ck0001027596-20221231
CAPITAL
ADVISORS
GROWTH
FUND
Capital
Advisors Growth Fund (the “Fund”) is an open-end growth stock mutual fund. The
Fund seeks to provide investors with long-term growth of capital. Capital
Advisors, Inc. is the Fund’s investment advisor.
The
U.S. Securities and Exchange Commission has not approved or disapproved these
securities or determined if this Prospectus is truthful or complete. Any
representation to the contrary is a criminal offense.
Prospectus
April 28,
2023
CAPITAL
ADVISORS GROWTH FUND
Investment Objective
Capital Advisors Growth Fund (the
“Fund”)
seeks to achieve long-term capital
growth.
Fees and Expenses of the Fund
This table describes the fees
and expenses that you may pay if you buy, hold, and sell shares of the Fund. You
may pay other fees, such as brokerage commissions and other fees to financial
intermediaries, which are not reflected in the table and example
below.
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ANNUAL
FUND OPERATING EXPENSES
(expenses
that you pay each year as a percentage of the value of your
investment) |
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Management
Fees(1) |
0.71% |
| Other
Expenses |
0.32% |
| Acquired
Fund Fees and Expenses |
0.01% |
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Total
Annual Fund Operating Expenses(2) |
1.04% |
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Less:
Fee Waiver(3) |
-0.03% |
| Total
Annual Fund Operating Expenses After Fee Waiver |
1.01% |
(1)Management Fees have been restated to
reflect a new breakpoint effective February 2,
2022.
(2)Total Annual Fund
Operating Expenses do not correlate to the “Ratio of Expenses to Average Net
Assets Before Fee Waivers” found in the Financial Highlights of the statutory
prospectus, which reflects the Fund’s operating expenses and does not include
expenses attributed to acquired fund fees and expenses
(“AFFE”).
(3)Capital
Advisors, Inc. (the “Advisor”) has contractually agreed to waive a portion or
all of its management fees and pay Fund expenses to ensure that Total Annual
Fund Operating Expenses (excluding AFFE, taxes, interest, extraordinary
expenses, and any other class-specific expenses) do not exceed 1.00%
of the Fund’s average daily net assets (the “Expense Cap”). The Expense Cap will
remain in effect through at least April 28,
2024, and may only be terminated by the Board of Trustees (the
“Board”).
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 that you 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 (taking into account the Expense Cap only in the first
year). Although your actual costs may be higher
or lower, based on these assumptions, your costs would be:
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| 1
Year |
3
Years |
5
Years |
10
Years |
| $103 |
$328 |
$571 |
$1,268 |
Portfolio
Turnover. The
Fund pays transaction costs, such as commissions, when it buys and sells
securities (or “turns over” its portfolio). A higher portfolio turnover rate may
indicate higher transaction costs and may result in higher taxes when Fund
shares are held in a taxable account. These costs, which are not reflected in
annual fund operating expenses or in the Example, affect the Fund’s performance.
During the most recent fiscal year, the Fund’s portfolio turnover rate was
18% of the average value of its
portfolio.
Principal Investment Strategies
The
Fund invests primarily in common stocks of domestic (U.S.) companies. The Fund
may also invest in securities of foreign companies that are publicly traded in
the U.S., including in American Depositary Receipts (“ADRs”). Under normal
conditions, the Fund invests at least 65% of its total assets in common stocks
of companies that the Advisor believes have the potential for long-term growth
of capital. The Advisor uses the growth style of investing. Growth stocks are
equity securities of companies that have or are expected to have above-average
earnings growth.
The
Fund buys and sells stocks based on the Advisor’s research, and focuses on
characteristics that the Advisor believes allow a company to grow at an
above-average rate for an extended period of time, including: dominant position
within its industry; sustainable competitive advantage; shareholder oriented
management philosophy; strong brand or franchise value; operating within a
definable growing market; and strong research and development.
The
Fund will consider selling stocks in its portfolio when the stock reaches its
target, fundamentals supporting the stock’s value deteriorate, and/or better
investment alternatives exist.
The Fund may also invest in cash, cash
equivalents, and high-quality, short-term debt securities and money market
instruments for temporary defensive purposes.
Principal Risks
The
Fund cannot guarantee that it will achieve its investment objective.
There is the risk that you could lose all or a portion
of your investment in the Fund. The following risks are
considered principal and could adversely affect the value of your investment in
the Fund.
•General
Market Risk.
