0001398344-18-008721.txt : 20180607
0001398344-18-008721.hdr.sgml : 20180607
20180607161243
ACCESSION NUMBER: 0001398344-18-008721
CONFORMED SUBMISSION TYPE: 497
PUBLIC DOCUMENT COUNT: 17
FILED AS OF DATE: 20180607
DATE AS OF CHANGE: 20180607
EFFECTIVENESS DATE: 20180607
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: MARSICO INVESTMENT FUND
CENTRAL INDEX KEY: 0001047112
IRS NUMBER: 000000000
STATE OF INCORPORATION: DE
FISCAL YEAR END: 0930
FILING VALUES:
FORM TYPE: 497
SEC ACT: 1933 Act
SEC FILE NUMBER: 333-36975
FILM NUMBER: 18886625
BUSINESS ADDRESS:
STREET 1: 1200 17TH ST
STREET 2: STE 1600
CITY: DENVER
STATE: CO
ZIP: 80202
BUSINESS PHONE: 3034545600
MAIL ADDRESS:
STREET 1: 1200 17TH STREET SUITE 1600
CITY: DENVER
STATE: CO
ZIP: 80202
0001047112
S000007710
MARSICO FOCUS FUND
C000020960
MARSICO FOCUS FUND
MFOCX
0001047112
S000007711
MARSICO GROWTH FUND
C000020961
MARSICO GROWTH FUND
MGRIX
0001047112
S000007712
MARSICO 21ST CENTURY FUND
C000020962
MARSICO 21ST CENTURY FUND
MXXIX
497
1
fp0033539_497-xbrl.htm
EXPLANATORY NOTE
The sole purpose of this filing is
to file revised XBRL exhibits containing the risk/return summary information that corresponds with the risk/return summary
information in a supplement dated May 16, 2018 to the Prospectus for the Marsico Focus Fund, Marsico Growth Fund, and Marsico
21st Century Fund. The SEC accession number for the related supplement is 0001398344-18-007680.
EX-101.INS
3
marsico-20180130.xml
XBRL INSTANCE FILE
00010471122018-01-302018-01-300001047112marsico:S000007710Member2018-01-302018-01-300001047112marsico:S000007710Membermarsico:Index1Member2018-01-302018-01-300001047112marsico:S000007710Membermarsico:C000020960Member2018-01-302018-01-300001047112marsico:S000007710Membermarsico:C000020960Memberrr:AfterTaxesOnDistributionsMember2018-01-302018-01-300001047112marsico:S000007710Membermarsico:C000020960Memberrr:AfterTaxesOnDistributionsAndSalesMember2018-01-302018-01-300001047112marsico:S000007711Member2018-01-302018-01-300001047112marsico:S000007711Membermarsico:Index2Member2018-01-302018-01-300001047112marsico:S000007711Membermarsico:C000020961Member2018-01-302018-01-300001047112marsico:S000007711Membermarsico:C000020961Memberrr:AfterTaxesOnDistributionsMember2018-01-302018-01-300001047112marsico:S000007711Membermarsico:C000020961Memberrr:AfterTaxesOnDistributionsAndSalesMember2018-01-302018-01-300001047112marsico:S000007712Member2018-01-302018-01-300001047112marsico:S000007712Membermarsico:Index3Member2018-01-302018-01-300001047112marsico:S000007712Membermarsico:C000020962Member2018-01-302018-01-300001047112marsico:S000007712Membermarsico:C000020962Memberrr:AfterTaxesOnDistributionsMember2018-01-302018-01-300001047112marsico:S000007712Membermarsico:C000020962Memberrr:AfterTaxesOnDistributionsAndSalesMember2018-01-302018-01-300001047112marsico:S000007712Membermarsico:Index4Member2018-01-302018-01-30iso4217:USDxbrli:pure4972017-09-30MARSICO INVESTMENT FUND0001047112false2018-05-162018-05-162018-01-31<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left"><b>MARSICO FOCUS FUND</b></p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>MARSICO GROWTH FUND</b></p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>MARSICO 21<font style="font-variant: small-caps; text-transform: uppercase">st</font>
CENTURY FUND</b></p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #002D55"><font style="color: #000000"><b>INVESTMENT OBJECTIVE
</b></font></p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #002D55"><b>INVESTMENT OBJECTIVE </b></p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #002D55"><b>INVESTMENT OBJECTIVE </b></p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #002D55">The Marsico Focus Fund's goal is to seek long-term
growth of capital.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #002D55">The Marsico Growth Fund's goal is to seek long-term
growth of capital.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #002D55">The Marsico 21<font style="font-variant: small-caps">st</font>
Century Fund's goal is to seek long-term growth of capital.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #002D55"><b>FEES AND EXPENSES OF THE FUND </b></p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #002D55"><b>FEES AND EXPENSES OF THE FUND </b></p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #002D55"><b>FEES AND EXPENSES OF THE FUND </b></p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #002D55">This table describes the fees and expenses that
you may pay if you buy and hold shares of the Fund.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #002D55">This table describes the fees and expenses that
you may pay if you buy and hold shares of the Fund.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #002D55">This table describes the fees and expenses that
you may pay if you buy and hold shares of the Fund.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #002D55"><b>Shareholder Fees</b> <i>(fees paid directly from
your investment) </i></p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #002D55"><b>Shareholder Fees</b> <i>(fees paid directly from
your investment) </i></p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #002D55"><b>Shareholder Fees</b> <i>(fees paid directly from
your investment)</i></p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #002D55"><b>Annual Fund Operating Expenses</b> <i>(expenses
that you pay each year as a percentage of the value of your investment)</i></p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #002D55"><b>Annual Fund Operating Expenses</b> <i>(expenses
that you pay each year as a percentage of the value of your investment)</i></p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #002D55"><b>Annual Fund Operating Expenses </b><i>(expenses
that you pay each year as a percentage of the value of your investment)</i></p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #002D55"><b>Example </b></p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #002D55"><b>Example </b></p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #002D55"><b>Example </b></p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #002D55">This example is intended to help you compare the
cost of investing in the Fund with the cost of investing in other mutual funds. This 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 those 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:</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #002D55">This example is intended to help you compare the
cost of investing in the Fund with the cost of investing in other mutual funds. This 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 those 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:</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #002D55">This example is intended to help you compare the
cost of investing in the Fund with the cost of investing in other mutual funds. This 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 those 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:</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #002D55"><b>Portfolio Turnover </b></p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #002D55"><b>Portfolio Turnover </b></p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #002D55"><b>Portfolio Turnover </b></p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #002D55">The Fund generally pays transaction costs, such
as brokerage 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 expenses or in the example above, affect the Fund's performance. During
the most recent fiscal year, the Fund's portfolio turnover rate was 67% of the average value of its portfolio.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #002D55">The Fund generally pays transaction costs, such
as brokerage 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 expenses or in the example above, affect the Fund's performance. During
the most recent fiscal year, the Fund's portfolio turnover rate was 50% of the average value of its portfolio.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #002D55">The Fund generally pays transaction costs, such
as brokerage 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 expenses or in the example above, affect the Fund's performance. During
the most recent fiscal year, the Fund's portfolio turnover rate was 28% of the average value of its portfolio.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #002D55"><b>PRINCIPAL INVESTMENT STRATEGIES </b></p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #002D55"><b>PRINCIPAL INVESTMENT STRATEGIES </b></p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #002D55"><b>PRINCIPAL INVESTMENT STRATEGIES </b></p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #002D55">The Marsico Focus Fund is a "non-diversified"
portfolio and invests primarily in the common stocks of large companies that are selected for their long-term growth potential.
The Fund will normally hold a core position of between 20 and 35 common stocks. The number of securities held by the Fund may occasionally
exceed this range at times such as when the investment adviser to the Fund, Marsico Capital Management, LLC (see "Management"
below), is accumulating new positions, phasing out and replacing existing positions, or responding to exceptional market conditions.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #002D55">In selecting investments for the Fund, the investment
adviser uses an approach that emphasizes the selection of what the investment adviser believes are stocks of high-quality companies
with compelling potential for long-term capital appreciation. The investment approach combines "top-down" macro-economic
analysis with "bottom-up" company and security analysis. The "top-down" approach generally considers macro-economic
factors to formulate the strategic backdrop for security selection. These factors may include, without limitation, interest rates,
inflation, monetary policy, fiscal policy, trade policy, currency movements, demographic trends, the regulatory environment, and
the global competitive landscape. The investment adviser may also examine other factors that may include, without limitation, the
most attractive global investment opportunities, sector and industry trends, industry consolidation, and the sustainability of
financial trends. Through this "top-down" analysis, the investment adviser seeks to create a strategic backdrop for actual
portfolio construction by identifying sectors, industries and companies that may benefit from the overall trends the investment
adviser has observed.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #002D55">In the bottom-up analysis, the investment adviser
looks for individual companies or securities (including, without limitation, equity securities and fixed or variable income securities)
that are expected to offer earnings growth potential that may not be recognized by the market at large. In determining whether
a particular company or security may be a suitable investment, the investment adviser may focus on any of a number of different
attributes that may include, without limitation, the company's specific market expertise or dominance; its market-share position,
franchise durability, and pricing power; solid fundamentals (e.g., a strong balance sheet, improving profit margins and returns
on equity, the ability to generate free cash flow, apparent use of conservative accounting standards, and transparent financial
disclosure); strong and ethical management; commitment to shareholder interests; reasonable current valuations in the context of
projected growth rates and peer group comparisons; current income; and other positive, transformational catalysts or indications
that a company or security may be an attractive investment prospect. This process is called "bottom-up" company and security
analysis.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #002D55">As part of this fundamental, "bottom-up"
research, the investment adviser may visit a company's management, and conduct other research to gain thorough knowledge of the
company. The investment adviser also may prepare detailed earnings and cash flow models of companies.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #002D55">The core investments of the Fund (i.e., the primary
investments held by the Fund over time) generally may include established companies and securities that are expected to offer long-term
growth potential. However, the Fund's portfolio also may typically include securities of less mature companies, securities with
more aggressive growth characteristics, and securities of companies undergoing positive, transformational change in their business
model, such as, without limitation, the introduction of a new product, the appointment of a new management team, or a merger or
acquisition.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #002D55">The investment adviser may reduce or sell the Fund's
investments in portfolio securities if, in the opinion of the investment adviser, a security's fundamentals change substantially,
its price appreciation leads to overvaluation in relation to the investment adviser's estimates of future earnings and cash flow
growth, the company appears unlikely to realize its growth potential or current income potential, more attractive investment opportunities
appear elsewhere or for other reasons.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #002D55">The Fund may invest without limitation in foreign
securities further described in this Prospectus depending on market conditions. These securities may be traded in the U.S. or in
foreign markets or both, and may be economically tied to emerging markets. The investment adviser generally selects foreign securities
on a security-by-security basis based primarily on considerations such as growth potential rather than geographic location or similar
considerations.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #002D55">The investment adviser has discretion to hedge exposures
to currencies, markets, interest rates and any other variables that could potentially affect returns to investors. The Fund may
use derivative investments or instruments such as futures, options, swaps, or forward currency contracts to attempt to hedge the
Fund's portfolio, or to serve other investment purposes as discussed further in this Prospectus under "More Information about
the Funds." The Fund is not intended as a vehicle for investing substantially in derivatives, and tends to hold such investments
only infrequently. The Fund is not required to hedge its investments and historically has rarely done so.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #002D55">The Marsico Growth Fund is a "diversified"
portfolio and invests primarily in the common stocks of large companies that are selected for their long-term growth potential.
