YACKTMAN FUND (Prospectus Summary) | YACKTMAN FUND

The Yacktman Fund

Investment Objective

The Fund seeks long-­term capital appreci­ation and, to a lesser extent, current
income.

Fund Fees and Expenses

The table below describes the fees and expenses that you may pay if you buy and
hold shares of the Fund.

Shareholder Fees (fees paid directly from your investment)

Shareholder Fees	YACKTMAN FUND
Maximum Sales Charge (Load) Imposed on Purchases	none
Maximum Deferred Sales Charge (Load)	none
Maximum Sales Charge (Load) Imposed on Reinvested Dividends and Distributions	none
Redemption Fee (as a percentage of amount redeemed within 30 calendar days)	2.00%
Exchange Fee	none

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses	YACKTMAN FUND
Management Fees	0.56%
Distribution and/or Service (12b-1) Fees	none
Other Expenses	0.24%
Total Annual Fund Operating Expenses	0.80%

Example

This example is intended to help you compare the cost of investing in the Fund
with the cost of investing in other mutual funds. The example assumes that you
invest $10,000 in the Fund for the time periods indicated and then redeem all of
your shares at the end of these periods. The example also assumes that your
investment has a 5% return each year and that the Fund's operating expenses
remain the same.

Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

Expense Example (USD $)	Expense Example, With Redemption, 1 Year	Expense Example, With Redemption, 3 Years	Expense Example, With Redemption, 5 Years	Expense Example, With Redemption, 10 Years
YACKTMAN FUND	82	255	444	990

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" its portfolio). A higher portfolio turnover rate may
indicate higher transaction costs and may result in higher taxes when Fund
shares are held in a taxable account. These costs, which are not reflected in
annual fund operating expense or in the example, affect the Fund's performance.
During the most recent fiscal year, the Fund's portfolio turnover rate was 3 %
of the average value of its portfolio.

Principal Investment Strategies of the Fund

The Fund invests in both domestic and foreign equity securities and debt
securities. The Fund may invest up to 20% of its assets in foreign equity
securities. This 20% limit does not apply to investments in the form of American
Depositary Receipts (ADRs).

The Fund's investments in equity securities may include common stocks, preferred
stocks, convertible preferred stocks and ADRs. Some, but not all, of the equity
securities may pay a dividend.

The Fund's investments in debt securities may include U.S. Treasury notes and
bonds, investment grade corporate debt securities, convertible debt securities
and debt securities below investment grade (high yield or junk bonds). The Fund
may invest up to 20% of its assets in such debt securities, including junk
bonds, in any proportion provided that the total invested does not exceed the
20% threshold.

The Fund's investment adviser employs a disciplined investment strat­egy. The
Fund invests in securities of any size company at levels the investment  
adviser thinks offer an attractive forward rate of return. When the investment
adviser purchases stocks, it looks for companies with one or more of the
following three attributes: (1) good business; (2) shareholder-oriented
management; or (3) low purchase price. The Fund sells companies that no longer
meet its investment criteria, or if better investment opportunities are
available.

Principal Risks of Investing in the Fund

Investors in the Fund may lose money. There are risks associated with
investments in the types of securities in which the Fund invests. These risks
include:

o  Market Risk: The prices of the securities in which the Fund invests may       
   decline for a number of reasons. The price declines of common stocks, in      
   particular, may be steep, sudden and/or prolonged.                            

o  Value Investing Risk: From time to time "value" investing falls out of favor   
   with investors. When it does, there is the risk that the market will not       
   recognize a company's improving fun­damentals as quickly as it normally would.
   During these periods, the Fund's relative per­formance may suffer.             

o  Smaller­-Capitalization Companies Risk: Smaller­-capitalization companies     
   typi­cally have relatively lower revenues, limited product lines and lack of  
   management depth, and may have a smaller share of the market for their        
   products or services, than larger-­capital­ization companies. The stocks of   
   smaller­-capi­talization companies tend to have less trading volume than      
   stocks of larger-­capitalization com­panies. Less trading volume may make it  
   more difficult for our investment adviser to sell securi­ties of              
   smaller-­capitalization companies at quoted market prices. Finally, there are
   periods when investing in smaller-­capitalization stocks falls out of favor   
   with investors and the stocks of smaller-­capitalization companies            
   underperform.                                                                 

o  Interest Rate Risk: In general, the value of bonds and other debt securities  
   falls when interest rates rise. Longer term obligations are usually more      
   sensitive to interest rate changes than shorter term obligations. While bonds
   and other debt securities normally fluctuate less in price than common stocks,
   there have been extended periods of increases in interest rates that have     
   caused significant declines in bond prices.                                   

o  Credit Risk: The issuers of the bonds and other debt securities held by the   
   Fund may not be able to make interest or principal payments. Even if these    
   issuers are able to make interest or principal payments, they may suffer      
   adverse changes in financial condition that would lower the credit quality of
   the security, leading to greater volatility in the price of the security.     