Economies and financial markets throughout the world are becoming increasingly
interconnected, which increases the likelihood that events or conditions in one
country or region will adversely impact markets or issuers in other countries or
regions. Securities in the Fund’s portfolio may underperform in comparison to
securities in general financial markets, a particular financial market or other
asset classes due to a number of factors, including: inflation (or expectations
for inflation); interest rates; global demand for particular products or
resources; natural disasters or events; pandemic diseases; terrorism; regulatory
events; and government controls. U.S. and international markets have experienced
significant periods of volatility in recent years and months due to a number of
economic, political and global macro factors including the impact of COVID-19 as
a global pandemic, which has resulted in a public health crisis, disruptions to
business operations and supply chains, stress on the global healthcare system,
growth concerns in the U.S. and overseas, staffing shortages and the inability
to meet consumer demand, and widespread concern and uncertainty. The global
recovery from COVID-19 is proceeding at slower than expected rates due to the
emergence of variant strains and may last for an extended period of time.
Continuing uncertainties regarding interest rates, rising inflation, political
events, rising government debt in the U.S. and trade tensions also contribute to
market volatility. As a result of continuing political tensions and armed
conflicts, including the war between Ukraine and Russia, the U.S. and the
European Union imposed sanctions on certain Russian individuals and companies,
including certain financial institutions, and have limited certain exports and
imports to and from Russia. The war has contributed to recent market volatility
and may continue to do so.
•Equity
Securities Risk –
The value of the Fund’s shares will go up or down based on the movement of the
overall stock market and the value of the individual securities held by the
Fund, both of which can sometimes be volatile.
•Growth-Style
Investing Risk
– Over time, a growth oriented investing style may go in and out of favor, which
may cause the Fund to underperform other equity funds that use different
investing styles.
•Management
Risk
– The Fund’s ability to achieve its investment objective depends on the ability
of the Advisor to correctly identify economic trends and select stocks.
•Depositary
Receipt Risk
–
The
risks of depository receipts include many risks associated with investing
directly in foreign securities, such as individual country risk and liquidity
risk. Unsponsored ADRs, which are issued by a depositary bank without the
participation or consent of the issuer, involve additional risks because U.S.
reporting requirements do not apply, and the issuing bank will recover
shareholder distribution costs from movement of share prices and payment of
dividends.
•Non-U.S.
Investment Risk
– Foreign securities can be more volatile than domestic (U.S.) securities.
Securities markets of other countries are generally smaller than U.S. securities
markets. Many foreign securities may be less liquid and more volatile than U.S.
securities, which could affect the Fund’s investments.
•
Who
May Want to Invest in the Fund?
The
Fund may be appropriate for investors who:
•Are
pursuing a long-term goal such as retirement;
•Want
to add an investment with growth potential to diversify their investment
portfolio; or
•Are willing to accept higher short-term
risk along with a higher potential for long-term growth.
Performance
The following
performance information provides some indication of the risks of investing in
the Fund. The bar chart shows the annual returns for the Fund
from year to year. The table shows how the Fund’s average annual returns for the
1-year, 5-year and 10-year periods compare with those of a broad measure of
market performance. The Fund’s past performance,
before and after taxes, does not necessarily indicate how it will perform in the
future. Updated performance information is available on the
Fund’s website at www.capadvfunds.com
or by calling the Fund toll-free at 1-866-205-0523.
Calendar Year Total Returns as of December
31
During the period of time shown
in the bar chart, the Fund’s highest quarterly return
was 22.56% for the quarter ended June 30, 2020, and the
lowest quarterly return was
-16.20% for the quarter ended June 30,
2022.
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Average
Annual Total Returns
(For
the periods ended December 31, 2022) |
1
Year |
5
Years |
10
Years |
| Investor
Class |
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| Return Before
Taxes |
-18.96% |
10.29% |
11.22% |
| Return After Taxes on
Distributions |
-19.16% |
8.90% |
9.81% |
| Return After Taxes on Distributions and
Sale of Fund Shares |
-11.07% |
8.13% |
9.03% |
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S&P
500®
Index
(reflects no deduction for
fees, expenses, or taxes) |
-18.11% |
9.42% |
12.56% |
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After-tax returns are
calculated using the historical highest individual federal marginal income tax
rates and do not reflect the impact of state and local taxes.
Actual after-tax returns
depend on your tax situation and may differ from those shown. Furthermore, the
after-tax returns shown are not relevant to those who hold their shares through
tax-deferred arrangements such as 401(k) plans or individual retirement accounts
(“IRAs”). The Return After Taxes on
Distributions and Sale of Fund Shares is higher than other return figures when a
capital loss occurs upon redemption and provides an assumed tax deduction that
benefits the investor.