The Fund will normally hold a core position of between 35 and 50 common stocks. The number of securities held by the Fund may occasionally
exceed this range at times such as when the investment adviser to the Fund, Marsico Capital Management, LLC (see "Management"
below), is accumulating new positions, phasing out and replacing existing positions, or responding to exceptional market conditions.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #002D55">In selecting investments for the Fund, the investment
adviser uses an approach that emphasizes the selection of what the investment adviser believes are stocks of high-quality companies
with compelling potential for long-term capital appreciation. The investment approach combines "top-down" macro-economic
analysis with "bottom-up" company and security analysis. The "top-down" approach generally considers certain
macro-economic factors to formulate the strategic backdrop for security selection. These factors may include, without limitation,
interest rates, inflation, monetary policy, fiscal policy, trade policy, currency movements, demographic trends, the regulatory
environment, and the global competitive landscape. The investment adviser may also examine other factors that may include, without
limitation, the most attractive global investment opportunities, sector and industry trends, industry consolidation, and the sustainability
of financial trends. Through this "top-down" analysis, the investment adviser seeks to create a strategic backdrop for
actual portfolio construction by identifying sectors, industries and companies that may benefit from the overall trends the investment
adviser has observed.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #002D55">In the bottom-up analysis, the investment adviser
looks for individual companies or securities (including, without limitation, equity securities and fixed or variable income securities)
that are expected to offer earnings growth potential that may not be recognized by the market at large. In determining whether
a particular company or security may be a suitable investment, the investment adviser may focus on any of a number of different
attributes that may include, without limitation, the company's specific market expertise or dominance; its market-share position,
franchise durability, and pricing power; solid fundamentals (e.g., a strong balance sheet, improving profit margins and returns
on equity, the ability to generate free cash flow, apparent use of conservative accounting standards, and transparent financial
disclosure); strong and ethical management; commitment to shareholder interests; reasonable current valuations in the context of
projected growth rates and peer group comparisons; current income; and other positive, transformational catalysts or indications
that a company or security may be an attractive investment prospect. This process is called "bottom-up" company and security
analysis.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #002D55">As part of this fundamental, "bottom-up"
research, the investment adviser may visit a company's management, and conduct other research to gain thorough knowledge of the
company. The investment adviser also may prepare detailed earnings and cash flow models of companies.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #002D55">The core investments of the Fund (i.e., the primary
investments held by the Fund over time) generally may include established companies and securities that are expected to offer long-term
growth potential. However, the Fund's portfolio also may typically include securities of less mature companies, securities with
more aggressive growth characteristics, and securities of companies undergoing positive transformational change in their business
model, such as, without limitation, the introduction of a new product, the appointment of a new management team, or a merger or
acquisition.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #002D55">The investment adviser may reduce or sell the Fund's
investments in portfolio securities if, in the opinion of the investment adviser, a security's fundamentals change substantially,
its price appreciation leads to overvaluation in relation to the investment adviser's estimates of future earnings and cash flow
growth, the company appears unlikely to realize its growth potential or current income potential, more attractive investment opportunities
appear elsewhere or for other reasons.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #002D55">The Fund may invest without limitation in foreign
securities further described in this Prospectus depending on market conditions. These securities may be traded in the U.S. or in
foreign markets or both, and may be economically tied to emerging markets. The investment adviser generally selects foreign securities
on a security-by-security basis based primarily on considerations such as growth potential rather than geographic location or similar
considerations.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #002D55">The investment adviser has discretion to hedge exposures
to currencies, markets, interest rates and any other variables that could potentially affect returns to investors. The Fund may
use derivative investments or instruments such as futures, options, swaps, or forward currency contracts to attempt to hedge the
Fund's portfolio, or to serve other investment purposes as discussed further in this Prospectus under "More Information about
the Funds." The Fund is not intended as a vehicle for investing substantially in derivatives, and tends to hold such investments
only infrequently. The Fund is not required to hedge its investments and historically has rarely done so.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #002D55">The Marsico 21<font style="font-variant: small-caps">st</font>
Century Fund is a "diversified" portfolio and invests primarily in common stocks that are selected for their long-term
growth potential. The Fund may invest in companies of any size. The portions of Fund assets invested in large-capitalization, medium-capitalization,
or small-capitalization companies (which are described further in "Some Defined Terms" later in the prospectus) will
vary based on market conditions, depending on the portfolio manager's judgment as to how to achieve the Fund's investment objective.
Under current market conditions the portfolio manager expects to invest substantially in medium-capitalization companies. The Fund
will normally hold a core position of between 35 and 60 common stocks, but the number of securities held by the Fund may occasionally
exceed this range at times such as when the investment adviser to the Fund, Marsico Capital Management, LLC (see "Management"
below), is accumulating new positions, phasing out and replacing existing positions, or responding to exceptional market conditions.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #002D55">In selecting investments for the Fund, the investment
adviser uses an approach that emphasizes the selection of what the investment adviser believes are stocks of high-quality companies
with compelling potential for long-term capital appreciation. The investment approach combines "top-down" macro-economic
analysis with "bottom-up" company and security analysis. The "top-down" approach generally considers certain
macro-economic factors to formulate the strategic backdrop for security selection. These factors may include, without limitation,
interest rates, inflation, monetary policy, fiscal policy, trade policy, currency movements, demographic trends, the regulatory
environment, and the global competitive landscape. The investment adviser may also examine other factors that may include, without
limitation, the most attractive global investment opportunities, sector and industry trends, industry consolidation, and the sustainability
of financial trends. Through this "top-down" analysis, the investment adviser seeks to create a strategic backdrop for
actual portfolio construction by identifying sectors, industries and companies that may benefit from the overall trends the investment
adviser has observed.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #002D55">In the bottom-up analysis, the investment adviser
looks for individual companies or securities (including, without limitation, equity securities and fixed or variable income securities)
that are expected to offer earnings growth potential that may not be recognized by the market at large. In determining whether
a particular company or security may be a suitable investment, the investment adviser may focus on any of a number of different
attributes that may include, without limitation, the company's specific market expertise or dominance; its market share position,
franchise durability, and pricing power; solid fundamentals (e.g., a strong balance sheet, improving profit margins and returns
on equity, the ability to generate free cash flow, apparent use of conservative accounting standards, and transparent financial
disclosure); strong and ethical management; commitment to shareholder interests; reasonable current valuations in the context of
projected growth rates and peer group comparisons; current income; and other positive transformational catalysts or indications
that a company or security may be an attractive investment prospect. This process is called "bottom-up" company and security
analysis.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #002D55">As part of this fundamental, "bottom-up"
research, the investment adviser may visit a company's management, and conduct other research to gain thorough knowledge of the
company. The investment adviser also may prepare detailed earnings and cash flow models of companies.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #002D55">The core investments of the Fund (i.e., the primary
investments held by the Fund over time) generally may include established companies and securities that are expected to offer long-term
growth potential. However, the Fund's portfolio also may typically include securities of less mature companies, securities with
more aggressive growth characteristics, and securities of companies undergoing positive, transformational change in their business
model, such as, without limitation, the introduction of a new product, the appointment of a new management team, or a merger or
acquisition.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #002D55">The investment adviser may reduce or sell the Fund's
investments in portfolio securities if, in the opinion of the investment adviser, a security's fundamentals change substantially,
its price appreciation leads to overvaluation in relation to the investment adviser's estimates of future earnings and cash flow
growth, the company appears unlikely to realize its growth potential or current income potential, more attractive investment opportunities
appear elsewhere or for other reasons.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #002D55">The Fund may invest without limitation in foreign
securities further described in this Prospectus depending on market conditions. These securities may be traded in the U.S. or in
foreign markets or both, and may be economically tied to emerging markets. The investment adviser generally selects foreign securities
on a security-by-security basis based primarily on considerations such as growth potential rather than geographic location or similar
considerations.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #002D55">The investment adviser has discretion to hedge exposures
to currencies, markets, interest rates and any other variables that could potentially affect returns to investors. The Fund may
use derivative investments or instruments such as futures, options, swaps, or forward currency contracts to attempt to hedge the
Fund's portfolio, or to serve other investment purposes as discussed further in this Prospectus under "More Information about
the Funds." The Fund is not intended as a vehicle for investing substantially in derivatives, and tends to hold such investments
only infrequently. The Fund is not required to hedge its investments and historically has rarely done so.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #002D55"><b>PRINCIPAL INVESTMENT RISKS </b></p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #002D55"><b>PRINCIPAL INVESTMENT RISKS </b></p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #002D55"><b>PRINCIPAL INVESTMENT RISKS </b></p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #002D55">Your investment in the Fund is not guaranteed by
any agency or program of the U.S. government or by any other person or entity, and <b>you could lose money investing in the Fund</b>.
The Fund's share price and total return will fluctuate. You should consider your own investment goals, time horizon and risk tolerance
before investing in the Fund. The principal risks associated with an investment in the Fund include the following:</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #002D55"><b><i>Equity Securities, Markets and Investment
Risks Generally. </i></b>The Fund is subject to the broad risks associated with investing in equity securities markets generally,
including, without limitation, the risks that the securities and markets in which the Fund invests may experience volatility and
instability, that domestic and global economies and markets may undergo 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.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #002D55"><b><i>Non-Diversification Risk. </i></b>The Fund
is classified as a "non-diversified" portfolio, which means it may hold fewer securities than a diversified fund because
it is permitted to invest a greater percentage of its assets in a smaller number of securities. Holding fewer securities increases
the risk that the value of the Fund could go down because of the poor performance of a single investment.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #002D55"><b><i>Foreign Investment Risk. </i></b>Investments
in foreign securities generally, and emerging markets in particular, may be riskier than U.S. investments for a variety of reasons
such as, without limitation, unstable international, political and economic conditions, currency fluctuations, foreign controls
on investment and currency exchange, foreign governmental control of some issuers, potential confiscatory taxation or nationalization
of companies by foreign governments, sovereign solvency considerations, withholding taxes, a lack of adequate company information,
less liquid and more volatile exchanges and/or markets, ineffective or detrimental government regulation, varying accounting standards,
political or economic factors that may severely limit business activities, legal systems or market practices that may permit inequitable
treatment of minority and/or non-domestic investors, immature economic structures, and less developed and more thinly-traded securities
markets.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #002D55"><b><i>Currency Risk. </i></b>The performance of
the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar,
particularly if the Fund invests a significant percentage of its assets in foreign securities or other assets denominated in currencies
not tightly pegged to the U.S. dollar.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #002D55"><b><i>Sector Risk. </i></b>While the Fund does not
have a principal investment strategy to focus its investments in any particular sector, the Fund from time to time may have significant
exposure to one or more sectors, and in those circumstances would be subject to risks associated with those sectors. These include
the risk that the stocks of multiple companies within a sector could simultaneously decline in price because of an event that affects
the entire sector.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #002D55">These and other risks (including risks associated
with fixed and variable income securities) are discussed in more detail later in this Prospectus and in the Fund's Statement of
Additional Information.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #002D55">Your investment in the Fund is not guaranteed by
any agency or program of the U.S. government or by any other person or entity, and <b>you could lose money investing in the Fund</b>.
The Fund's share price and total return will fluctuate. You should consider your own investment goals, time horizon and risk tolerance
before investing in the Fund. The principal risks associated with an investment in the Fund include the following:</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #002D55"><b><i>Equity Securities, Markets, and Investment
Risks Generally. </i></b>The Fund is subject to the broad risks associated with investing in equity securities markets generally,
including, without limitation, the risks that the securities and markets in which the Fund invests may experience volatility and
instability, that domestic and global economies and markets may undergo 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<b><i>.</i></b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #002D55"><b><i>Foreign Investment Risk.</i></b> Investments
in foreign securities generally, and emerging markets in particular, may be riskier than U.S. investments for a variety of reasons
such as, without limitation, unstable international, political and economic conditions, currency fluctuations, foreign controls
on investment and currency exchange, foreign governmental control of some issuers, potential confiscatory taxation or nationalization
of companies by foreign governments, sovereign solvency considerations, withholding taxes, a lack of adequate company information,
less liquid and more volatile exchanges and/or markets, ineffective or detrimental government regulation, varying accounting standards,
political or economic factors that may severely limit business activities, legal systems or market practices that may permit inequitable
treatment of minority and/or non-domestic investors, immature economic structures, and less developed and more thinly-traded securities
markets.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #002D55"><b><i>Currency Risk. </i></b>The performance of
the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar,
particularly if the Fund invests a significant percentage of its assets in foreign securities or other assets denominated in currencies
not tightly pegged to the U.S. dollar.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #002D55"><b><i>Sector Risk.</i></b> While the Fund does not
have a principal investment strategy to focus its investments in any particular sector, the Fund from time to time may have significant
exposure to one or more sectors, and in those circumstances would be subject to risks associated with those sectors. These include
the risk that the stocks of multiple companies within a sector could simultaneously decline in price because of an event that affects
the entire sector.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #002D55">These and other risks (including risks associated
with fixed and variable income securities) are discussed in more detail later in this Prospectus and in the Fund's Statement of
Additional Information.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #002D55">Your investment in the Fund is not guaranteed by
any agency or program of the U.S. government or by any other person or entity, and <b>you could lose money investing in the Fund</b>.
The Fund's share price and total return will fluctuate. You should consider your own investment goals, time horizon and risk tolerance
before investing in the Fund. The principal risks associated with an investment in the Fund include the following:</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #002D55"><b><i>Equity Securities, Markets, and Investment
Risks Generally. </i></b>The Fund is subject to the broad risks associated with investing in equity securities markets generally,
including, without limitation, the risks that the securities and markets in which the Fund invests may experience volatility and
instability, that domestic and global economies and markets may undergo 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.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #002D55"><b><i>Risks of Small- and Medium-Capitalization
Company Investing.</i></b> The Fund's investments in small-capitalization and medium-capitalization companies can involve more
risk than its investments in large-capitalization companies because smaller companies have potentially greater sensitivity to adverse
business or economic conditions. Normally, smaller companies may have more limited financial resources, markets or product lines,
less access to capital markets, and more limited trading in their stocks. This can cause the prices of equity securities of these
companies to be more volatile than those of larger capitalization companies, or to decline more significantly during market downturns
than the market as a whole.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #002D55"><b><i>Foreign Investment Risk. </i></b>Investments
in foreign securities generally, and emerging markets in particular, may be riskier than U.S. investments for a variety of reasons
such as, without limitation, unstable international, political and economic conditions, currency fluctuations, foreign controls
on investment and currency exchange, foreign governmental control of some issuers, potential confiscatory taxation or nationalization
of companies by foreign governments, sovereign solvency considerations, withholding taxes, a lack of adequate company information,
less liquid and more volatile exchanges and/or markets, ineffective or detrimental government regulation, varying accounting standards,
political or economic factors that may severely limit business activities, legal systems or market practices that may permit inequitable
treatment of minority and/or non-domestic investors, immature economic structures, and less developed and more thinly-traded securities
markets.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #002D55"><b><i>Currency Risk. </i></b>The performance of
the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar,
particularly if the Fund invests a significant percentage of its assets in foreign securities or other assets denominated in currencies
not tightly pegged to the U.S. dollar.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #002D55"><b><i>Sector Risk.</i></b> While the Fund does not
have a principal investment strategy to focus its investments in any particular sector, the Fund from time to time may have significant
exposure to one or more sectors, and in those circumstances would be subject to risks associated with those sectors. These include
the risk that the stocks of multiple companies within a sector could simultaneously decline in price because of an event that affects
the entire sector.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #002D55">These and other risks (including risks associated
with fixed and variable income securities) are discussed in more detail later in this Prospectus and in the Fund's Statement of
Additional Information.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #002D55"><b>PERFORMANCE </b></p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #002D55"><b>PERFORMANCE </b></p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #002D55"><b>PERFORMANCE </b></p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #002D55">The following bar chart and table provide some indication
of the risk of investing in the Fund. The bar chart shows changes in the Fund's performance from calendar year to year for the
past ten years, together with the best and worst quarters during that time. The table shows how the Fund's average annual returns
(before and after taxes) for the periods of one year, five years, ten years, and since inception, compared to those of a broad-based
securities market index. All presentations assume reinvestment of dividends and distributions. As with all mutual funds, past performance
(before and after taxes) is not necessarily an indication of future results.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #002D55">You can obtain updated performance information on
our website at <b>marsicofunds.com</b>, or by calling <b>888-860-8686</b>.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #002D55">The following bar chart and table provide some indication
of the risk of investing in the Fund. The bar chart shows changes in the Fund's performance from calendar year to year for the
past ten years, together with the best and worst quarters during that time. The table shows how the Fund's average annual returns
(before and after taxes) for the periods of one year, five years, ten years, and since inception, compared to those of a broad-based
securities market index. All presentations assume reinvestment of dividends and distributions. As with all mutual funds, past performance
(before and after taxes) is not necessarily an indication of future results.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #002D55">You can obtain updated performance information on
our website at <b>marsicofunds.com</b>, or by calling <b>888-860-8686</b>.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #002D55">The following bar chart and table provide some indication
of the risk of investing in the Fund. The bar chart shows changes in the Fund's performance from calendar year to year for the
past ten years, together with the best and worst quarters during that time. The table shows how the Fund's average annual returns
(before and after taxes) for the periods of one year, five years, ten years, and since inception, compared to those of a broad-based
securities market index. Effective January 31, 2018, the Russell Midcap Growth Index was made the primary benchmark index of the
Fund because under current market conditions the Fund is invested substantially in medium-capitalization securities, and the S&P
500 Index was made a supplemental benchmark index. The Russell Midcap Growth Index is an index composed of mid-capitalization U.S.
