Akre Focus Fund market commentary for the first quarter ended March 31, 2015.

The first quarter was largely uneventful, once we got past January’s significant declines in the stock market. Our view of the current environment is that across the globe there are many, many things which are worrisome and often frightening. We also believe that this has always been the case. Our strategy, unchanged over the years, is to own very high quality businesses (exceptional businesses, in our parlance), which are run by managers who treat us as partners and where there exists a meaningful opportunity to reinvest cash flows at potentially above-average rates of return.

Akre Focus Fund: Investment Approach

Our choice of holdings may often reveal companies you are not fully familiar with, but which we believe demonstrate all the ingredients we admire. Occasionally we find that the passage of time causes us to modify our views about individual investments. However, our history has been that we have more often erred on the side of “hanging on,” rather than selling. This discipline of potentially allowing our profits to grow untaxed is, we are told, contrary to much of the professional investment managements’ practice today. We believe that it is an important differentiator.

The Akre Focus Fund Retail Shares (AKREX) and Institutional Shares (AKRIX) returned 2.44% and 2.50%, respectively, net of fees and expenses in the first quarter of 2015 versus the S&P 500 TR with a return of 0.95% for the same period.

Akre Focus Fund: Portfolio Holdings

Our positions in Markel and Dollar Tree were the largest contributors to performance over the quarter. Discovery Communications and Colfax were the most meaningful detractors from performance over the quarter. At the end of the first quarter the Fund was approximately 91% invested and the portfolio held 29 positions.

As always we thank you for your confidence in our firm’s ability to manage your assets. Do 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 mediumcapitalization 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. Cash flow is a revenue or expense stream that changes a cash account over a given period. The Fund’s investment objectives, risks, charges, and expenses must be considered carefully before investing. The summary and statutory prospectus contains 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 Q1 2015 Market Commentary