Management
Investment
Advisor. Capital
Advisors, Inc. is the investment advisor to the Fund.
Portfolio
Managers. Keith
C. Goddard, CFA, CEO and Chief Investment Officer and Steven V. Soranno, CFA,
CAIA and Director of Equity Research are the co-portfolio managers primarily
responsible for the day-to-day management of the Fund. Mr. Goddard has managed
the Fund since April 2001. Mr. Soranno has managed the Fund since January
2018.
Purchase
and Sale of Fund Shares
You
may purchase or redeem Fund shares on any business day by written request via
mail (Capital Advisors Growth Fund, c/o U.S. Bank Global Fund Services, P.O.
Box 701, Milwaukee, Wisconsin 53201-0701), by telephone at 1-866-205-0523
or through a financial intermediary. You may also purchase or redeem Fund shares
by wire transfer. Investors who wish to purchase or redeem Fund shares through a
financial intermediary should contact the financial intermediary directly. The
minimum initial and subsequent investment amounts are shown below.
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| Type
of Account |
To
Open Your Account |
To
Add to Your Account |
| Regular |
$5,000 |
$250 |
| Retirement
Plan Accounts |
$500 |
$100 |
| Automatic
Investment Plan |
$1,000 |
$100 |
Tax
Information
The
Fund’s distributions are taxable and will be taxed as ordinary income or capital
gains, unless you invest through a tax-deferred arrangement, such as an IRA or
401(k) plan. Distributions on investments made through tax-deferred arrangements
may be taxed later upon withdrawal of assets from those accounts.
Payments
to Broker-Dealers and Other Financial Intermediaries
If
you purchase Fund shares through a broker-dealer or other financial
intermediary, the Fund and/or the Advisor may pay the intermediary for the sale
of Fund shares and related services. These payments may create a conflict of
interest by influencing the broker-dealer or other intermediary and your
salesperson to recommend the Fund over another investment. Ask your sales person
or visit your financial intermediary’s website for more information.
Principal
Investment Strategies
The
Fund primarily invests in common stock of domestic (U.S.) companies. The Fund
may also invest in securities of foreign issuers, provided that they are
publicly traded in the United States, including in ADRs. Under normal market
conditions, the Fund will invest at least 65% of its total assets in common
stocks that the Advisor believes have the potential for long-term growth of
capital.
The
Advisor uses the growth style in selecting stocks for the Fund’s portfolio.
Growth style investing seeks to achieve capital appreciation by investing in
stocks of companies that have or are expected to have above-average earnings
growth. While economic forecasting and industry sector analysis play a part in
the research effort, the Advisor’s stock selection process begins with an
individual company. This is often referred to as a bottom-up approach to
investing. From a group of companies that meet the Advisor’s standards, the
Advisor selects the securities of those companies that offer what it believes is
the best balance of rapid earnings growth and diversification.
The
Fund buys and sells stocks based on the Advisor’s research and focuses on
characteristics that the Advisor believes allow a company to grow at an
above-average rate for an extended period of time. These include:
•Dominant
position within its industry;
•Sustainable
competitive advantage;
•Shareholder
oriented management philosophy;
•Strong
brand or franchise value;
•Operating
within a definable growing market; and
•Strong
research and development.
The
Fund will consider selling stocks in its portfolio when the following events
occur:
•The
stock reaches its target;
•Fundamentals
supporting the stock’s value deteriorate; and/or
•Better
investment alternatives exist.
Under
normal market conditions, the Fund expects to stay fully invested in stocks.
However, the Fund may depart from its principal investment strategies by making
short-term investments in cash, cash equivalents and high-quality, short-term
debt securities and money market instruments in response to adverse market,
economic, political or other conditions, or in other limited circumstances, such
as in the case of unusually large cash inflows or redemptions. This may result
in the Fund not achieving its investment objective. To the extent that the Fund
uses a money market fund for its cash position, there will be some duplication
of expenses because the Fund would bear its pro rata portion of such money
market fund’s management fees and operational expenses.
Related
Risks
The
principal risks of investing in the Fund that may adversely affect the Fund’s
net asset value (“NAV”) per share or total return have previously been
summarized in the Fund’s “Summary Section.” These risks are discussed in more
detail below.
General
Market Risk.
