The Growth Fund and the stocks and markets in which it invests are subject to general risks that include volatility and instability, periods of cyclical change and decline, that investors may at times avoid investments in equity securities, and that the investment adviser may select investments for the Fund that do not perform as anticipated.
Past performance is no guarantee of future results. Recent performance may have been negative.
1 Lipper ranks are based on total return. Lipper Inc., A Reuters Company, is a nationally recognized organization that measures the performance of mutual funds within a universe of funds that have similar investment objectives. Returns are historical with capital gains and dividends reinvested.
2 The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. ©Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
a Restated to reflect current Distribution and
Service (12b-1) Fee rates. As
of February 1, 2019, the Board of Trustees approved a 12b-1 Fee accrual rate of 0.25% per annum of the
average daily net assets of the Fund, and continuing until such time as the
Board authorizes a different rate (not exceeding 0.25% per annum) as authorized
by the Rule 12b-1 Plan. The Fund has adopted a Rule 12b-1 plan and effective
December 1, 2017, the Board of Trustees approved a Second Amended and Restated
Distribution and Service Plan (the “Plan”). The Plan authorizes payments by the
Fund in connection with the distribution and other fees and costs for the sale
and distribution of its shares and for services provided to shareholders at an
annual rate, as determined from time-to-time by the Board of Trustees, of up to
0.25% of the Fund's average daily net assets. The Plan, as amended, clarifies
that while the maximum 12b-1 Fee rate remains limited to 0.25% per annum of the
Fund's average daily net assets, the Fund may be charged a lower rate from time
to time upon approval by the Board of Trustees. As these fees are paid out of
the Fund's assets on an ongoing basis, over time these fees will increase the
cost of your investment and reduce your investment returns.
b Restated to reflect current Fund administration fee rates, which were contractually reduced effective December 1, 2018, and an increase in transfer agent fees expected to be incurred by the Fund in the current fiscal year. These expenses include custodian, transfer agency and administration fees, certain payments to financial services agents for non-distribution expenses, acquired fund fees and expenses, and other customary mutual fund expenses. Acquired fund fees and expenses are those expenses incurred indirectly by the Fund as a result of acquiring investments in shares of one or more other investment companies.
c The Adviser has entered into a written expense
limitation and fee waiver agreement under which it has agreed to limit the
total expenses of the Growth Fund (excluding taxes, interest, acquired fund
fees and expenses, litigation, extraordinary expenses, brokerage and other
transaction expenses relating to the purchase or sale of portfolio investments)
to an annual rate of 1.45% of the Fund's average net assets until January 31, 2020. This expense
limitation and fee waiver agreement may be terminated by the Adviser at any
time after January 31, 2020 upon 15 days prior notice to the Fund and its administrator, provided that no
such modification will be made in a manner inconsistent with the terms of
the current prospectus. The Adviser may recoup from the Fund fees previously
waived or expenses previously reimbursed by the Adviser with respect to the Fund pursuant to this
agreement (or a previous expense limitation agreement) if: (1) such recoupment
by the Adviser does not cause the Fund, at the time of recoupment, to exceed
the lesser of (a) the expense limitation in effect at the time the relevant
amount was waived and/or reimbursed, or (b) the expense limitation in effect at
the time of the proposed recoupment, and (2) the recoupment is made within
three years after the fiscal year end date as of which the amount to be waived
or reimbursed was determined and the waiver or reimbursement occurred.
d Total Annual Fund Operating Expenses do not correlate
to the “ratio of expenses to average net assets” provided in the Financial
Highlights. The information in the Financial Highlights does not include
the restatement of the fees
described above and reflected in the Distribution and Service
(12b-1) Fees and Other
Expenses line items above for the entire
fiscal year, nor does it include Acquired Fund Fees and Expenses, which are
included in the Other Expenses line item above.