equities that exhibit growth characteristics. All presentations assume reinvestment of dividends and distributions. As with all
mutual funds, past performance (before and after taxes) is not necessarily an indication of future results.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #002D55">You can obtain updated performance information on
our website at <b>marsicofunds.com</b>, or by calling <b>888-860-8686</b>.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; color: #002D55"><b>CALENDAR YEAR TOTAL RETURNS
</b></p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; color: #002D55"><b>CALENDAR YEAR TOTAL RETURNS
</b></p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; color: #002D55"><b>CALENDAR YEAR TOTAL RETURNS
</b></p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #002D55"><b>AVERAGE ANNUAL TOTAL RETURNS </b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #002D55"><i>(for periods ended 12/31/17)</i></p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #002D55"><b>AVERAGE ANNUAL TOTAL RETURNS </b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #002D55"><i>(for periods ended 12/31/17)</i></p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #002D55"><b>AVERAGE ANNUAL TOTAL RETURNS </b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #002D55"><i>(for periods ended 12/31/17)</i></p>0000.00770.00800.00800.00000.00000.00000.00360.00370.00360.01130.01170.01160.01130.01170.0116115119118359372368622644638137514201409-.4075-0.4283-.4522.3049.2936.2805.1831.1919.1698-.0265-.0094-.1206.1175.1257.1156.3811.3524.4196.1139.0871.0851.0143.0083.0023-.0685-.0508-.0185.3399.3111.30050.21830.33990.29000.23390.21830.31110.28300.19940.25270.30050.30050.17010.21830.15790.14260.10800.10960.15790.13030.09180.09700.15300.14530.14530.11710.15790.08500.06840.05000.05270.08500.06130.04200.04580.09100.04720.04720.03760.08500.07200.08230.07090.06890.07200.07650.06580.06330.05740.06140.06070.05110.05671997-12-311997-12-311997-12-311997-12-311997-12-311997-12-311997-12-311997-12-312000-02-012000-02-012000-02-012000-02-012000-02-01<div style="display: none">~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column period compact * column dei_LegalEntityAxis compact marsico_S000007710Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div><div style="display: none">~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column period compact * column dei_LegalEntityAxis compact marsico_S000007711Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div><div style="display: none">~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column period compact * column dei_LegalEntityAxis compact marsico_S000007712Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div><div style="display: none">~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column period compact * column dei_LegalEntityAxis compact marsico_S000007710Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div><div style="display: none">~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column period compact * column dei_LegalEntityAxis compact marsico_S000007711Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div><div style="display: none">~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column period compact * column dei_LegalEntityAxis compact marsico_S000007712Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div><div style="display: none">~ http://xbrl.sec.gov/rr/role/ExpenseExample column period compact * column dei_LegalEntityAxis compact marsico_S000007710Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div><div style="display: none">~ http://xbrl.sec.gov/rr/role/ExpenseExample column period compact * column dei_LegalEntityAxis compact marsico_S000007711Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div><div style="display: none">~ http://xbrl.sec.gov/rr/role/ExpenseExample column period compact * column dei_LegalEntityAxis compact marsico_S000007712Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div><div style="display: none">~ http://xbrl.sec.gov/rr/role/BarChartData column period compact * column dei_LegalEntityAxis compact marsico_S000007710Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div><div style="display: none">~ http://xbrl.sec.gov/rr/role/BarChartData column period compact * column dei_LegalEntityAxis compact marsico_S000007711Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div><div style="display: none">~ http://xbrl.sec.gov/rr/role/BarChartData column period compact * column dei_LegalEntityAxis compact marsico_S000007712Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div><div style="display: none">~ http://xbrl.sec.gov/rr/role/PerformanceTableData column period compact * column dei_LegalEntityAxis compact marsico_S000007710Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div><div style="display: none">~ http://xbrl.sec.gov/rr/role/PerformanceTableData column period compact * column dei_LegalEntityAxis compact marsico_S000007711Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div><div style="display: none">~ http://xbrl.sec.gov/rr/role/PerformanceTableData column period compact * column dei_LegalEntityAxis compact marsico_S000007712Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>Restated to reflect current Distribution and Service (12b-1) Fee accrual rates. As of June 1, 2018, the Fund does not accrue 12b-1 Fees.Restated to reflect current Distribution and Service (12b-1) Fee accrual rates. As of June 1, 2018, the Fund does not accrue 12b-1 Fees.Restated to reflect current Distribution and Service (12b-1) Fee accrual rates. As of June 1, 2018, the Fund does not accrue 12b-1 Fees.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 Distribution and Service (12b-1) Fees applicable to the Fund to reflect the current Distribution and Service (12b-1) Fee rate for the entire fiscal year, which is reflected in the Distribution and Service (12b-1) Fees line item above, and does not include Acquired Fund Fees and Expenses, which are included in Other Expenses above.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 Distribution and Service (12b-1) Fees applicable to the Fund to reflect the current Distribution and Service (12b-1) Fee rate for the entire fiscal year, which is reflected in the Distribution and Service (12b-1) Fees line item above, and does not include Acquired Fund Fees and Expenses, which are included in Other Expenses above..670.500.28Your investment in the Fund is not guaranteed by any agency or program of the U.S. government or by any other person or entity, and you could lose money investing in the Fund. Your investment in the Fund is not guaranteed by any agency or program of the U.S. government or by any other person or entity, and you could lose money investing in the Fund. Your investment in the Fund is not guaranteed by any agency or program of the U.S. government or by any other person or entity, and you could lose money investing in the Fund. The following bar chart and table provide some indication of the risk of investing in the Fund. The following bar chart and table provide some indication of the risk of investing in the Fund. The following bar chart and table provide some indication of the risk of investing in the Fund. As with all mutual funds, past performance (before and after taxes) is not necessarily an indication of future results.As with all mutual funds, past performance (before and after taxes) is not necessarily an indication of future results.As with all mutual funds, past performance (before and after taxes) is not necessarily an indication of future results. marsicofunds.commarsicofunds.commarsicofunds.com888-860-8686888-860-8686888-860-8686Best QuarterBest QuarterBest Quarter2009-09-302009-09-302009-06-300.16530.16060.2085Worst Quarter Worst Quarter Worst Quarter 2008-12-312008-12-312008-12-31-0.2329-0.2400-0.2576After-tax returns are calculated using the historical highest individual federal marginal income tax rates currently in effect and do not reflect the impact of state and local taxes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates currently in effect and do not reflect the impact of state and local taxes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates currently in effect and do not reflect the impact of state and local taxes. 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.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.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 is classified as a "non-diversified" portfolio, which means it may hold fewer securities than a diversified fund because it is permitted to invest a greater percentage of its assets in a smaller number of securities. Holding fewer securities increases the risk that the value of the Fund could go down because of the poor performance of a single investment.MFOCXMGRIXMXXIX<table cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="width: 41%"><font style="font-size: 11pt; color: #002D55"><b>Best Quarter</b></font></td>
<td style="width: 28%"><font style="font-size: 11pt; color: #002D55"><b>(09/30/09):</b></font></td>
<td style="width: 31%; text-align: center"><font style="font-size: 11pt; color: #002D55"><b>16.53%</b></font></td></tr>
<tr style="vertical-align: top">
<td><font style="font-size: 11pt; color: #002D55"><b>Worst Quarter </b></font></td>
<td><font style="font-size: 11pt; color: #002D55"><b>(12/31/08):</b></font></td>
<td style="text-align: center"><font style="font-size: 11pt; color: #002D55"><b>-23.29%</b></font></td></tr>
</table><table cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="width: 41%"><font style="font-size: 11pt; color: #002D55"><b>Best Quarter</b></font></td>
<td style="width: 28%"><font style="font-size: 11pt; color: #002D55"><b>(09/30/09):</b></font></td>
<td style="width: 31%; text-align: center"><font style="font-size: 11pt; color: #002D55"><b>16.06%</b></font></td></tr>
<tr style="vertical-align: top">
<td><font style="font-size: 11pt; color: #002D55"><b>Worst Quarter </b></font></td>
<td><font style="font-size: 11pt; color: #002D55"><b>(12/31/08):</b></font></td>
<td style="text-align: center"><font style="font-size: 11pt; color: #002D55"><b>-24.00%</b></font></td></tr>
</table><table cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="width: 40%"><font style="font-size: 11pt; color: #002D55"><b>Best Quarter</b></font></td>
<td style="width: 30%"><font style="font-size: 11pt; color: #002D55"><b>(06/30/09):</b></font></td>
<td style="width: 30%; text-align: center"><font style="font-size: 11pt; color: #002D55"><b>20.85%</b></font></td></tr>
<tr style="vertical-align: top">
<td><font style="font-size: 11pt; color: #002D55"><b>Worst Quarter </b></font></td>
<td><font style="font-size: 11pt; color: #002D55"><b>(12/31/08):</b></font></td>
<td style="text-align: center"><font style="font-size: 11pt; color: #002D55"><b>-25.76%</b></font></td></tr>
</table>Your investment in the Fund is not guaranteed by any agency or program of the U.S. government or by any other person or entity, and you could lose money investing in the Fund. Your investment in the Fund is not guaranteed by any agency or program of the U.S. government or by any other person or entity, and you could lose money investing in the Fund. Your investment in the Fund is not guaranteed by any agency or program of the U.S. government or by any other person or entity, and you could lose money investing in the Fund. After-tax returns are calculated using the historical highest individual federal marginal income tax rates currently in effect and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. 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.Restated to reflect current Distribution and Service (12b-1) Fee accrual rates. As of June 1, 2018, the Fund does not accrue 12b-1 Fees.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 Distribution and Service (12b-1) Fees applicable to the Fund to reflect the current Distribution and Service (12b-1) Fee rate for the entire fiscal year, which is reflected in the Distribution and Service (12b-1) Fees line item above, and does not include Acquired Fund Fees and Expenses, which are included in Other Expenses above.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 Distribution and Service (12b-1) Fees applicable to the Fund to reflect the current Distribution and Service (12b-1) Fee rate for the entire fiscal year, which is reflected in the Distribution and Service (12b-1) Fees line item above.EX-101.SCH
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Legal Entity [Axis]Marsico Focus FundPerformance Measure [Axis]S&P 500 Index (reflects no deduction for fees, expenses or taxes)Share Class [Axis]Marsico Focus Fund SharesAfter Taxes on DistributionsAfter Taxes on Distributions and SalesMarsico Growth FundS&P 500 Index (reflects no deduction for fees, expenses or taxes)Marsico Growth Fund SharesMarsico 21st Century FundRussell Midcap Growth Index (reflects no deduction for fees, expenses or taxes)Marsico 21st Century Fund SharesS&P 500 Index (reflects no deduction for fees, expenses or taxes)Document And Entity InformationDocument TypeDocument Period End DateRegistrant NameCentral Index KeyAmendment FlagAmendment DescriptionTrading SymbolDocument Creation DateDocument Effective DateProspectus DateRisk/Return [Heading]Objective [Heading]Objective, Primary [Text Block]Objective, Secondary [Text Block]Expense [Heading]Expense Narrative [Text Block]Shareholder Fees Caption [Text]Shareholder Fees [Table]Operating Expenses Caption [Text]Annual Fund Operating Expenses [Table]Expense Footnotes [Text Block]Expenses Deferred Charges [Text Block]Expenses Range of Exchange Fees [Text Block]Expense Example [Heading]Expense Example by Year [Heading]Expense Example Narrative [Text Block]Expense Example by, Year, Caption [Text]Expense Example, With Redemption [Table]Expense Example, No Redemption Narrative [Text Block]Expense Example, No Redemption, By Year, Caption [Text]Expense Example, No Redemption [Table]Expense Example Footnotes [Text Block]Expense Example Closing [Text Block]Portfolio Turnover [Heading]Portfolio Turnover [Text Block]Strategy [Heading]Strategy Narrative [Text Block]Risk [Heading]Risk Narrative [Text Block]Risk Footnotes [Text Block]Risk Closing [Text Block]Bar Chart and Performance Table [Heading]Performance Narrative [Text Block]Bar Chart Narrative [Text Block]Bar Chart [Heading]Bar Chart [Table]Bar Chart Footnotes [Text Block]Bar Chart Closing [Text Block]Performance Table HeadingPerformance Table NarrativePerformance [Table]Market Index Performance [Table]Performance Table FootnotesPerformance Table Closing [Text Block]Marsico International Opportunities FundMarsico Flexible Capital FundMarsico Global FundShareholder Fees Column [Text]Maximum Cumulative Sales Charge (as a percentage of Offering Price)Maximum Cumulative Sales Charge (as a percentage)Maximum Sales Charge Imposed on Purchases (as a percentage of Offering Price)Maximum Deferred Sales Charge (as a percentage of Offering Price)Maximum Deferred Sales Charge (as a percentage)Maximum Sales Charge on Reinvested Dividends and Distributions (as a percentage)Redemption Fee (as a percentage of Amount Redeemed)Redemption FeeExchange Fee (as a percentage of Amount Redeemed)Exchange FeeMaximum Account Fee (as a percentage of Assets)Maximum Account FeeShareholder Fee, OtherMarsico International Opportunities Fund SharesMarsico Flexible Capital Fund SharesMarsico Global Fund SharesOperating Expenses Column [Text]Management FeeDistribution and Service (12b-1) FeesDistribution or Similar (Non 12b-1) FeesComponent1 Other ExpensesComponent2 Other ExpensesComponent3 Other ExpensesOther ExpensesAcquired Fund Fees and ExpensesTotal Annual Fund Operating ExpensesFee Waiver and/or Expense ReimbursementNet ExpensesExpense Example, By Year, Column [Text]One YearThree YearsFive YearsTen YearsExpense Example, No Redemption, By Year, Column [Text]Expense Example, No Redemption, 1 YearExpense Example, No Redemption, 3 YearsExpense Example, No Redemption, 5 YearsExpense Example, No Redemption, 10 YearsAnnual Return Caption [Text]Annual Return, Column [Text]Annual Return, Inception DateAnnual Return 1990Annual Return 1991Annual Return 1992Annual Return 1993Annual Return 1994Annual Return 1995Annual Return 1996Annual Return 1997Annual Return 1998Annual Return 1999Annual Return 2000Annual Return 2001Annual Return 2002Annual Return 2003Annual Return 2004Annual Return 2005Annual Return 2006Annual Return 2007Annual Return 2008Annual Return 2009Annual Return 2010Annual Return 2011Annual Return 2012Annual Return 2013Annual Return 2014Annual Return 2015Annual Return 2016Annual Return 2017Annual Return 2018Annual Return 2019Annual Return 2020Label1 Year5 Years10 YearsSince InceptionInception DateMorgan Stanley Capital International Europe Australasia Far East (“EAFE“) Index (reflects no deduction for fees, expenses or taxes)S&P 500 Index (reflects no deduction for fees, expenses or taxes)Morgan Stanley Capital International All Country World Index (reflects no deduction for fees, expenses or taxes)Risk/Return Detail [Table]Fee Waiver and/or Expense ReimbursementFee Waiver or Reimbursement over Assets, Date of TerminationPortfolio Turnover, RateExpense Breakpoint Discounts [Text]Expense Breakpoint, Minimum Investment Required [Amount]Expense Exchange Traded Fund Commissions [Text]Expenses Represent Both Master and Feeder [Text]Expenses Explanation of Nonrecurring Account Fee [Text]Other Expenses, New Fund, 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Chart, Year to Date ReturnHighest Quarterly Return, LabelHighest Quarterly Return, DateHighest Quarterly ReturnLowest Quarterly Return, LabelLowest Quarterly Return, DateLowest Quarterly ReturnPerformance Table Does Reflect Sales LoadsPerformance Table Market Index ChangedIndex No Deduction for Fees, Expenses, Taxes [Text]Performance Table Uses Highest Federal RatePerformance Table Not Relevant to Tax DeferredPerformance Table One Class of after Tax Shown [Text]Performance Table Explanation after Tax HigherPerformance Table Footnotes, Reason Performance Information for Class Different from Immediately Preceding Period [Text]CaptionColumnMoney Market Seven Day Yield, Caption [Text]Money Market Seven Day Yield Column [Text]Money Market Seven Day Yield PhoneMoney Market Seven Day YieldMoney Market Seven Day Tax Equivalent YieldThirty Day Yield CaptionThirty Day Yield Column [Text]Thirty Day Yield PhoneThirty Day YieldThirty Day Tax Equivalent YieldIndex2MemberIndex4MemberIndex6MemberEX-101.PRE
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IDEA: XBRL DOCUMENT
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The date the document was made available and submitted, in CCYY-MM-DD format. The date of submission, date of acceptance by the recipient, and the document effective date are all potentially different.
The date when a document, upon receipt and acceptance, becomes officially effective, in CCYY-MM-DD format. Usually it is a system-assigned date time value, but it may be declared by the submitter in some cases.
The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.
The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word "Other".
Restated to reflect current Distribution and Service (12b-1) Fee accrual rates. As of June 1, 2018, the Fund does not accrue 12b-1 Fees.
[2]
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 Distribution and Service (12b-1) Fees applicable to the Fund to reflect the current Distribution and Service (12b-1) Fee rate for the entire fiscal year, which is reflected in the Distribution and Service (12b-1) Fees line item above, and does not include Acquired Fund Fees and Expenses, which are included in Other Expenses above.
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. This 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 those 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:
The Fund generally pays transaction costs, such
as brokerage 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 expenses or in the example above, affect the Fund's performance. During
the most recent fiscal year, the Fund's portfolio turnover rate was 67% of the average value of its portfolio.
PRINCIPAL INVESTMENT STRATEGIES
The Marsico Focus Fund is a "non-diversified"
portfolio and invests primarily in the common stocks of large companies that are selected for their long-term growth potential.
The Fund will normally hold a core position of between 20 and 35 common stocks. The number of securities held by the Fund may occasionally
exceed this range at times such as when the investment adviser to the Fund, Marsico Capital Management, LLC (see "Management"
below), is accumulating new positions, phasing out and replacing existing positions, or responding to exceptional market conditions.
In selecting investments for the Fund, the investment
adviser uses an approach that emphasizes the selection of what the investment adviser believes are stocks of high-quality companies
with compelling potential for long-term capital appreciation. The investment approach combines "top-down" macro-economic
analysis with "bottom-up" company and security analysis. The "top-down" approach generally considers macro-economic
factors to formulate the strategic backdrop for security selection. These factors may include, without limitation, interest rates,
inflation, monetary policy, fiscal policy, trade policy, currency movements, demographic trends, the regulatory environment, and
the global competitive landscape. The investment adviser may also examine other factors that may include, without limitation, the
most attractive global investment opportunities, sector and industry trends, industry consolidation, and the sustainability of
financial trends. Through this "top-down" analysis, the investment adviser seeks to create a strategic backdrop for actual
portfolio construction by identifying sectors, industries and companies that may benefit from the overall trends the investment
adviser has observed.
In the bottom-up analysis, the investment adviser
looks for individual companies or securities (including, without limitation, equity securities and fixed or variable income securities)
that are expected to offer earnings growth potential that may not be recognized by the market at large. In determining whether
a particular company or security may be a suitable investment, the investment adviser may focus on any of a number of different
attributes that may include, without limitation, the company's specific market expertise or dominance; its market-share position,
franchise durability, and pricing power; solid fundamentals (e.g., a strong balance sheet, improving profit margins and returns
on equity, the ability to generate free cash flow, apparent use of conservative accounting standards, and transparent financial
disclosure); strong and ethical management; commitment to shareholder interests; reasonable current valuations in the context of
projected growth rates and peer group comparisons; current income; and other positive, transformational catalysts or indications
that a company or security may be an attractive investment prospect. This process is called "bottom-up" company and security
analysis.
As part of this fundamental, "bottom-up"
research, the investment adviser may visit a company's management, and conduct other research to gain thorough knowledge of the
company. The investment adviser also may prepare detailed earnings and cash flow models of companies.
The core investments of the Fund (i.e., the primary
investments held by the Fund over time) generally may include established companies and securities that are expected to offer long-term
growth potential. However, the Fund's portfolio also may typically include securities of less mature companies, securities with
more aggressive growth characteristics, and securities of companies undergoing positive, transformational change in their business
model, such as, without limitation, the introduction of a new product, the appointment of a new management team, or a merger or
acquisition.
The investment adviser may reduce or sell the Fund's
investments in portfolio securities if, in the opinion of the investment adviser, a security's fundamentals change substantially,
its price appreciation leads to overvaluation in relation to the investment adviser's estimates of future earnings and cash flow
growth, the company appears unlikely to realize its growth potential or current income potential, more attractive investment opportunities
appear elsewhere or for other reasons.
The Fund may invest without limitation in foreign
securities further described in this Prospectus depending on market conditions. These securities may be traded in the U.S. or in
foreign markets or both, and may be economically tied to emerging markets. The investment adviser generally selects foreign securities
on a security-by-security basis based primarily on considerations such as growth potential rather than geographic location or similar
considerations.
The investment adviser has discretion to hedge exposures
to currencies, markets, interest rates and any other variables that could potentially affect returns to investors. The Fund may
use derivative investments or instruments such as futures, options, swaps, or forward currency contracts to attempt to hedge the
Fund's portfolio, or to serve other investment purposes as discussed further in this Prospectus under "More Information about
the Funds." The Fund is not intended as a vehicle for investing substantially in derivatives, and tends to hold such investments
only infrequently. The Fund is not required to hedge its investments and historically has rarely done so.
PRINCIPAL INVESTMENT RISKS
Your investment in the Fund is not guaranteed by
any agency or program of the U.S. government or by any other person or entity, and you could lose money investing in the Fund.
The Fund's share price and total return will fluctuate. You should consider your own investment goals, time horizon and risk tolerance
before investing in the Fund. The principal risks associated with an investment in the Fund include the following:
Equity Securities, Markets and Investment
Risks Generally. The Fund is subject to the broad risks associated with investing in equity securities markets generally,
including, without limitation, the risks that the securities and markets in which the Fund invests may experience volatility and
instability, that domestic and global economies and markets may undergo 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.
Non-Diversification Risk. The Fund
is classified as a "non-diversified" portfolio, which means it may hold fewer securities than a diversified fund because
it is permitted to invest a greater percentage of its assets in a smaller number of securities. Holding fewer securities increases
the risk that the value of the Fund could go down because of the poor performance of a single investment.
Foreign Investment Risk. Investments
in foreign securities generally, and emerging markets in particular, may be riskier than U.S. investments for a variety of reasons
such as, without limitation, unstable international, political and economic conditions, currency fluctuations, foreign controls
on investment and currency exchange, foreign governmental control of some issuers, potential confiscatory taxation or nationalization
of companies by foreign governments, sovereign solvency considerations, withholding taxes, a lack of adequate company information,
less liquid and more volatile exchanges and/or markets, ineffective or detrimental government regulation, varying accounting standards,
political or economic factors that may severely limit business activities, legal systems or market practices that may permit inequitable
treatment of minority and/or non-domestic investors, immature economic structures, and less developed and more thinly-traded securities
markets.
Currency Risk. The performance of
the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar,
particularly if the Fund invests a significant percentage of its assets in foreign securities or other assets denominated in currencies
not tightly pegged to the U.S. dollar.
Sector Risk. While the Fund does not
have a principal investment strategy to focus its investments in any particular sector, the Fund from time to time may have significant
exposure to one or more sectors, and in those circumstances would be subject to risks associated with those sectors. These include
the risk that the stocks of multiple companies within a sector could simultaneously decline in price because of an event that affects
the entire sector.
These and other risks (including risks associated
with fixed and variable income securities) are discussed in more detail later in this Prospectus and in the Fund's Statement of
Additional Information.
PERFORMANCE
The following bar chart and table provide some indication
of the risk of investing in the Fund. The bar chart shows changes in the Fund's performance from calendar year to year for the
past ten years, together with the best and worst quarters during that time. The table shows how the Fund's average annual returns
(before and after taxes) for the periods of one year, five years, ten years, and since inception, compared to those of a broad-based
securities market index. All presentations assume reinvestment of dividends and distributions. As with all mutual funds, past performance
(before and after taxes) is not necessarily an indication of future results.
You can obtain updated performance information on
our website at marsicofunds.com, or by calling 888-860-8686.
After-tax returns are calculated using the historical highest individual federal marginal income tax rates currently in effect and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. 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.
Marsico Growth Fund
MARSICO GROWTH FUND
INVESTMENT OBJECTIVE
The Marsico Growth Fund's goal is to seek long-term
growth of capital.
FEES AND EXPENSES OF THE FUND
This table 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)
Restated to reflect current Distribution and Service (12b-1) Fee accrual rates. As of June 1, 2018, the Fund does not accrue 12b-1 Fees.
[2]
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 Distribution and Service (12b-1) Fees applicable to the Fund to reflect the current Distribution and Service (12b-1) Fee rate for the entire fiscal year, which is reflected in the Distribution and Service (12b-1) Fees line item above.
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. This 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 those 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:
The Fund generally pays transaction costs, such
as brokerage 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 expenses or in the example above, affect the Fund's performance. During
the most recent fiscal year, the Fund's portfolio turnover rate was 50% of the average value of its portfolio.