Economies and financial markets throughout the world are becoming increasingly
interconnected, which increases the likelihood that events or conditions in one
country or region will adversely impact markets or issuers in other countries or
regions. Securities in the Fund’s portfolio may underperform in comparison to
securities in general financial markets, a particular financial market or other
asset classes due to a number of factors, including: inflation (or expectations
for inflation); interest rates; global demand for particular products or
resources; natural disasters or events; pandemic diseases; terrorism; regulatory
events; and government controls. U.S. and international markets have experienced
significant periods of volatility in recent years and months due to a number of
economic, political and global macro factors including the impact of COVID-19 as
a global pandemic, which has resulted in a public health crisis, disruptions to
business operations and supply chains, stress on the global healthcare system,
growth concerns in the U.S. and overseas, staffing shortages and the inability
to meet consumer demand, and widespread concern and uncertainty. The global
recovery from COVID-19 is proceeding at slower than expected rates due to the
emergence of variant strains and may last for an extended period of time.
Continuing uncertainties regarding interest rates, rising inflation, political
events, rising government debt in the U.S. and trade tensions also contribute to
market volatility. As a result of continuing political tensions and armed
conflicts, including the war between Ukraine and Russia, the U.S. and the
European Union imposed sanctions on certain Russian individuals and companies,
including certain financial institutions, and have limited certain exports and
imports to and from Russia. The war has contributed to recent market volatility
and may continue to do so.
Equity
Securities Risk.
There is a possibility that the equity securities held by the Fund will
experience sudden, unpredictable drops in value or long periods of decline in
value. This may occur because of factors that affect the securities market
generally, such as adverse changes in: economic conditions, the general outlook
for corporate earnings, interest rates, investor sentiment, because of factors
that affect an entire industry or sector, such as increases in production costs,
or factors that are directly related to a specific company, such as decisions
made by its management.
Growth-Style
Investing Risk.
Different types of stocks tend to shift into and out of favor with investors
depending on market and economic conditions. Growth stocks may be more volatile
than other types of stocks because they are generally more sensitive to investor
perceptions of the issuing company’s growth of earnings potential. Also, since
growth companies usually invest a high portion of earnings in their business,
growth stocks may lack the dividends of value stocks that can cushion stock
prices in a falling market. The Fund’s performance may at times be better or
worse than the performance of funds that focus on other types of stocks or that
have a broader investment style.
Management
Risk.
Your investment in the Fund varies with the success and failure of the Advisor’s
investment strategies and the Advisor’s research, analysis and determination of
portfolio securities. If the Advisor’s investment strategies do not produce the
expected results, your investment could be diminished.
Depositary
Receipt Risk.
Depositary receipts involve substantially identical risks to those associated
with direct investment in securities of foreign issuers. In addition, the
underlying issuers of certain depositary receipts, particularly unsponsored or
unregistered depositary receipts, are under no obligation to distribute
shareholder communications to the holders of such receipts, or to pass through
to them any voting rights
with
respect to the deposited securities. The underlying securities of the ADRs in
which the Fund may invest are usually denominated or quoted in currencies other
than the U.S. Dollar. As a result, changes in foreign currency exchange rates
may affect the value of the Fund's portfolio. In addition, because the
underlying securities of ADRs trade on foreign exchanges at times when the U.S.
markets are not open for trading, the value of the securities underlying the
ADRs may change materially at times when the U.S. markets are not open for
trading, regardless of whether there is an active U.S. market for the
shares.
Non-U.S.
Investment Risk.
Foreign securities can be more volatile than domestic (U.S.) securities.
Securities markets of other countries are generally smaller than U.S. securities
markets. Many foreign securities may be less liquid and more volatile than U.S.
securities, which could affect the Fund’s investments. The exchange rates
between U.S. dollar and foreign currencies might fluctuate, which could
negatively affect the value of the Fund’s investments.
Foreign
securities are also subject to higher political, social and economic risks.
These risks include, but are not limited to, a downturn in the country’s
economy, excessive taxation, political instability, and expropriation of assets
by foreign governments. Compared to the U.S., foreign governments and markets
often have less stringent accounting, disclosure, and financial reporting
requirements.
Portfolio
Holdings Information
A
complete description of the Fund’s policies and procedures with respect to the
disclosure of the Fund’s portfolio holdings is available in the Fund’s Statement
of Additional Information (“SAI”) and on the Fund’s website at
www.capadvfunds.com.
Investment
Advisor
Capital
Advisors, Inc., founded in 1978, is the investment advisor to the Fund. The
Advisor’s address is 2222 South Utica Place, Suite 300, Tulsa, Oklahoma 74114.
The Advisor managed assets of approximately $4.26
billion for individual and institutional investors as of
December 31, 2022.
