FEES AND EXPENSES

Management Fees 1.00%
Other Expenses 0.03%
Total Fund Operating Expenses 1.03%

* Does not reflect Ruane, Cunniff & Goldfarb’s (“Ruane Cunniff”) contractual reimbursement of a portion of the Fund’s operating expenses. This reimbursement is a provision of Ruane Cunniff’s investment advisory agreement with the Fund and the reimbursement will be in effect only so long as that investment advisory agreement is in effect. For the year ended December 31, 2014, the Fundís annual operating expenses and investment advisory fee, net of such reimbursement, were 1.00% and 0.97%, respectively.

The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 in the Fund for the periods indicated and then redeem all your shares at the end of those periods. It also assumes that your investment has a 5% return each year and that the Fund’s operating expenses stay the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

1 Year 3 Years 5 Years 10 Years
$105 $328 $569 $1,259
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Please consider the investment objectives, risks and charges and expenses of the Fund carefully before investing. The Fund's prospectus contains this and other information about the Fund. You may obtain a copy of the prospectus by clicking here or by calling 1-800-686-6884. Please read the prospectus carefully before investing.

Shares of the Fund are offered through the Fund’s distributor, Ruane, Cunniff & Goldfarb LLC. Ruane, Cunniff & Goldfarb LLC is an affiliate of Ruane, Cunniff & Goldfarb Inc. and is a member of FINRA. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

The Fund may be offered only to persons in the United States and by way of a prospectus. This website should not be considered a solicitation or offering of any product or service to investors residing outside of the United States.