PRINCIPAL INVESTMENT STRATEGIES
The Marsico Growth Fund is a "diversified"
portfolio and invests primarily in the common stocks of large companies that are selected for their long-term growth potential.
The Fund will normally hold a core position of between 35 and 50 common stocks. The number of securities held by the Fund may occasionally
exceed this range at times such as when the investment adviser to the Fund, Marsico Capital Management, LLC (see "Management"
below), is accumulating new positions, phasing out and replacing existing positions, or responding to exceptional market conditions.
In selecting investments for the Fund, the investment
adviser uses an approach that emphasizes the selection of what the investment adviser believes are stocks of high-quality companies
with compelling potential for long-term capital appreciation. The investment approach combines "top-down" macro-economic
analysis with "bottom-up" company and security analysis. The "top-down" approach generally considers certain
macro-economic factors to formulate the strategic backdrop for security selection. These factors may include, without limitation,
interest rates, inflation, monetary policy, fiscal policy, trade policy, currency movements, demographic trends, the regulatory
environment, and the global competitive landscape. The investment adviser may also examine other factors that may include, without
limitation, the most attractive global investment opportunities, sector and industry trends, industry consolidation, and the sustainability
of financial trends. Through this "top-down" analysis, the investment adviser seeks to create a strategic backdrop for
actual portfolio construction by identifying sectors, industries and companies that may benefit from the overall trends the investment
adviser has observed.
In the bottom-up analysis, the investment adviser
looks for individual companies or securities (including, without limitation, equity securities and fixed or variable income securities)
that are expected to offer earnings growth potential that may not be recognized by the market at large. In determining whether
a particular company or security may be a suitable investment, the investment adviser may focus on any of a number of different
attributes that may include, without limitation, the company's specific market expertise or dominance; its market-share position,
franchise durability, and pricing power; solid fundamentals (e.g., a strong balance sheet, improving profit margins and returns
on equity, the ability to generate free cash flow, apparent use of conservative accounting standards, and transparent financial
disclosure); strong and ethical management; commitment to shareholder interests; reasonable current valuations in the context of
projected growth rates and peer group comparisons; current income; and other positive, transformational catalysts or indications
that a company or security may be an attractive investment prospect. This process is called "bottom-up" company and security
analysis.
As part of this fundamental, "bottom-up"
research, the investment adviser may visit a company's management, and conduct other research to gain thorough knowledge of the
company. The investment adviser also may prepare detailed earnings and cash flow models of companies.
The core investments of the Fund (i.e., the primary
investments held by the Fund over time) generally may include established companies and securities that are expected to offer long-term
growth potential. However, the Fund's portfolio also may typically include securities of less mature companies, securities with
more aggressive growth characteristics, and securities of companies undergoing positive transformational change in their business
model, such as, without limitation, the introduction of a new product, the appointment of a new management team, or a merger or
acquisition.
The investment adviser may reduce or sell the Fund's
investments in portfolio securities if, in the opinion of the investment adviser, a security's fundamentals change substantially,
its price appreciation leads to overvaluation in relation to the investment adviser's estimates of future earnings and cash flow
growth, the company appears unlikely to realize its growth potential or current income potential, more attractive investment opportunities
appear elsewhere or for other reasons.
The Fund may invest without limitation in foreign
securities further described in this Prospectus depending on market conditions. These securities may be traded in the U.S. or in
foreign markets or both, and may be economically tied to emerging markets. The investment adviser generally selects foreign securities
on a security-by-security basis based primarily on considerations such as growth potential rather than geographic location or similar
considerations.
The investment adviser has discretion to hedge exposures
to currencies, markets, interest rates and any other variables that could potentially affect returns to investors. The Fund may
use derivative investments or instruments such as futures, options, swaps, or forward currency contracts to attempt to hedge the
Fund's portfolio, or to serve other investment purposes as discussed further in this Prospectus under "More Information about
the Funds." The Fund is not intended as a vehicle for investing substantially in derivatives, and tends to hold such investments
only infrequently. The Fund is not required to hedge its investments and historically has rarely done so.
PRINCIPAL INVESTMENT RISKS
Your investment in the Fund is not guaranteed by
any agency or program of the U.S. government or by any other person or entity, and you could lose money investing in the Fund.
The Fund's share price and total return will fluctuate. You should consider your own investment goals, time horizon and risk tolerance
before investing in the Fund. The principal risks associated with an investment in the Fund include the following:
Equity Securities, Markets, and Investment
Risks Generally. The Fund is subject to the broad risks associated with investing in equity securities markets generally,
including, without limitation, the risks that the securities and markets in which the Fund invests may experience volatility and
instability, that domestic and global economies and markets may undergo 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.
Foreign Investment Risk. Investments
in foreign securities generally, and emerging markets in particular, may be riskier than U.S. investments for a variety of reasons
such as, without limitation, unstable international, political and economic conditions, currency fluctuations, foreign controls
on investment and currency exchange, foreign governmental control of some issuers, potential confiscatory taxation or nationalization
of companies by foreign governments, sovereign solvency considerations, withholding taxes, a lack of adequate company information,
less liquid and more volatile exchanges and/or markets, ineffective or detrimental government regulation, varying accounting standards,
political or economic factors that may severely limit business activities, legal systems or market practices that may permit inequitable
treatment of minority and/or non-domestic investors, immature economic structures, and less developed and more thinly-traded securities
markets.
Currency Risk. The performance of
the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar,
particularly if the Fund invests a significant percentage of its assets in foreign securities or other assets denominated in currencies
not tightly pegged to the U.S. dollar.
Sector Risk. While the Fund does not
have a principal investment strategy to focus its investments in any particular sector, the Fund from time to time may have significant
exposure to one or more sectors, and in those circumstances would be subject to risks associated with those sectors. These include
the risk that the stocks of multiple companies within a sector could simultaneously decline in price because of an event that affects
the entire sector.
These and other risks (including risks associated
with fixed and variable income securities) are discussed in more detail later in this Prospectus and in the Fund's Statement of
Additional Information.
PERFORMANCE
The following bar chart and table provide some indication
of the risk of investing in the Fund. The bar chart shows changes in the Fund's performance from calendar year to year for the
past ten years, together with the best and worst quarters during that time. The table shows how the Fund's average annual returns
(before and after taxes) for the periods of one year, five years, ten years, and since inception, compared to those of a broad-based
securities market index. All presentations assume reinvestment of dividends and distributions. As with all mutual funds, past performance
(before and after taxes) is not necessarily an indication of future results.
You can obtain updated performance information on
our website at marsicofunds.com, or by calling 888-860-8686.
CALENDAR YEAR TOTAL RETURNS
Best Quarter
(09/30/09):
16.06%
Worst Quarter
(12/31/08):
-24.00%
AVERAGE ANNUAL TOTAL RETURNS
(for periods ended 12/31/17)
Average Annual Total Returns - Marsico Growth Fund
After-tax returns are calculated using the historical highest individual federal marginal income tax rates currently in effect and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. 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.
Marsico 21st Century Fund
MARSICO 21st
CENTURY FUND
INVESTMENT OBJECTIVE
The Marsico 21st
Century Fund's goal is to seek long-term growth of capital.
FEES AND EXPENSES OF THE FUND
This table 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)
Restated to reflect current Distribution and Service (12b-1) Fee accrual rates. As of June 1, 2018, the Fund does not accrue 12b-1 Fees.
[2]
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 Distribution and Service (12b-1) Fees applicable to the Fund to reflect the current Distribution and Service (12b-1) Fee rate for the entire fiscal year, which is reflected in the Distribution and Service (12b-1) Fees line item above, and does not include Acquired Fund Fees and Expenses, which are included in Other Expenses above.
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. This 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 those 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:
The Fund generally pays transaction costs, such
as brokerage 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 expenses or in the example above, affect the Fund's performance. During
the most recent fiscal year, the Fund's portfolio turnover rate was 28% of the average value of its portfolio.
PRINCIPAL INVESTMENT STRATEGIES
The Marsico 21st
Century Fund is a "diversified" portfolio and invests primarily in common stocks that are selected for their long-term
growth potential. The Fund may invest in companies of any size. The portions of Fund assets invested in large-capitalization, medium-capitalization,
or small-capitalization companies (which are described further in "Some Defined Terms" later in the prospectus) will
vary based on market conditions, depending on the portfolio manager's judgment as to how to achieve the Fund's investment objective.
Under current market conditions the portfolio manager expects to invest substantially in medium-capitalization companies. The Fund
will normally hold a core position of between 35 and 60 common stocks, but the number of securities held by the Fund may occasionally
exceed this range at times such as when the investment adviser to the Fund, Marsico Capital Management, LLC (see "Management"
below), is accumulating new positions, phasing out and replacing existing positions, or responding to exceptional market conditions.
In selecting investments for the Fund, the investment
adviser uses an approach that emphasizes the selection of what the investment adviser believes are stocks of high-quality companies
with compelling potential for long-term capital appreciation. The investment approach combines "top-down" macro-economic
analysis with "bottom-up" company and security analysis. The "top-down" approach generally considers certain
macro-economic factors to formulate the strategic backdrop for security selection. These factors may include, without limitation,
interest rates, inflation, monetary policy, fiscal policy, trade policy, currency movements, demographic trends, the regulatory
environment, and the global competitive landscape. The investment adviser may also examine other factors that may include, without
limitation, the most attractive global investment opportunities, sector and industry trends, industry consolidation, and the sustainability
of financial trends. Through this "top-down" analysis, the investment adviser seeks to create a strategic backdrop for
actual portfolio construction by identifying sectors, industries and companies that may benefit from the overall trends the investment
adviser has observed.
In the bottom-up analysis, the investment adviser
looks for individual companies or securities (including, without limitation, equity securities and fixed or variable income securities)
that are expected to offer earnings growth potential that may not be recognized by the market at large. In determining whether
a particular company or security may be a suitable investment, the investment adviser may focus on any of a number of different
attributes that may include, without limitation, the company's specific market expertise or dominance; its market share position,
franchise durability, and pricing power; solid fundamentals (e.g., a strong balance sheet, improving profit margins and returns
on equity, the ability to generate free cash flow, apparent use of conservative accounting standards, and transparent financial
disclosure); strong and ethical management; commitment to shareholder interests; reasonable current valuations in the context of
projected growth rates and peer group comparisons; current income; and other positive transformational catalysts or indications
that a company or security may be an attractive investment prospect. This process is called "bottom-up" company and security
analysis.
As part of this fundamental, "bottom-up"
research, the investment adviser may visit a company's management, and conduct other research to gain thorough knowledge of the
company. The investment adviser also may prepare detailed earnings and cash flow models of companies.
The core investments of the Fund (i.e., the primary
investments held by the Fund over time) generally may include established companies and securities that are expected to offer long-term
growth potential. However, the Fund's portfolio also may typically include securities of less mature companies, securities with
more aggressive growth characteristics, and securities of companies undergoing positive, transformational change in their business
model, such as, without limitation, the introduction of a new product, the appointment of a new management team, or a merger or
acquisition.
The investment adviser may reduce or sell the Fund's
investments in portfolio securities if, in the opinion of the investment adviser, a security's fundamentals change substantially,
its price appreciation leads to overvaluation in relation to the investment adviser's estimates of future earnings and cash flow
growth, the company appears unlikely to realize its growth potential or current income potential, more attractive investment opportunities
appear elsewhere or for other reasons.
The Fund may invest without limitation in foreign
securities further described in this Prospectus depending on market conditions. These securities may be traded in the U.S. or in
foreign markets or both, and may be economically tied to emerging markets. The investment adviser generally selects foreign securities
on a security-by-security basis based primarily on considerations such as growth potential rather than geographic location or similar
considerations.
The investment adviser has discretion to hedge exposures
to currencies, markets, interest rates and any other variables that could potentially affect returns to investors. The Fund may
use derivative investments or instruments such as futures, options, swaps, or forward currency contracts to attempt to hedge the
Fund's portfolio, or to serve other investment purposes as discussed further in this Prospectus under "More Information about
the Funds." The Fund is not intended as a vehicle for investing substantially in derivatives, and tends to hold such investments
only infrequently. The Fund is not required to hedge its investments and historically has rarely done so.
PRINCIPAL INVESTMENT RISKS
Your investment in the Fund is not guaranteed by
any agency or program of the U.S. government or by any other person or entity, and you could lose money investing in the Fund.
The Fund's share price and total return will fluctuate. You should consider your own investment goals, time horizon and risk tolerance
before investing in the Fund. The principal risks associated with an investment in the Fund include the following:
Equity Securities, Markets, and Investment
Risks Generally. The Fund is subject to the broad risks associated with investing in equity securities markets generally,
including, without limitation, the risks that the securities and markets in which the Fund invests may experience volatility and
instability, that domestic and global economies and markets may undergo 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.
Risks of Small- and Medium-Capitalization
Company Investing. The Fund's investments in small-capitalization and medium-capitalization companies can involve more
risk than its investments in large-capitalization companies because smaller companies have potentially greater sensitivity to adverse
business or economic conditions. Normally, smaller companies may have more limited financial resources, markets or product lines,
less access to capital markets, and more limited trading in their stocks. This can cause the prices of equity securities of these
companies to be more volatile than those of larger capitalization companies, or to decline more significantly during market downturns
than the market as a whole.
