The Zevenbergen Genea Fund takes a decade-long perspective, pursuing innovative global companies transforming industries open for disruption. With concentrated positions in 15-40 companies, the Genea Fund seeks to capture an earlier inflection point of growth.

TOP TEN as of June 30, 2017
Amazon.com, Inc. 8.3%
Netflix, Inc. 6.1%
Zillow Group, Inc. Class C 6.1%
Tesla, Inc. 6.0%
MercadoLibre, Inc. 5.7%
Facebook, Inc. 4.9%
NVIDIA Corporation 4.5%
Shopify Inc. 4.1%
Wayfair, Inc. 3.8%
2U, Inc. 3.7%
as of March 31, 2017
  Zevenbergen Genea Fund Russell 3000® Growth
Number of Holdings 25 1,728
L.T. Growth Forecast IBES Median 25.5% 13.7%
Portfolio P/E (IBES 1 Yr Forecast EPS) 49.8X 21.5X
PEG Ratio (L.T. Growth Forecast – IBES Median) 2.0X 1.6X
Debt/Capital 38.14% 53.10%
Wtd. Average Market Cap ($ Billions) $123.28 $175.65
as of June 30, 2017
Ticker: Investor Class ZVGNX
Ticker: Institutional Class ZVGIX
CUSIP: Investor Class 89832P622
CUSIP: Institutional Class 89832P614
Investor Class Minimum $2,500
Institutional Class Minimum $250,000
Total Net Assets $5,742,969.29
Net Expense Ratio Investor 1.41%
Net Expense Ratio Institutional 1.11%
Performance data quoted represents past performance; past performance 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. The Fund imposes a 1.00% redemption fee on shares held for 90 days or less. Performance data does not reflect the redemption fee. If it had, return would be reduced. Current performance of the fund may be lower or higher than the performance quote. Performance data current to the most recent month end may be obtained by calling (844) ZVNBRGN. Short term performance, in particular, is not a good indication of the fund’s future performance, and an investment should not be made based solely on returns.

Investor Gross Expense Ratio: 12.74%, Net Expense Ratio: 1.41%
Institutional Gross Expense Ratio: 13.00%, Net Expense Ratio: 1.11%
Shareholders pay net expense ratio. ZCI has contractually agreed to keep fund expenses at or below the net expense ratio through 10/31/17.

Russell 3000® Growth Index: A market capitalization weighted index based on the Russell 3000® index. The Russell 3000® Growth Index includes companies that display signs of above average growth. The index is used to provide a gauge of the performance of growth stocks in the U.S. One cannot invest directly in an index.

Long-Term Growth – LTG: An investing strategy or concept where a security will appreciate in value for a relatively long period of time, whether or not the growth is initiated immediately or later on. Long-term growth is a relative term, as the investing horizon differs between investing styles, but the perceived appreciation in the security remains the same.

PE Ratio: The price-to-earnings ratio, or P/E ratio, is an equity valuation multiple. It is defined as market price per share divided by annual earnings per share.

Price/Earnings To Growth – PEG Ratio: Price/Earnings to Growth (PEG) is a stock’s price-to-earnings ratio divided by the growth rate of its earnings for a specified time period. The PEG ratio is used to determine a stock’s value while taking the company’s earnings growth into account, and is considered to provide a more complete picture than the P/E ratio. While a high P/E ratio may make a stock look like a good buy, factoring in the company’s growth rate to get the stock’s PEG ratio can tell a different story. The lower the PEG ratio, the more the stock may be undervalued given its earnings performance.

Debt to Capital Ratio: A measurement of a company’s financial leverage, calculated as the company’s debt divided by its total capital.

Weighted Average Market Capitalization: A portfolio weighted by the market capitalization of each stock in the portfolio. In such a weighting scheme, larger companies account for a greater portion of the portfolio.

Fund holdings and sector allocations are subject to change at any time
and are not recommendations to buy or sell any security.