o  Junk Bond Risk: Although junk bonds generally pay higher rates of interest    
   than investment grade bonds, junk bonds are high risk investments that may    
   cause income and principal losses for the Fund. The major risks of junk bond  
   investments include:                                                          

   o Junk bonds may be issued by less creditworthy issuers. Issuers of junk bonds
     may have a larger amount of outstanding debt relative to their assets than   
     issuers of investment grade bonds. In the event of an issuer's bankruptcy,   
     claims of other creditors may have priority over the claims of junk bond     
     olders, leaving few or no assets available to repay junk bond holders.      

   o Prices of junk bonds are subject to extreme price fluctuations. Adverse       
     changes in an issuer's industry and general economic conditions may have a    
     greater impact on the price of junk bonds than on other higher rated          
     fixed-income securities.                                                      
                                                                                 
   o Issuers of junk bonds may be unable to meet their interest or principal       
     payment obligations because of an economic downturn, specific issuer          
     developments, or the unavailability of additional financing.                  

   o Junk bonds frequently have redemption features that permit an issuer to      
     repurchase the security from the Fund before it matures. If the issuer       
     redeems junk bonds, the Fund may have to invest the proceeds in bonds with   
     lower yields, with a corresponding reduction in future income.               

   o Junk bonds may be less liquid than higher rated fixed-income securities, even
     under normal economic conditions. There are fewer dealers in the junk bond    
     market, and there may be significant differences in the prices quoted for junk
     bonds by the dealers. Because they are less liquid, judgment may play a       
     greater role in valuing certain of the Fund's securities than is the case with
     securities trading in a more liquid market.                                   

   o The Fund may incur expenses to the extent necessary to seek recovery upon     
     default or to negotiate new terms with a defaulting issuer.                   

The credit rating of a high yield security does not necessarily address its
market value risk. Ratings and market value may change from time to time,
positively or negatively, to reflect new developments regarding the issuer.

o  Foreign Securities Risk: The securities of foreign issuers may be less liquid
   and more volatile than securities of comparable U.S. issuers. The costs       
   associated with securities transactions are often higher in foreign countries
   than the U.S. The U.S. dollar value of foreign securities traded in foreign   
   currencies (and any dividends and interest earned) held by the Fund may be    
   affected favorably or unfavorably by changes in foreign currency exchange     
   rates. An increase in the U.S. dollar relative to these other currencies will
   adversely affect the Fund. Additionally, investments in foreign securities,   
   even those publicly traded in the United States, may involve risks which are  
   in addition to those inherent in domestic investments. Foreign companies may  
   not be subject to the same regulatory requirements of U.S. companies, and as a
   consequence, there may be less publicly available information about such      
   companies. Also, foreign companies may not be subject to uniform accounting,  
   auditing, and financial reporting standards and requirements comparable to    
   those applicable to U.S. companies. Foreign governments and foreign economies
   often are less stable than the U.S. Government and the U.S. economy.          

Because of these risks the Fund is a suitable investment only for those
investors who have long­term investment goals. Prospective investors who are
uncomfortable with an invest­ment that will increase and decrease in value
should not invest in the Fund.

Performance Information

The bar chart and table that follow provide some indication of the risks of
investing in the Fund. The bar chart shows changes in the Fund's performance
from year to year. The table shows how the Fund's average annual returns over 1,
5, and 10 years compare with those of a broad measure of market
performance. Please remember that the Fund's past performance (before and after
taxes) is not necessarily an indication of its future performance. Updated
performance information is available on the Fund's website www.yacktman.com, or
by calling toll-free at 1-800-525-8258.

Total Return per Calendar Year

Note: During the ten year period shown on the bar chart, the Fund's highest
total return for a quarter was 34.83% (quarter ended June 30, 2009) and the
lowest total return for a quarter was -18.44% (quarter ended December 31, 2008).

Average Annual Total Returns as of December 31, 2011

Average Annual Total Returns	Average Annual Returns, Label	Average Annual Returns, 1 Year	Average Annual Returns, 5 Years	Average Annual Returns, 10 Years
YACKTMAN FUND	Return before taxes	7.30%	8.04%	10.63%
YACKTMAN FUND After Taxes on Distributions	Return after taxes on distributions	7.09%	7.10%	9.53%
YACKTMAN FUND After Taxes on Distributions and Sales	Return after taxes on distributions and sale of Fund shares	5.03%	6.71%	9.04%
YACKTMAN FUND S&P 500	S&P 500 (reflects no deductions for fees, expense, or taxes)	2.11%	(0.25%)	2.92%

The after­-tax returns are calculated using the historical highest individual
federal marginal income tax rates and do not reflect the impact of state and
local taxes. Actual after-­tax returns depend on an investor's tax situation and
may differ from those shown and after­-tax returns shown are not relevant to
investors who hold their Fund shares through tax deferred arrangements, such as
401(k) plans or individual retirement accounts. The Fund's returns after taxes
on distributions and sale of Fund shares may be higher than its returns after
taxes on distributions because they include a tax benefit resulting from the
capital losses that would have been incurred.