed by Quasar Distributors, LLC.

Akre Focus Fund 2014 Letter To Investors