Foreign Investment Risk. Investments
in foreign securities generally, and emerging markets in particular, may be riskier than U.S. investments for a variety of reasons
such as, without limitation, unstable international, political and economic conditions, currency fluctuations, foreign controls
on investment and currency exchange, foreign governmental control of some issuers, potential confiscatory taxation or nationalization
of companies by foreign governments, sovereign solvency considerations, withholding taxes, a lack of adequate company information,
less liquid and more volatile exchanges and/or markets, ineffective or detrimental government regulation, varying accounting standards,
political or economic factors that may severely limit business activities, legal systems or market practices that may permit inequitable
treatment of minority and/or non-domestic investors, immature economic structures, and less developed and more thinly-traded securities
markets.
Currency Risk. The performance of
the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar,
particularly if the Fund invests a significant percentage of its assets in foreign securities or other assets denominated in currencies
not tightly pegged to the U.S. dollar.
Sector Risk. While the Fund does not
have a principal investment strategy to focus its investments in any particular sector, the Fund from time to time may have significant
exposure to one or more sectors, and in those circumstances would be subject to risks associated with those sectors. These include
the risk that the stocks of multiple companies within a sector could simultaneously decline in price because of an event that affects
the entire sector.
These and other risks (including risks associated
with fixed and variable income securities) are discussed in more detail later in this Prospectus and in the Fund's Statement of
Additional Information.
PERFORMANCE
The following bar chart and table provide some indication
of the risk of investing in the Fund. The bar chart shows changes in the Fund's performance from calendar year to year for the
past ten years, together with the best and worst quarters during that time. The table shows how the Fund's average annual returns
(before and after taxes) for the periods of one year, five years, ten years, and since inception, compared to those of a broad-based
securities market index. Effective January 31, 2018, the Russell Midcap Growth Index was made the primary benchmark index of the
Fund because under current market conditions the Fund is invested substantially in medium-capitalization securities, and the S&P
500 Index was made a supplemental benchmark index. The Russell Midcap Growth Index is an index composed of mid-capitalization U.S.
equities that exhibit growth characteristics. All presentations assume reinvestment of dividends and distributions. As with all
mutual funds, past performance (before and after taxes) is not necessarily an indication of future results.
You can obtain updated performance information on
our website at marsicofunds.com, or by calling 888-860-8686.
CALENDAR YEAR TOTAL RETURNS
Best Quarter
(06/30/09):
20.85%
Worst Quarter
(12/31/08):
-25.76%
AVERAGE ANNUAL TOTAL RETURNS
(for periods ended 12/31/17)
Average Annual Total Returns - Marsico 21st Century Fund
After-tax returns are calculated using the historical highest individual federal marginal income tax rates currently in effect and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. 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.
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
Distribution [and/or Service] (12b-1) Fees" include all distribution or other expenses incurred during the most recent fiscal year under a plan adopted pursuant to rule 12b-1 [17 CFR 270.12b-1]. Under an appropriate caption or a subcaption of "Other Expenses," disclose the amount of any distribution or similar expenses deducted from the Fund's assets other than pursuant to a rule 12b-1 plan.
Risk/Return Summary Fee Table Includes the following information, in plain English under rule 421(d) under the Securities Act, after Item 2 Fees and expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shared of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $[_____] in [name of fund family] funds. Shareholder Fees (fees paid directly from your investment) 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 you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be You would pay the following expenses if you did not redeem your shares The Example does not reflect sales charges (loads) on reinvested dividends [and other distributions]. If these sales charges (loads) were included, your costs would be higher. 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 may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was __% of the average value of its whole portfolio. Instructions. A.3.instructions.6 New Funds. For purposes of this Item, a "New Fund" is a Fund that does not include in Form N-1A financial statements reporting operating results or that includes financial statements for the Fund's initial fiscal year reporting operating results for a period of 6 months or less. The following Instructions apply to New Funds.
This table describes the fees and expenses that you may pay if you buy and hold shared of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $[_____] in [name of fund family] funds. Include the narrative explanations in the order indicated. A Fund may modify the narrative explanations if the explanation contains comparable information to that shown. The narrative explanation regarding sales charge discounts is only required by a Fund that offers such discounts and should specify the minimum level of investment required to qualify for a discount. Modify the narrative explanation to state that Fund shares are sold on a national securities exchange at the end of the time periods indicated, and that brokerage commissions for buying and selling Fund shares through a broker are not reflected.
Total Annual Fund Operating Expenses. If the Fund is a Feeder Fund, reflect the aggregate expenses of the Feeder Fund and the Master Fund in a single fee table using the captions provided. In a footnote to the fee table, state that the table and Example reflect the expenses of both the Feeder and Master Funds. If the prospectus offers more than one Class of a Multiple Class Fund or more than one Feeder Fund that invests in the same Master Fund, provide a separate response for each Class or Feeder Fund. Base the percentages of "Annual Fund Operating Expenses" on amounts incurred during the Fund's most recent fiscal year, but include in expenses amounts that would have been incurred absent expense reimbursement or fee waiver arrangements. If the Fund has changed its fiscal year and, as a result, the most recent fiscal year is less than three months, use the fiscal year prior to the most recent fiscal year as the basis for determining "Annual Fund Operating Expenses."
Management Fees include investment advisory fees (including any fees based on the Fund's performance), any other management fees payable to the investment adviser or its affiliates, and administrative fees payable to the investment adviser or its affiliates that are not included as "Other Expenses."
Investment Objectives/Goals. Disclose the Fund's investment objectives or goals. A Fund also may identify its type or category (e.g., that it is a Money Market Fund or a balanced fund).
Investment Objectives/Goals. Disclose the Fund's investment objectives or goals. A Fund also may identify its type or category (e.g., that it is a Money Market Fund or a balanced fund).
"Other Expenses" include all expenses not otherwise disclosed in the table that are deducted from the Fund's assets or charged to all shareholder accounts. The amount of expenses deducted from the Fund's assets are the amounts shown as expenses in the Fund's statement of operations (including increases resulting from complying with paragraph 2(g) of rule 6-07 of Regulation S-X [17 CFR 210.6-07]). "Other Expenses" do not include extraordinary expenses as determined under generally accepted accounting principles (see Accounting Principles Board Opinion No. 30). If extraordinary expenses were incurred that materially affected the Fund's "Other Expenses," disclose in a footnote to the table what "Other Expenses" would have been had the extraordinary expenses been included.
This item represents Average Anuual Total Returns. If a Multiple Class Fund offers a Class in the prospectus that converts into another Class after a stated period, compute average annual total returns in the table by using the returns of the other Class for the period after conversion.
Disclose the portfolio turnover rate provided in response to Item 14(a) for the most recent fiscal year (or for such shorter period as the Fund has been in operation). Disclose the period for which the information is provided if less than a full fiscal year. A Fund that is a Money Market Fund may omit the portfolio turnover information required by this Item.
Disclose the portfolio turnover rate provided in response to Item 14(a) for the most recent fiscal year (or for such shorter period as the Fund has been in operation). Disclose the period for which the information is provided if less than a full fiscal year. A Fund that is a Money Market Fund may omit the portfolio turnover information required by this Item.
"Redemption Fee" (as a percentage of amount redeemed, if applicable) If the Fund is an Exchange-Traded Fund and issues or redeems shares in creation units of not less than 25,000 shares each, exclude any fees charged for the purchase and redemption of the Fund's creation units. "Redemption Fee" includes a fee charged for any redemption of the Fund's shares, but does not include a deferred sales charge (load) imposed upon redemption.
Narrative Risk Disclosure. A Fund may, in responding to this Item, describe the types of investors for whom the Fund is intended or the types of investment goals that may be consistent with an investment in the Fund.
Risk/Return Summary Investment Objectives/Goals Include the following information, in plain English under rule 421(d) under the Securities Act, in the order and subject matter indicated
Principal investment strategies of the Fund. Summarize how the Fund intends to achieve its investment objectives by identifying the Fund's principal investment strategies (including the type or types of securities in which the Fund invests or will invest principally) and any policy to concentrate in securities of issuers in a particular industry or group of industries.
Principal investment strategies of the Fund. Summarize how the Fund intends to achieve its investment objectives by identifying the Fund's principal investment strategies (including the type or types of securities in which the Fund invests or will invest principally) and any policy to concentrate in securities of issuers in a particular industry or group of industries.
The Fund generally pays transaction costs, such
as brokerage 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 expenses or in the example above, affect the Fund's performance. During
the most recent fiscal year, the Fund's portfolio turnover rate was 67% of the average value of its portfolio.
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 Distribution and Service (12b-1) Fees applicable to the Fund to reflect the current Distribution and Service (12b-1) Fee rate for the entire fiscal year, which is reflected in the Distribution and Service (12b-1) Fees line item above, and does not include Acquired Fund Fees and Expenses, which are included in Other Expenses above.
This example is intended to help you compare the
cost of investing in the Fund with the cost of investing in other mutual funds. This 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 those 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:
The Marsico Focus Fund is a "non-diversified"
portfolio and invests primarily in the common stocks of large companies that are selected for their long-term growth potential.
The Fund will normally hold a core position of between 20 and 35 common stocks. The number of securities held by the Fund may occasionally
exceed this range at times such as when the investment adviser to the Fund, Marsico Capital Management, LLC (see "Management"
below), is accumulating new positions, phasing out and replacing existing positions, or responding to exceptional market conditions.
In selecting investments for the Fund, the investment
adviser uses an approach that emphasizes the selection of what the investment adviser believes are stocks of high-quality companies
with compelling potential for long-term capital appreciation. The investment approach combines "top-down" macro-economic
analysis with "bottom-up" company and security analysis. The "top-down" approach generally considers macro-economic
factors to formulate the strategic backdrop for security selection. These factors may include, without limitation, interest rates,
inflation, monetary policy, fiscal policy, trade policy, currency movements, demographic trends, the regulatory environment, and
the global competitive landscape. The investment adviser may also examine other factors that may include, without limitation, the
most attractive global investment opportunities, sector and industry trends, industry consolidation, and the sustainability of
financial trends. Through this "top-down" analysis, the investment adviser seeks to create a strategic backdrop for actual
portfolio construction by identifying sectors, industries and companies that may benefit from the overall trends the investment
adviser has observed.
In the bottom-up analysis, the investment adviser
looks for individual companies or securities (including, without limitation, equity securities and fixed or variable income securities)
that are expected to offer earnings growth potential that may not be recognized by the market at large. In determining whether
a particular company or security may be a suitable investment, the investment adviser may focus on any of a number of different
attributes that may include, without limitation, the company's specific market expertise or dominance; its market-share position,
franchise durability, and pricing power; solid fundamentals (e.g., a strong balance sheet, improving profit margins and returns
on equity, the ability to generate free cash flow, apparent use of conservative accounting standards, and transparent financial
disclosure); strong and ethical management; commitment to shareholder interests; reasonable current valuations in the context of
projected growth rates and peer group comparisons; current income; and other positive, transformational catalysts or indications
that a company or security may be an attractive investment prospect. This process is called "bottom-up" company and security
analysis.
As part of this fundamental, "bottom-up"
research, the investment adviser may visit a company's management, and conduct other research to gain thorough knowledge of the
company. The investment adviser also may prepare detailed earnings and cash flow models of companies.
The core investments of the Fund (i.e., the primary
investments held by the Fund over time) generally may include established companies and securities that are expected to offer long-term
growth potential. However, the Fund's portfolio also may typically include securities of less mature companies, securities with
more aggressive growth characteristics, and securities of companies undergoing positive, transformational change in their business
model, such as, without limitation, the introduction of a new product, the appointment of a new management team, or a merger or
acquisition.
The investment adviser may reduce or sell the Fund's
investments in portfolio securities if, in the opinion of the investment adviser, a security's fundamentals change substantially,
its price appreciation leads to overvaluation in relation to the investment adviser's estimates of future earnings and cash flow
growth, the company appears unlikely to realize its growth potential or current income potential, more attractive investment opportunities
appear elsewhere or for other reasons.
The Fund may invest without limitation in foreign
securities further described in this Prospectus depending on market conditions. These securities may be traded in the U.S. or in
foreign markets or both, and may be economically tied to emerging markets. The investment adviser generally selects foreign securities
on a security-by-security basis based primarily on considerations such as growth potential rather than geographic location or similar
considerations.
The investment adviser has discretion to hedge exposures
to currencies, markets, interest rates and any other variables that could potentially affect returns to investors. The Fund may
use derivative investments or instruments such as futures, options, swaps, or forward currency contracts to attempt to hedge the
Fund's portfolio, or to serve other investment purposes as discussed further in this Prospectus under "More Information about
the Funds." The Fund is not intended as a vehicle for investing substantially in derivatives, and tends to hold such investments
only infrequently. The Fund is not required to hedge its investments and historically has rarely done so.
Your investment in the Fund is not guaranteed by
any agency or program of the U.S. government or by any other person or entity, and you could lose money investing in the Fund.
The Fund's share price and total return will fluctuate. You should consider your own investment goals, time horizon and risk tolerance
before investing in the Fund. The principal risks associated with an investment in the Fund include the following:
Equity Securities, Markets and Investment
Risks Generally. The Fund is subject to the broad risks associated with investing in equity securities markets generally,
including, without limitation, the risks that the securities and markets in which the Fund invests may experience volatility and
instability, that domestic and global economies and markets may undergo 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.
Non-Diversification Risk. The Fund
is classified as a "non-diversified" portfolio, which means it may hold fewer securities than a diversified fund because
it is permitted to invest a greater percentage of its assets in a smaller number of securities. Holding fewer securities increases
the risk that the value of the Fund could go down because of the poor performance of a single investment.