The Advisor provides advice on buying and selling securities. The Advisor also
furnishes the Fund with office space and certain administrative services and
provides most of the personnel needed by the Fund. For its services, the Fund
pays the Advisor a monthly management fee that is calculated at the annual rate
of 0.75% based upon the Fund’s average daily net assets on the first $50 million
of assets under management and 0.65% of the Fund’s average daily net assets
thereafter. Prior to February 2, 2022, the management fee was 0.75% on all
assets. For the fiscal year ended December
31, 2022,
the Advisor received management fees of 0.68%
of the Fund’s average daily net assets, net of waiver.
A
discussion regarding the basis of the Board’s approval of the investment
advisory agreement between the Trust and the Advisor is included in the Fund’s
annual report dated December
31, 2022.
Portfolio
Managers
Keith
C. Goddard, CFA, CEO and Chief Investment Officer for the Advisor, is a
co-portfolio manager of the Fund. Mr. Goddard is assisted by an Investment
Committee with over 50 years of combined experience in investment management.
Mr. Goddard has been a Research Analyst and Portfolio Manager with the
Advisor since 1991. Mr. Goddard earned a Bachelor of Arts Degree in
journalism from the University of Colorado-Boulder.
Steven
V. Soranno, CFA, CAIA and Director of Equity Research for the Advisor, is a
co-portfolio manager of the Fund. Mr. Soranno joined the firm in May 2017
and oversees equity research for the Advisor. Mr. Soranno has over 25 years
of experience in the investment management industry. Mr. Soranno earned a
Bachelor of Arts Degree from Colgate University in 1989 in Economics and
Political Science. Mr. Soranno also earned his Master of Business
Administration from the Darden Graduate School of Business Administration at the
University of Virginia in 1995.
The
SAI provides additional information about the portfolio managers’ compensation,
other accounts managed by the portfolio managers and the portfolio managers’
ownership of securities in the Fund.
Fund
Expenses
The
Fund is responsible for its own operating expenses. The Advisor has
contractually agreed, however, to waive all or a portion of its management fee
and pay expenses of the Fund to ensure that the Total Annual Fund Operating
Expenses (excluding AFFE, taxes, interest, extraordinary expenses, and any other
class-specific expenses) do not exceed 1.00% of the Fund’s average daily net
assets (the "Expense Cap"). The Expense Cap will remain in effect through at
least
April 28, 2024,
and may only be terminated by the Board. The term of the Fund’s operating
expense limitation agreement is indefinite and it can only be terminated by the
Board. The Advisor does not have the ability to recoup previously paid fees and
expenses or future paid fees and expenses.
Pricing
of Fund Shares
The
price of Fund shares is the Fund’s NAV per share. This is calculated by dividing
the Fund’s assets, minus its liabilities, by the number of shares outstanding.
The Fund’s assets are the market value of securities held in its portfolio, plus
any cash and other assets. The Fund’s liabilities are fees and expenses owed by
the Fund. The number of Fund shares outstanding is the amount of shares which
have been issued to shareholders. The price you will pay to buy Fund shares or
the amount you will receive when you sell your Fund shares is the NAV per share
next calculated after your order is received in good order. “Good order” means
your purchase request includes: (1) the name of the Fund, (2) the
dollar amount of shares to be purchased, (3) your purchase application or
investment stub, and (4) a check payable to “Capital Advisors Growth
Fund.”
The
Fund’s NAV per share is determined as of the close of regular trading on the New
York Stock Exchange (“NYSE”). This is generally 4:00 p.m., Eastern Time.
Fund shares will not be priced on days that the NYSE is closed for trading. The
Fund’s NAV per share may also be determined on days the NYSE is closed or at
times other than 4:00 p.m. if the Advisor
decides it is necessary.
Each
security owned by the Fund that is listed on a securities exchange is valued at
its last sale price on that exchange on the date as of which assets are valued.
When the security is listed on more than one exchange, the Fund will use the
price of that exchange that the Fund generally considers to be the principal
exchange on which the stock is traded. Fund securities listed on the Nasdaq
Global Market System (“Nasdaq”) will be valued at the Nasdaq Official Closing
Price, which may not necessarily represent the last sale price. The net asset
value of the Fund’s shares may change on days when shareholders will not be able
to purchase or redeem the Fund’s shares. If, on a particular day, an
exchange-traded or Nasdaq security does not trade, then the mean between the
most recent quoted bid and
asked
prices will be used.
The Board has designated the Advisor as its “valuation designee” under Rule 2a-5
of the 1940 Act, subject to its oversight.
