Yacktman Fund  (YACKX)

The Fund seeks long-term capital appreciation, and, to a lesser extent, current income. The Fund is non-diversified and mainly invests in common stocks of United States companies of any size, some, but not all of which, pay dividends. Yacktman employs a disciplined investment strategy, buying growth companies at what it believes to be low prices. Yacktman believes this approach combines the best features of "growth" and "value" investing. When they purchase stocks, they generally search for companies they believe to possess one or more of the following three attributes:

Good Business

• High market share in principal product and/or service lines
• A high cash return on tangible assets
• Relatively low capital requirements allowing a business to generate cash while growing
• Short customer repurchase cycles and long product cycles
• Unique franchise characteristics

Shareholder-Oriented Management

Yacktman believes a shareholder-oriented management does not overcompensate itself and wisely allocates the cash the company generates. Yacktman looks for companies that:

• Reinvest in the business and still have excess cash
• Make synergistic acquisitions
• Buy back stock

Low Purchase Price

• Yacktman looks for a stock that sells for less than what an investor would pay to buy the whole company
• The stock prices of individual companies can vary significantly over short periods of time, and such price movements are not always correlated with changes in company fundamental performance. Accordingly, Yacktman generally prefers to wait for buying opportunities. Such opportunities do not always occur in correlation with overall market performance trends
  
   

May establish a cash position if the subadvisor does not believe opportunities exist for purchasing securities of companies that meet its investment requirements.