Foreign Investment Risk. Investments
in foreign securities generally, and emerging markets in particular, may be riskier than U.S. investments for a variety of reasons
such as, without limitation, unstable international, political and economic conditions, currency fluctuations, foreign controls
on investment and currency exchange, foreign governmental control of some issuers, potential confiscatory taxation or nationalization
of companies by foreign governments, sovereign solvency considerations, withholding taxes, a lack of adequate company information,
less liquid and more volatile exchanges and/or markets, ineffective or detrimental government regulation, varying accounting standards,
political or economic factors that may severely limit business activities, legal systems or market practices that may permit inequitable
treatment of minority and/or non-domestic investors, immature economic structures, and less developed and more thinly-traded securities
markets.
Currency Risk. The performance of
the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar,
particularly if the Fund invests a significant percentage of its assets in foreign securities or other assets denominated in currencies
not tightly pegged to the U.S. dollar.
Sector Risk. While the Fund does not
have a principal investment strategy to focus its investments in any particular sector, the Fund from time to time may have significant
exposure to one or more sectors, and in those circumstances would be subject to risks associated with those sectors. These include
the risk that the stocks of multiple companies within a sector could simultaneously decline in price because of an event that affects
the entire sector.
These and other risks (including risks associated
with fixed and variable income securities) are discussed in more detail later in this Prospectus and in the Fund's Statement of
Additional Information.
Your investment in the Fund is not guaranteed by any agency or program of the U.S. government or by any other person or entity, and you could lose money investing in the Fund.
The Fund is classified as a "non-diversified" portfolio, which means it may hold fewer securities than a diversified fund because it is permitted to invest a greater percentage of its assets in a smaller number of securities. Holding fewer securities increases the risk that the value of the Fund could go down because of the poor performance of a single investment.
Your investment in the Fund is not guaranteed by any agency or program of the U.S. government or by any other person or entity, and you could lose money investing in the Fund.
The following bar chart and table provide some indication
of the risk of investing in the Fund. The bar chart shows changes in the Fund's performance from calendar year to year for the
past ten years, together with the best and worst quarters during that time. The table shows how the Fund's average annual returns
(before and after taxes) for the periods of one year, five years, ten years, and since inception, compared to those of a broad-based
securities market index. All presentations assume reinvestment of dividends and distributions. As with all mutual funds, past performance
(before and after taxes) is not necessarily an indication of future results.
You can obtain updated performance information on
our website at marsicofunds.com, or by calling 888-860-8686.
After-tax returns are calculated using the historical highest individual federal marginal income tax rates currently in effect and do not reflect the impact of state and local taxes.
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 generally pays transaction costs, such
as brokerage 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 expenses or in the example above, affect the Fund's performance. During
the most recent fiscal year, the Fund's portfolio turnover rate was 50% of the average value of its portfolio.
This example is intended to help you compare the
cost of investing in the Fund with the cost of investing in other mutual funds. This 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 those 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:
The Marsico Growth Fund is a "diversified"
portfolio and invests primarily in the common stocks of large companies that are selected for their long-term growth potential.
The Fund will normally hold a core position of between 35 and 50 common stocks. The number of securities held by the Fund may occasionally
exceed this range at times such as when the investment adviser to the Fund, Marsico Capital Management, LLC (see "Management"
below), is accumulating new positions, phasing out and replacing existing positions, or responding to exceptional market conditions.
In selecting investments for the Fund, the investment
adviser uses an approach that emphasizes the selection of what the investment adviser believes are stocks of high-quality companies
with compelling potential for long-term capital appreciation. The investment approach combines "top-down" macro-economic
analysis with "bottom-up" company and security analysis. The "top-down" approach generally considers certain
macro-economic factors to formulate the strategic backdrop for security selection. These factors may include, without limitation,
interest rates, inflation, monetary policy, fiscal policy, trade policy, currency movements, demographic trends, the regulatory
environment, and the global competitive landscape. The investment adviser may also examine other factors that may include, without
limitation, the most attractive global investment opportunities, sector and industry trends, industry consolidation, and the sustainability
of financial trends. Through this "top-down" analysis, the investment adviser seeks to create a strategic backdrop for
actual portfolio construction by identifying sectors, industries and companies that may benefit from the overall trends the investment
adviser has observed.
In the bottom-up analysis, the investment adviser
looks for individual companies or securities (including, without limitation, equity securities and fixed or variable income securities)
that are expected to offer earnings growth potential that may not be recognized by the market at large. In determining whether
a particular company or security may be a suitable investment, the investment adviser may focus on any of a number of different
attributes that may include, without limitation, the company's specific market expertise or dominance; its market-share position,
franchise durability, and pricing power; solid fundamentals (e.g., a strong balance sheet, improving profit margins and returns
on equity, the ability to generate free cash flow, apparent use of conservative accounting standards, and transparent financial
disclosure); strong and ethical management; commitment to shareholder interests; reasonable current valuations in the context of
projected growth rates and peer group comparisons; current income; and other positive, transformational catalysts or indications
that a company or security may be an attractive investment prospect. This process is called "bottom-up" company and security
analysis.
As part of this fundamental, "bottom-up"
research, the investment adviser may visit a company's management, and conduct other research to gain thorough knowledge of the
company. The investment adviser also may prepare detailed earnings and cash flow models of companies.
The core investments of the Fund (i.e., the primary
investments held by the Fund over time) generally may include established companies and securities that are expected to offer long-term
growth potential. However, the Fund's portfolio also may typically include securities of less mature companies, securities with
more aggressive growth characteristics, and securities of companies undergoing positive transformational change in their business
model, such as, without limitation, the introduction of a new product, the appointment of a new management team, or a merger or
acquisition.
The investment adviser may reduce or sell the Fund's
investments in portfolio securities if, in the opinion of the investment adviser, a security's fundamentals change substantially,
its price appreciation leads to overvaluation in relation to the investment adviser's estimates of future earnings and cash flow
growth, the company appears unlikely to realize its growth potential or current income potential, more attractive investment opportunities
appear elsewhere or for other reasons.
The Fund may invest without limitation in foreign
securities further described in this Prospectus depending on market conditions. These securities may be traded in the U.S. or in
foreign markets or both, and may be economically tied to emerging markets. The investment adviser generally selects foreign securities
on a security-by-security basis based primarily on considerations such as growth potential rather than geographic location or similar
considerations.
The investment adviser has discretion to hedge exposures
to currencies, markets, interest rates and any other variables that could potentially affect returns to investors. The Fund may
use derivative investments or instruments such as futures, options, swaps, or forward currency contracts to attempt to hedge the
Fund's portfolio, or to serve other investment purposes as discussed further in this Prospectus under "More Information about
the Funds." The Fund is not intended as a vehicle for investing substantially in derivatives, and tends to hold such investments
only infrequently. The Fund is not required to hedge its investments and historically has rarely done so.
Your investment in the Fund is not guaranteed by
any agency or program of the U.S. government or by any other person or entity, and you could lose money investing in the Fund.
The Fund's share price and total return will fluctuate. You should consider your own investment goals, time horizon and risk tolerance
before investing in the Fund. The principal risks associated with an investment in the Fund include the following:
Equity Securities, Markets, and Investment
Risks Generally. The Fund is subject to the broad risks associated with investing in equity securities markets generally,
including, without limitation, the risks that the securities and markets in which the Fund invests may experience volatility and
instability, that domestic and global economies and markets may undergo 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.
Foreign Investment Risk. Investments
in foreign securities generally, and emerging markets in particular, may be riskier than U.S. investments for a variety of reasons
such as, without limitation, unstable international, political and economic conditions, currency fluctuations, foreign controls
on investment and currency exchange, foreign governmental control of some issuers, potential confiscatory taxation or nationalization
of companies by foreign governments, sovereign solvency considerations, withholding taxes, a lack of adequate company information,
less liquid and more volatile exchanges and/or markets, ineffective or detrimental government regulation, varying accounting standards,
political or economic factors that may severely limit business activities, legal systems or market practices that may permit inequitable
treatment of minority and/or non-domestic investors, immature economic structures, and less developed and more thinly-traded securities
markets.
Currency Risk. The performance of
the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar,
particularly if the Fund invests a significant percentage of its assets in foreign securities or other assets denominated in currencies
not tightly pegged to the U.S. dollar.
Sector Risk. While the Fund does not
have a principal investment strategy to focus its investments in any particular sector, the Fund from time to time may have significant
exposure to one or more sectors, and in those circumstances would be subject to risks associated with those sectors. These include
the risk that the stocks of multiple companies within a sector could simultaneously decline in price because of an event that affects
the entire sector.
These and other risks (including risks associated
with fixed and variable income securities) are discussed in more detail later in this Prospectus and in the Fund's Statement of
Additional Information.
Your investment in the Fund is not guaranteed by any agency or program of the U.S. government or by any other person or entity, and you could lose money investing in the Fund.
Your investment in the Fund is not guaranteed by any agency or program of the U.S. government or by any other person or entity, and you could lose money investing in the Fund.
The following bar chart and table provide some indication
of the risk of investing in the Fund. The bar chart shows changes in the Fund's performance from calendar year to year for the
past ten years, together with the best and worst quarters during that time. The table shows how the Fund's average annual returns
(before and after taxes) for the periods of one year, five years, ten years, and since inception, compared to those of a broad-based
securities market index. All presentations assume reinvestment of dividends and distributions. As with all mutual funds, past performance
(before and after taxes) is not necessarily an indication of future results.
You can obtain updated performance information on
our website at marsicofunds.com, or by calling 888-860-8686.
After-tax returns are calculated using the historical highest individual federal marginal income tax rates currently in effect and do not reflect the impact of state and local taxes.
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 generally pays transaction costs, such
as brokerage 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 expenses or in the example above, affect the Fund's performance. During
the most recent fiscal year, the Fund's portfolio turnover rate was 28% of the average value of its portfolio.
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 Distribution and Service (12b-1) Fees applicable to the Fund to reflect the current Distribution and Service (12b-1) Fee rate for the entire fiscal year, which is reflected in the Distribution and Service (12b-1) Fees line item above, and does not include Acquired Fund Fees and Expenses, which are included in Other Expenses above.
This example is intended to help you compare the
cost of investing in the Fund with the cost of investing in other mutual funds. This 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 those 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:
The Marsico 21st
Century Fund is a "diversified" portfolio and invests primarily in common stocks that are selected for their long-term
growth potential. The Fund may invest in companies of any size. The portions of Fund assets invested in large-capitalization, medium-capitalization,
or small-capitalization companies (which are described further in "Some Defined Terms" later in the prospectus) will
vary based on market conditions, depending on the portfolio manager's judgment as to how to achieve the Fund's investment objective.
Under current market conditions the portfolio manager expects to invest substantially in medium-capitalization companies. The Fund
will normally hold a core position of between 35 and 60 common stocks, but the number of securities held by the Fund may occasionally
exceed this range at times such as when the investment adviser to the Fund, Marsico Capital Management, LLC (see "Management"
below), is accumulating new positions, phasing out and replacing existing positions, or responding to exceptional market conditions.
In selecting investments for the Fund, the investment
adviser uses an approach that emphasizes the selection of what the investment adviser believes are stocks of high-quality companies
with compelling potential for long-term capital appreciation. The investment approach combines "top-down" macro-economic
analysis with "bottom-up" company and security analysis. The "top-down" approach generally considers certain
macro-economic factors to formulate the strategic backdrop for security selection. These factors may include, without limitation,
interest rates, inflation, monetary policy, fiscal policy, trade policy, currency movements, demographic trends, the regulatory
environment, and the global competitive landscape. The investment adviser may also examine other factors that may include, without
limitation, the most attractive global investment opportunities, sector and industry trends, industry consolidation, and the sustainability
of financial trends. Through this "top-down" analysis, the investment adviser seeks to create a strategic backdrop for
actual portfolio construction by identifying sectors, industries and companies that may benefit from the overall trends the investment
adviser has observed.
In the bottom-up analysis, the investment adviser
looks for individual companies or securities (including, without limitation, equity securities and fixed or variable income securities)
that are expected to offer earnings growth potential that may not be recognized by the market at large. In determining whether
a particular company or security may be a suitable investment, the investment adviser may focus on any of a number of different
attributes that may include, without limitation, the company's specific market expertise or dominance; its market share position,
franchise durability, and pricing power; solid fundamentals (e.g., a strong balance sheet, improving profit margins and returns
on equity, the ability to generate free cash flow, apparent use of conservative accounting standards, and transparent financial
disclosure); strong and ethical management; commitment to shareholder interests; reasonable current valuations in the context of
projected growth rates and peer group comparisons; current income; and other positive transformational catalysts or indications
that a company or security may be an attractive investment prospect. This process is called "bottom-up" company and security
analysis.
As part of this fundamental, "bottom-up"
research, the investment adviser may visit a company's management, and conduct other research to gain thorough knowledge of the
company. The investment adviser also may prepare detailed earnings and cash flow models of companies.
The core investments of the Fund (i.e., the primary
investments held by the Fund over time) generally may include established companies and securities that are expected to offer long-term
growth potential. However, the Fund's portfolio also may typically include securities of less mature companies, securities with
more aggressive growth characteristics, and securities of companies undergoing positive, transformational change in their business
model, such as, without limitation, the introduction of a new product, the appointment of a new management team, or a merger or
acquisition.
The investment adviser may reduce or sell the Fund's
investments in portfolio securities if, in the opinion of the investment adviser, a security's fundamentals change substantially,
its price appreciation leads to overvaluation in relation to the investment adviser's estimates of future earnings and cash flow
growth, the company appears unlikely to realize its growth potential or current income potential, more attractive investment opportunities
appear elsewhere or for other reasons.
