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Investment Objective The Frontegra Timpani Small Cap Growth Fund's goal, also referred to its investment objective, is capital appreciation. Principal Investment Strategy
Timpani defines a small capitalization company as any company with a market capitalization of less than or equal to the total market capitalization of the largest company included in the Russell 2000 Growth Index. The Fund may also invest up to 25% of its total assets in equity securities issued by foreign companies such as ADRs. Equity securities in which the Fund may invest include common stocks, preferred stocks, warrants to purchase common stocks or preferred stocks and securities convertible into common or preferred stocks, such as convertible bonds and debentures rated Baa or higher by Moodys Investors Service or BBB or higher by Standard & Poors or Fitch Ratings.
Pursuant to an expense cap agreement between the Funds adviser, Timpani Capital Management LLC ("Timpani") and the Fund, Timpani agreed to waive its management fee and/or reimburse the Funds operating expenses to the extent necessary to ensure that the Funds total operating expenses (excluding acquired fund fees and expenses) do not exceed 1.10% of the Fund's average daily net assets for Institutional Class shares and 1.50% of the Funds average daily net assets for Class Y shares. The expense cap agreement for the Fund will continue in effect until October 31, 2012 with successive renewal terms of one year unless terminated by Timpani or the Fund prior to any such renewal. Other Expenses are presented before any waivers or expense reimbursements. Past performance does not
guarantee future results. The principal value of an investment and investment return
will fluctuate so that an investor's shares, when redeemed, may be worth more or less than
their original cost. Current performance may be lower or higher than the performance
quoted and may be obtained by calling 888-825-2100. Investment performance reflects
contractual fee waivers in effect. In the absence of such waiver, total returns
would be reduced. Market Risks. The Funds investments are subject to market risk, which may
cause the value of the Funds investments to decline.
If the value of the Funds investments goes down, the share price of
the Fund will go down, and you may lose money. U.S.
and international markets have experienced extreme volatility, reduced liquidity, credit
downgrades, increased likelihood of default and valuation difficulties in recent years. Stock Selection Risks. The stocks selected for the Fund may decline in value or not increase in value when the stock market in general is rising. Equity Securities Risks. Common stocks and
other equity securities held by the Fund will fluctuate in value based on the earnings of
the company and on general industry and market conditions, leading to fluctuations in the
Funds share price. Foreign Securities Risks. The Funds foreign investments involve additional risks, including less liquidity, currency-rate fluctuations, political and economic instability and differences in financial reporting standards and securities market regulation. American Depositary Receipts Risks. The risks of ADRs include many of the risks associated with investing directly in foreign securities, such as currency-rate fluctuations and political and economic instability. Portfolio Turnover Risks. The Fund may engage in frequent trading as part of its investment strategy and thus may experience a high portfolio turnover rate. When the Fund experiences a high portfolio turnover rate, you may realize significant taxable capital gains as a result of frequent trading of the Funds assets and the Fund will incur transaction costs in connection with buying and selling securities, which may lower the Funds return. Liquidity Risks. Liquidity risk is the risk that certain securities may be difficult or impossible to sell at the time and price that Timpani would like to sell. Timpani may have to lower the price, sell other securities instead or forego an investment opportunity. Growth Investing Risks. Growth companies are generally more susceptible than established companies to market events and sharp declines in value. Additionally, growth stocks typically lack the dividend yield that can cushion stock prices in market downturns. Small Capitalization Risks. Securities of companies with small market capitalizations are often more volatile, less liquid and more susceptible to market pressures than securities of larger companies. Management Risks. The Fund is subject to management risk as an actively-managed
investment portfolio and depends on the decisions of the portfolio manager to produce the
desired results.
Frontegra Strategies, LLC is located at 400 Skokie Boulevard, Suite 500, Northbrook, Illinois 60062, and can be contacted by calling (847) 509-9860. Frontegra Strategies, LLC is a member of the Financial Industry Regulatory Authority, Inc. and SIPC.www.finra.org You may obtain information about SIPC, including the SIPC brochure, by visiting www.sipc.org or calling SIPC at (202) 371-8300.
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