Capital Fund

Quarterly Performance as of 09/30/18 (%)

  Total Return Average Annualized Total Return
Qtr. YTD 1 Year 3 Year 5 Year 10 Year Since Inception
Capital Fund - Inv. -0.18 -2.21 1.24 6.88 4.55 7.39 6.37
Capital Fund - Inst. -0.11 -2.02 1.52 7.17 4.81 6.32
60% S&P 500/40% ICE BofAML US High Yield Index 5.59 7.34 11.77 13.65 10.59 11.06 8.29*
S&P 500 7.71 10.56 17.91 17.31 13.95 11.97 8.91*

Performance data quoted represents past performance and does not guarantee future results. Investment returns and principal value will fluctuate, and when sold, may be worth more or less than their original cost. Performance current to the most recent month-end may be lower or higher than the performance quoted and can be obtained by calling 866-996-FUND. The Funds impose a 2.00% redemption fee on shares held 30 days or less. Performance data does not reflect the redemption fee. If it had, returns would be reduced. The gross expense ratios for the Capital Fund-Investor Shares and Institutional Shares are 1.45% and 1.20%, respectively. The net expense ratios for the Capital Fund-Investor Shares and Institutional Shares are 1.40% and 1.15%, respectively. The Fund’s Advisor contractually agreed to waive certain fees through January 31, 2019.

*
Since Inception returns are as of the fund's Investor Class inception date, 1/3/2005. Since the inception date of the Institutional Class, 4/30/2010, the annualized return of the 60% S&P 500/40% ICE BofAML US High Yield Index is 11.01% and the annualized return of the S&P 500 Index is 13.62%.

Annual Performance

  Investor Institutional 60% S&P 500/40% ICE BofAML US High Yield Index S&P 500
2017 8.09% 8.30% 15.90% 21.83%
2016 14.88% 15.27% 14.22% 11.96%
2015 -6.58% -6.33% -0.96% 1.38%
2014 5.23% 5.50% 9.14% 13.69%
2013 14.63% 14.84% 21.87% 32.39%
2012 10.95% 11.20% 15.92% 16.00%
2011 2.22% 2.52% 3.09% 2.11%
2010 15.86% 5.87%* 15.39% 15.06%
2009 31.28% 38.64% 26.46%
2008 -16.70% -32.86% -37.00%
2007 4.88% 4.21% 5.49%
2006 15.32% 14.19% 15.79%
2005 -1.76%* 4.52%* 5.77%*
*
Partial year returns. Investor share class inception dates is 1/3/2005, and Institutional share class inception date is 4/30/2010.

Growth of $10K - Investor Class as of 09/30/18

The charts illustrate the performance of a hypothetical $10,000 investment made in the Fund’s share class since inception. Assumes reinvestment of dividends and capital gains but does not reflect the redemption fees.

Growth of $10K - Institutional Class as of 09/30/18

The charts illustrate the performance of a hypothetical $10,000 investment made in the Fund’s share class since inception. Assumes reinvestment of dividends and capital gains but does not reflect the redemption fees.

5-year Risk & Return as of 09/30/18

  • ICMBX
  • Dynamic Allocation Fund

Risk is the annualized monthly standard deviation and the Fund Peer Average consists of 263 funds per Bloomberg’s Dynamic Allocation classification.

Per the Prospectus dated January 31, 2018, the annual operating expense (gross) for the Capital Fund-Investor Shares is 1.45%. The Fund's Advisor has contractually agreed to waive a portion of its fees and/or reimburse expenses until January 31, 2019 such that the total operating expense for the Capital Fund-Investor Class is 1.15%. The Capital Fund-Investor Class may have Net Expense higher than this expense cap as a result of any sales, distribution and other fees incurred under a plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the "Investment Company Act"), acquired fund fees and expenses or other expenses (such as taxes, interest, brokerage commissions and extraordinary items) that are excluded from the calculation. As a result of the calculations, the Net Expense for the Capital Fund-Investor Class is 1.40%.
The net expense ratios for the Capital Fund-Investor Shares and Institutional Shares are 1.40% and 1.15%, respectively. The Fund's Advisor contractually agreed to waive certain fees through January 31, 2019.
Per the Prospectus dated January 31, 2018, the annual operating expense (gross) for the Capital Fund-Institutional Shares is 1.20%. The Fund's Advisor has contractually agreed to waive a portion of its fees and/or reimburse expenses until January 31, 2019 such that the total operating expense for the Capital Fund-Institutional Class is 1.15%. The Net Expense for the Capital Fund-Institutional Class is 1.15%. The Net Expense Ratio represents the percentage paid by investors. Otherwise, performance shown would have been lower.
The Fund invests in smaller companies, which involve additional risks such as limited liquidity and greater volatility. The Fund invests in debt securities, which typically decrease in value when interest rates rise. This risk is usually greater for longer term debt securities. Investment by the Fund in lower-rated and non-rated securities presents a greater risk of loss to principal and interest than higher-rated securities. The Fund may invest in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods. The risks of owning ETFs generally reflect the risks of owning the underlying securities they are designed to track, although lack of liquidity in an ETF could result in it being more volatile than the underlying portfolio of securities. ETFs also have management fees that increase their costs versus the costs of owning the underlying securities directly. ADRs may be subject to some of the same risks as direct investment in foreign companies, which includes international trade, currency, political, regulatory and diplomatic risks.
Diversification does not guarantee a profit or protect from loss in a declining market.
Investment performance reflects fee waivers. In the absence of waivers, total return would be reduced.
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