These fair value procedures will also be used to price a security when corporate
events, events in the securities market and/or world events cause the Fund’s
management to believe that a security’s last sale price may not reflect its
actual market value. The intended effect of using fair value pricing procedures
is to ensure that the Fund is accurately priced.
How
to Buy Shares
You
may open a regular Fund account with $5,000 and add to your account at any time
with $250 or more. You may open a retirement plan account with $500 and add to
your account at any time with $100 or more. You also may open a Fund account
with $1,000 and make subsequent monthly investments with $100 or more through
the Automatic Investment Plan. The Fund’s minimum investment requirements may be
waived for the following types of shareholders:
•current
and retired employees, directors/trustees and officers of the Trust, the Advisor
and its affiliates and certain family members of each of them (i.e.,
spouse, domestic partner, child, parent, sibling, grandchild and grandparent, in
each case including in-law, step and adoptive relationships);
•any
trust, pension, profit sharing or other benefit plan for current and retired
employees, directors/trustees and officers of the Advisor and its
affiliates;
•current
employees of the Transfer Agent (as defined below), broker-dealers who act as
selling agents for the Fund, intermediaries that have marketing agreements in
place with the Advisor and the immediate family members of any of them;
•existing
clients of the Advisor, their employees and immediate family members of such
employees;
•registered
investment advisers who buy through a broker-dealer or service agent who has
entered into an agreement with the Fund’s distributor; and
•qualified
broker-dealers who have entered into an agreement with the Fund’s
distributor.
The
Fund will not accept payment in cash or money orders. To prevent check fraud,
the Fund will not accept third party checks, Treasury checks, credit card
checks, traveler’s checks or starter checks for the purchase of shares. The Fund
is unable to accept post-dated checks or any conditional order or
payment.
You
may purchase shares of the Fund by check or wire payment. All purchases by check
must be in U.S. dollars and drawn on a domestic financial institution. The Fund
is not required to issue share certificates. The Fund reserves the right to
reject any purchase in whole or in part. Shares of the Fund are not registered
outside of the United States.
In
compliance with the USA PATRIOT Act of 2001, please note that U.S. Bank Global
Fund Services (the “Transfer Agent”) will verify certain information on your
account application as part of the Fund’s Anti-Money Laundering Program. As
requested on the account application, you must provide your full name, date of
birth, social security number and permanent street address. If you are opening
the account in the name of a legal entity (e.g.,
partnership, limited liability company, business trust, corporation, etc.), you
must provide the identity of the beneficial owners. Mailing addresses containing
only a P.O. Box will not be accepted. Please contact the Transfer Agent at
1-866-205-0523 if you need additional assistance when completing your account
application.
If
the Transfer Agent does not have a reasonable belief of the identity of a
shareholder, the account will be rejected or you will not be allowed to perform
a transaction on the account until such information is received. In the rare
event that the Transfer Agent is unable to verify your identity, the Fund
reserves the right to redeem your account at the current day’s net asset value.
Accounts may only be opened by persons with a valid social security number or
tax identification number and permanent U.S. street address.
By
Check
If
you are making your first investment in the Fund, simply complete the account
application included with this Prospectus and mail it or deliver it via
overnight courier (e.g.,
FedEx) with a check (made payable to “Capital Advisors Growth Fund”)
to:
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Regular
Mail
Capital
Advisors Growth Fund
c/o
U.S. Bank Global Fund Services
P.O.
Box 701
Milwaukee,
Wisconsin 53201-0701 |
Overnight
Delivery
Capital
Advisors Growth Fund
c/o
U.S. Bank Global Fund Services
615
E. Michigan Street, Third Floor
Milwaukee,
Wisconsin 53202-5207 |
NOTE: The
Fund does not consider the U.S. Postal Service or other independent delivery
services to be its agents. Therefore, a deposit in the mail or with such
services, or receipt at U.S. Bank Global Fund Services’ post office box, of
purchase orders or redemption requests does not constitute receipt by the
Transfer Agent. Receipt of purchase orders or redemption requests is based on
when the order is received at the Transfer Agent’s office.
If
you are making a subsequent purchase, an “Invest By Mail” form is attached to
the confirmation statement you will receive after each transaction. Detach the
form from the statement and mail it together with a check made payable to
“Capital Advisors Growth Fund” to the Fund in the envelope provided with your
statement or to the address noted above. You should write your account number on
the check. If you do not have the “Invest by Mail” form, include the Fund name,
your name, address, and account number on a separate piece of paper along with
your check.
If
your check is returned for any reason, a $25 fee will be assessed against your
account. You will also be responsible for any losses suffered by the Fund as a
result.
