The Growth Fund and the stocks and markets in which it
invests are subject to general risks that include unforeseen events such as
pandemics, 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
Past performance is no guarantee of future results. Recent performance may have been negative.
1 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 The Fund has adopted a Rule 12b-1 plan, as amended, (the
“Plan”) that authorizes payments by the Fund in connection with the
distribution and other fees and costs for the sale and distribution of its Investor Class shares and for services provided to its Investor Class 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 attributable to Investor Class shares. The Plan states that while the maximum 12b-1
Fee rate remains limited to 0.25% per annum of the Fund's average daily net
assets attributable to Investor Class shares, the Fund may be charged a lower rate from time to time upon approval by
the Board of Trustees. Pursuant to the Plan, the Board of Trustees has
determined to cause the Fund to accrue 12b-1 Fees at a rate of 0.25% per annum
of the average daily net assets attributable to Investor Class shares of the Fund, until such time as the Board of
Trustees authorizes a different rate (not exceeding 0.25% per annum). 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 in Investor Class shares and reduce your investment
returns. Institutional Class shares of the Fund are not subject to a 12b-1 fee.
b These expenses include custodian, transfer agency and
administration fees, certain payments to financial services agents for
non-distribution expenses, appreciation or depreciation in value of Fund shares
previously purchased under the Trustees Deferred Fee Plan (the “Deferred Fee
Plan”), and other customary mutual fund
expenses. Under the Deferred Fee Plan, Trustee deferred fees are deemed
invested in the Fund and are recorded as a liability. If the Fund's performance
increases, the amount of invested deferred fees increases, which results in the
Fund's liability to the Trustees increasing and a resulting increase in the
Fund's expenses. The opposite is true when the Fund's performance decreases,
which would result in lowering the Fund's expenses. In each case, the Investor
Class and the Institutional Class bear a pro rata portion of these expenses.
c "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.
d Marsico Capital Management, LLC, the investment adviser to the Fund (the "Adviser"), has entered into a written expense limitation and fee waiver agreement under which it has agreed (i) to limit the total expenses of the Investor Class of the Growth Fund (excluding taxes, interest, acquired fund fees and expenses, litigation, extraordinary expenses, and 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 attributable to Investor Class shares, and (ii) to limit the total expenses of the Institutional Class of the Fund (excluding taxes, interest, acquired fund fees and expenses, litigation, extraordinary expenses, and brokerage and other transaction expenses relating to the purchase or sale of portfolio investments) to an annual rate of 1.20% of the Fund's average net assets attributable to Institutional Class shares, until January 31, 2025. It may be terminated by the Adviser at any time after January 31, 2025, upon 15 days prior notice to the Fund and its administrator. The Adviser may recoup from the Fund (or share class as applicable) any fees previously waived and/or expenses previously reimbursed by the Adviser with respect to the Fund or share class, as applicable, including any applicable waivers which may apply to a specific share class, pursuant to this agreement (including waivers or reimbursements under previous expense limitations) if (1) such recoupment by the Adviser does not cause the Fund's share class, 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, (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, and (3) the Adviser has not agreed to forego recoupment.
e The Annual Fund Operating Expenses table above does not correlate to the “Ratio of total expenses to average net assets” nor the “Ratio of net expenses (before expenses paid indirectly) to average net assets” provided in the Financial Highlights. The information in the Financial Highlights does not include acquired fund fees and expenses.