The Fund may invest without limitation in foreign
securities further described in this Prospectus depending on market conditions. These securities may be traded in the U.S. or in
foreign markets or both, and may be economically tied to emerging markets. The investment adviser generally selects foreign securities
on a security-by-security basis based primarily on considerations such as growth potential rather than geographic location or similar
considerations.
The investment adviser has discretion to hedge exposures
to currencies, markets, interest rates and any other variables that could potentially affect returns to investors. The Fund may
use derivative investments or instruments such as futures, options, swaps, or forward currency contracts to attempt to hedge the
Fund's portfolio, or to serve other investment purposes as discussed further in this Prospectus under "More Information about
the Funds." The Fund is not intended as a vehicle for investing substantially in derivatives, and tends to hold such investments
only infrequently. The Fund is not required to hedge its investments and historically has rarely done so.
Your investment in the Fund is not guaranteed by
any agency or program of the U.S. government or by any other person or entity, and you could lose money investing in the Fund.
The Fund's share price and total return will fluctuate. You should consider your own investment goals, time horizon and risk tolerance
before investing in the Fund. The principal risks associated with an investment in the Fund include the following:
Equity Securities, Markets, and Investment
Risks Generally. The Fund is subject to the broad risks associated with investing in equity securities markets generally,
including, without limitation, the risks that the securities and markets in which the Fund invests may experience volatility and
instability, that domestic and global economies and markets may undergo 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.
Risks of Small- and Medium-Capitalization
Company Investing. The Fund's investments in small-capitalization and medium-capitalization companies can involve more
risk than its investments in large-capitalization companies because smaller companies have potentially greater sensitivity to adverse
business or economic conditions. Normally, smaller companies may have more limited financial resources, markets or product lines,
less access to capital markets, and more limited trading in their stocks. This can cause the prices of equity securities of these
companies to be more volatile than those of larger capitalization companies, or to decline more significantly during market downturns
than the market as a whole.
Foreign Investment Risk. Investments
in foreign securities generally, and emerging markets in particular, may be riskier than U.S. investments for a variety of reasons
such as, without limitation, unstable international, political and economic conditions, currency fluctuations, foreign controls
on investment and currency exchange, foreign governmental control of some issuers, potential confiscatory taxation or nationalization
of companies by foreign governments, sovereign solvency considerations, withholding taxes, a lack of adequate company information,
less liquid and more volatile exchanges and/or markets, ineffective or detrimental government regulation, varying accounting standards,
political or economic factors that may severely limit business activities, legal systems or market practices that may permit inequitable
treatment of minority and/or non-domestic investors, immature economic structures, and less developed and more thinly-traded securities
markets.
Currency Risk. The performance of
the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar,
particularly if the Fund invests a significant percentage of its assets in foreign securities or other assets denominated in currencies
not tightly pegged to the U.S. dollar.
Sector Risk. While the Fund does not
have a principal investment strategy to focus its investments in any particular sector, the Fund from time to time may have significant
exposure to one or more sectors, and in those circumstances would be subject to risks associated with those sectors. These include
the risk that the stocks of multiple companies within a sector could simultaneously decline in price because of an event that affects
the entire sector.
These and other risks (including risks associated
with fixed and variable income securities) are discussed in more detail later in this Prospectus and in the Fund's Statement of
Additional Information.
Your investment in the Fund is not guaranteed by any agency or program of the U.S. government or by any other person or entity, and you could lose money investing in the Fund.
Your investment in the Fund is not guaranteed by any agency or program of the U.S. government or by any other person or entity, and you could lose money investing in the Fund.
The following bar chart and table provide some indication
of the risk of investing in the Fund. The bar chart shows changes in the Fund's performance from calendar year to year for the
past ten years, together with the best and worst quarters during that time. The table shows how the Fund's average annual returns
(before and after taxes) for the periods of one year, five years, ten years, and since inception, compared to those of a broad-based
securities market index. Effective January 31, 2018, the Russell Midcap Growth Index was made the primary benchmark index of the
Fund because under current market conditions the Fund is invested substantially in medium-capitalization securities, and the S&P
500 Index was made a supplemental benchmark index. The Russell Midcap Growth Index is an index composed of mid-capitalization U.S.
equities that exhibit growth characteristics. All presentations assume reinvestment of dividends and distributions. As with all
mutual funds, past performance (before and after taxes) is not necessarily an indication of future results.
You can obtain updated performance information on
our website at marsicofunds.com, or by calling 888-860-8686.
After-tax returns are calculated using the historical highest individual federal marginal income tax rates currently in effect and do not reflect the impact of state and local taxes.
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.
Restated to reflect current Distribution and Service (12b-1) Fee accrual rates. As of June 1, 2018, the Fund does not accrue 12b-1 Fees.
[2]
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 Distribution and Service (12b-1) Fees applicable to the Fund to reflect the current Distribution and Service (12b-1) Fee rate for the entire fiscal year, which is reflected in the Distribution and Service (12b-1) Fees line item above, and does not include Acquired Fund Fees and Expenses, which are included in Other Expenses above.
[3]
After-tax returns are calculated using the historical highest individual federal marginal income tax rates currently in effect and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. 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.
[4]
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 Distribution and Service (12b-1) Fees applicable to the Fund to reflect the current Distribution and Service (12b-1) Fee rate for the entire fiscal year, which is reflected in the Distribution and Service (12b-1) Fees line item above.
The date the document was made available and submitted, in CCYY-MM-DD format. The date of submission, date of acceptance by the recipient, and the document effective date are all potentially different.
The date when a document, upon receipt and acceptance, becomes officially effective, in CCYY-MM-DD format. Usually it is a system-assigned date time value, but it may be declared by the submitter in some cases.
The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.
The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word "Other".
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
Distribution [and/or Service] (12b-1) Fees" include all distribution or other expenses incurred during the most recent fiscal year under a plan adopted pursuant to rule 12b-1 [17 CFR 270.12b-1]. Under an appropriate caption or a subcaption of "Other Expenses," disclose the amount of any distribution or similar expenses deducted from the Fund's assets other than pursuant to a rule 12b-1 plan.
The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.
The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.
The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.
The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.
Risk/Return Summary Fee Table Includes the following information, in plain English under rule 421(d) under the Securities Act, after Item 2 Fees and expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shared of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $[_____] in [name of fund family] funds. Shareholder Fees (fees paid directly from your investment) 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 you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be You would pay the following expenses if you did not redeem your shares The Example does not reflect sales charges (loads) on reinvested dividends [and other distributions]. If these sales charges (loads) were included, your costs would be higher. 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 may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was __% of the average value of its whole portfolio. Instructions. A.3.instructions.6 New Funds. For purposes of this Item, a "New Fund" is a Fund that does not include in Form N-1A financial statements reporting operating results or that includes financial statements for the Fund's initial fiscal year reporting operating results for a period of 6 months or less. The following Instructions apply to New Funds.
This table describes the fees and expenses that you may pay if you buy and hold shared of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $[_____] in [name of fund family] funds. Include the narrative explanations in the order indicated. A Fund may modify the narrative explanations if the explanation contains comparable information to that shown. The narrative explanation regarding sales charge discounts is only required by a Fund that offers such discounts and should specify the minimum level of investment required to qualify for a discount. Modify the narrative explanation to state that Fund shares are sold on a national securities exchange at the end of the time periods indicated, and that brokerage commissions for buying and selling Fund shares through a broker are not reflected.
The Fund may clarify in a footnote to the fee table that the total annual fund operating expenses under Item 3 do not correlate to the ratio of expenses to average net assets given in response to Item 8, which reflects the operating expenses of the Fund and does not include Acquired Fund fees and expenses.
Total Annual Fund Operating Expenses. If the Fund is a Feeder Fund, reflect the aggregate expenses of the Feeder Fund and the Master Fund in a single fee table using the captions provided. In a footnote to the fee table, state that the table and Example reflect the expenses of both the Feeder and Master Funds. If the prospectus offers more than one Class of a Multiple Class Fund or more than one Feeder Fund that invests in the same Master Fund, provide a separate response for each Class or Feeder Fund. Base the percentages of "Annual Fund Operating Expenses" on amounts incurred during the Fund's most recent fiscal year, but include in expenses amounts that would have been incurred absent expense reimbursement or fee waiver arrangements. If the Fund has changed its fiscal year and, as a result, the most recent fiscal year is less than three months, use the fiscal year prior to the most recent fiscal year as the basis for determining "Annual Fund Operating Expenses."
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 3 -Subparagraph d -Clause ii -Exhibit B
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
Management Fees include investment advisory fees (including any fees based on the Fund's performance), any other management fees payable to the investment adviser or its affiliates, and administrative fees payable to the investment adviser or its affiliates that are not included as "Other Expenses."
Investment Objectives/Goals. Disclose the Fund's investment objectives or goals. A Fund also may identify its type or category (e.g., that it is a Money Market Fund or a balanced fund).
Investment Objectives/Goals. Disclose the Fund's investment objectives or goals. A Fund also may identify its type or category (e.g., that it is a Money Market Fund or a balanced fund).
"Other Expenses" include all expenses not otherwise disclosed in the table that are deducted from the Fund's assets or charged to all shareholder accounts. The amount of expenses deducted from the Fund's assets are the amounts shown as expenses in the Fund's statement of operations (including increases resulting from complying with paragraph 2(g) of rule 6-07 of Regulation S-X [17 CFR 210.6-07]). "Other Expenses" do not include extraordinary expenses as determined under generally accepted accounting principles (see Accounting Principles Board Opinion No. 30). If extraordinary expenses were incurred that materially affected the Fund's "Other Expenses," disclose in a footnote to the table what "Other Expenses" would have been had the extraordinary expenses been included.
If applicable, include a statement explaining that updated performance information is available and providing a Web site address and/or toll-free (or collect) telephone number where the updated information may be obtained.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph i
If applicable, include a statement explaining that updated performance information is available and providing a Website address and/or toll-free (or collect) telephone number where the updated information may be obtained.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph i
Include the bar chart and table required by paragraphs (b)(2)(ii) and (iii) of this section. Provide a brief explanation of how the information illustrates the variability of the Fund's returns (e.g., by stating that the information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for 1, 5, and 10 years compare with those of a broad measure of market performance). Provide a statement to the effect that the Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph i
Include the bar chart and table required by paragraphs (b)(2)(ii) and (iii) of this section. Provide a brief explanation of how the information illustrates the variability of the Fund's returns (e.g., by stating that the information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for 1, 5, and 10 years compare with those of a broad measure of market performance). Provide a statement to the effect that the Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph i
This item represents Average Anuual Total Returns. If a Multiple Class Fund offers a Class in the prospectus that converts into another Class after a stated period, compute average annual total returns in the table by using the returns of the other Class for the period after conversion.
Provide a brief explanation that the 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.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph iv -Clause B
Provide a brief explanation that 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.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph iii
Disclose the portfolio turnover rate provided in response to Item 14(a) for the most recent fiscal year (or for such shorter period as the Fund has been in operation). Disclose the period for which the information is provided if less than a full fiscal year. A Fund that is a Money Market Fund may omit the portfolio turnover information required by this Item.
This element represents the rate of portfolio turnover presented as a percentage (SEC Form N-1A 2006-09-14 A.3.example.3 Portfolio Turnover A.3.instructions.5 Portfolio Turnover).
Disclose the portfolio turnover rate provided in response to Item 14(a) for the most recent fiscal year (or for such shorter period as the Fund has been in operation). Disclose the period for which the information is provided if less than a full fiscal year. A Fund that is a Money Market Fund may omit the portfolio turnover information required by this Item.
"Redemption Fee" (as a percentage of amount redeemed, if applicable) If the Fund is an Exchange-Traded Fund and issues or redeems shares in creation units of not less than 25,000 shares each, exclude any fees charged for the purchase and redemption of the Fund's creation units. "Redemption Fee" includes a fee charged for any redemption of the Fund's shares, but does not include a deferred sales charge (load) imposed upon redemption.
Summarize the principal risks of investing in the Fund, including the risks to which the Fund's portfolio as a whole is subject and the circumstances reasonably likely to affect adversely the Fund's net asset value, yield, and total return. Unless the Fund is a Money Market Fund, disclose that loss of money is a risk of investing in the Fund. A Fund may, in responding to this Item, describe the types of investors for whom the Fund is intended or the types of investment goals that may be consistent with an investment in the Fund.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 1 -Subparagraph i
Narrative Risk Disclosure. A Fund may, in responding to this Item, describe the types of investors for whom the Fund is intended or the types of investment goals that may be consistent with an investment in the Fund.
If applicable, state that the Fund is non-diversified, describe the effect of non-diversification (e.g., disclose that, compared with other funds, the Fund may invest a greater percentage of its assets in a particular issuer), and summarize the risks of investing in a non-diversified fund.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 1 -Subparagraph iv
If the Fund is advised by or sold through an insured depository institution, state that An investment in the Fund is not a deposit of the bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. A Money Market Fund that is advised by or sold through an insured depository institution should combine the disclosure required by Items 2(c)(1)(ii) and (iii) in a single statement.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 1 -Subparagraph iii
Risk/Return Summary Investment Objectives/Goals Include the following information, in plain English under rule 421(d) under the Securities Act, in the order and subject matter indicated
Principal investment strategies of the Fund. Summarize how the Fund intends to achieve its investment objectives by identifying the Fund's principal investment strategies (including the type or types of securities in which the Fund invests or will invest principally) and any policy to concentrate in securities of issuers in a particular industry or group of industries.
Principal investment strategies of the Fund. Summarize how the Fund intends to achieve its investment objectives by identifying the Fund's principal investment strategies (including the type or types of securities in which the Fund invests or will invest principally) and any policy to concentrate in securities of issuers in a particular industry or group of industries.