By
Telephone
Investors
may purchase additional shares of the Fund by calling 1-866-205-0523. If you
accepted telephone options on your account application, and your account has
been open for at least seven business days, telephone orders will be accepted
via electronic funds transfer from your bank account through the Automated
Clearing House (ACH) network. You must have banking information established on
your account prior to making a purchase. If your order is received prior to 4:00
p.m. Eastern Time, your shares will be purchased at the net asset value
calculated on the day your order is placed.
By
Wire Payment
If
you are making your first investment in the Fund, the Transfer Agent must have
previously received a completed account application before you can send in your
wire purchase. You can mail or deliver overnight your account application to the
Transfer Agent at the above address. Upon receipt of your completed account
application, the Transfer Agent will establish an account for you. Once your
account has been established, you may instruct your bank to send the wire
payment. Your bank must include both the name of the Fund you are purchasing,
your name, and account number so that monies can be correctly applied. Your bank
should transmit immediately available funds by wire to:
U.S.
Bank National Association
777
East Wisconsin Avenue
Milwaukee,
Wisconsin 53202-5207
ABA
No. 075000022
Credit: U.S.
Bancorp Fund Services, LLC
A/C
No. 112-952-137
FFC: Capital
Advisors Growth Fund
Shareholder
Account Registration
Shareholder
Account Number
If
you are making a subsequent purchase, your bank should wire funds as indicated
above. It
is essential that your bank include complete information about your account in
all wire instructions.
If you have questions about how to invest by wire payment, you may call the
Transfer Agent at 1-866-205-0523. Your bank may charge you a fee for sending a
wire payment to the Fund.
Wired
funds must be received prior to 4:00 p.m., Eastern Time to be eligible for same
day pricing. The Fund and U.S. Bank N.A. are not responsible for the
consequences of delays resulting from the banking or Federal Reserve wire
system, or from incomplete wiring instructions.
Through
Brokers
You
may buy and sell shares of the Fund through certain broker-dealers, financial
intermediaries, and investment advisors (and their agents) (collectively,
“Brokers”) that have made arrangements with the Fund to sell its shares. Brokers
may have different investment minimum requirements than those outlined in this
prospectus. Additionally, Brokers may aggregate several customer accounts to
accumulate the requisite initial investment minimum. Please consult your Broker
for their account policies. When you place your order with such a Broker, your
order is treated as if you had placed it directly with the Transfer Agent. You
will pay or receive the next price calculated by the Fund if your Broker
receives your order by 4:00 p.m., Eastern Time. The Fund will be deemed to
have received a purchase or redemption order when an authorized Broker or, if
applicable, a Broker’s authorized designee, receives the order. The Broker holds
your shares in an omnibus account in the Broker’s name, and the Broker maintains
your individual ownership records. The Fund may pay the Broker for maintaining
these records as well as providing other shareholder services. The Broker may
charge you a fee for handling your order. The Broker is responsible for
processing your order correctly and promptly, keeping you advised regarding the
status of your individual account, confirming your transactions and ensuring
that you receive copies of the Fund’s Prospectus.
Automatic
Investment Plan
For
your convenience, the Fund offers an Automatic Investment Plan (“AIP”). Under
the AIP, after your initial investment, you may authorize the Fund to withdraw
from your personal checking or savings account each month an amount that you
wish to invest, which must be at least $100. In order to participate in the AIP,
your financial institution must be a member of the ACH network. You may enroll
in the AIP by completing the appropriate section in the account application. If
your bank rejects your payment, the Transfer Agent will charge a $25 fee to your
account. The Fund may terminate or modify this privilege at any time. Any
request to change or terminate your AIP should be submitted to the Transfer
Agent at least five calendar days prior to the effective date of the next
transaction.
Retirement
Plan
The
Fund offers IRA plans. To obtain information about opening an IRA account or
another type of retirement plan, please call the Transfer Agent at
1-866-205-0523.
How
to Sell Shares
You
may sell (redeem) your Fund shares on any day the Fund and the NYSE are open for
business.
As
discussed below, you may receive proceeds of your sale in a check, ACH, or
federal wire transfer. The Fund typically expects that it will take one to three
days following the receipt of your redemption request in good order, to pay out
redemption proceeds. “Good order” means your redemption request includes: (1)
the name of the Fund, (2) the dollar amount of shares to be redeemed, (3) the
account number and (4) signatures by all of the shareholders whose names
appear on the account registration. However, while not expected, payment of
redemption proceeds may take up to seven days if sending proceeds earlier could
adversely affect the Fund.
If
you did not purchase your shares by wire payment, the Fund may delay payment of
your redemption proceeds for up to 15 calendar days from date of purchase or
until your payment has cleared, whichever occurs first.
The
Fund typically expects that it will hold cash or cash equivalents to meet
redemption requests. The Fund may also use the proceeds from the sale of
portfolio securities to meet redemption requests if consistent with the
management of the Fund. These redemption methods will be used regularly and may
also be used in unusual market conditions.
The
Fund reserves the right to redeem in-kind as described under “Redemptions
In-Kind” below. Redemptions in-kind are typically used to meet redemption
requests that represent a large percentage of the Fund’s net assets in order to
minimize the effect of large redemptions on the Fund and its remaining
shareholders. Redemptions in-kind are typically only used in unusual
circumstances.
By
Mail
You
may redeem your shares by sending a written request to the Transfer Agent. You
should give your account number and state the number of shares or dollar amount
to be redeemed. The letter should be signed by all of the shareholders whose
names appear on the account registration, and accompanied by a signature
guarantee, if applicable. No redemption request will become effective until all
documents have been received in proper form by the Transfer Agent. Shareholders
should contact the Transfer Agent for further information concerning
documentation required for a redemption of Fund shares. You should send your
redemption request to:
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Regular
Mail
Capital
Advisors Growth Fund
c/o
U.S. Bank Global Fund Services
P.O.
Box 701
Milwaukee,
Wisconsin 53201-0701 |
Overnight
Delivery
Capital
Advisors Growth Fund
c/o
U.S. Bank Global Fund Services
615
E. Michigan Street, Third Floor
Milwaukee,
Wisconsin 53202-5207 |
NOTE: The
Fund does not consider the U.S. Postal Service or other independent delivery
services to be its agents. Therefore, a deposit in the mail or with such
services, or receipt at U.S. Bank Global Fund Services’ post office box, of
purchase orders or redemption requests does not constitute receipt by the
Transfer Agent. Receipt of purchase orders or redemption requests is based on
when the order is received at the Transfer Agent’s office.
By
Telephone
If
you accepted telephone options on your account application, you may redeem
shares for amounts up to $100,000 by calling the Transfer Agent at
1-866-205-0523 before the close of trading on the NYSE. This is generally 4:00
p.m., Eastern Time. Redemption proceeds will be processed on the next business
day to the address that appears on the Transfer Agent’s records. If you request,
redemption proceeds will be wired on the next business day to the bank account
you designated on the account application. The minimum amount that may be wired
is $1,000. A wire fee of $15 will be deducted from your redemption proceeds for
complete and share specific redemptions. In the case of a partial redemption,
the fee will be deducted from the remaining account balance. You may also
receive redemption proceeds to your bank account of record via electronic funds
transfer through the Automated Clearing House (ACH) network; however, credit may
not be available in your bank account for two to three days. Telephone
redemptions cannot be made if you notify the Transfer Agent of a change of
address within 30 days before the redemption request. Shares held in IRA or
other retirement plan accounts may be redeemed by telephone at 1-866-205-0523.
Investors will be asked whether or not to withhold taxes from any
distribution.
When
you establish telephone privileges, you are authorizing the Fund and the
Transfer Agent to act upon the telephone instructions of the person or persons
you have designated on your account application. If an account has more than one
owner or authorized person, the Fund will accept telephone instructions from any
one owner or authorized person.
Before
acting on instructions received by telephone, the Fund and the Transfer Agent
will use reasonable procedures to confirm that the telephone instructions are
genuine. These procedures may include recording the telephone call and asking
the caller for a form of personal identification. If the Fund and the Transfer
Agent follow these procedures, they will not be liable for any loss, expense, or
cost arising out of any telephone redemption request that is reasonably believed
to be genuine. This includes any fraudulent
or
unauthorized request. The Fund may change, modify or terminate these privileges
at any time upon at least 60 days’ notice to shareholders.
You
may request telephone redemption privileges after your account is opened by
calling the Transfer Agent at 1-866-205-0523 for instructions.
You
may encounter higher than usual call wait times during periods of high market
activity. Please allow sufficient time to ensure that you will be able to
complete your telephone transaction prior to market close. If you are unable to
contact the Fund by telephone, you may mail your redemption request in writing
to the address noted above. Once a telephone transaction has been accepted, it
may not be canceled or modified after the close of regular trading on the NYSE
(generally, 4:00 p.m., Eastern Time).
Systematic
Withdrawal Plan
As
another convenience, you may redeem your Fund shares through the Systematic
Withdrawal Plan (“SWP”). To participate, complete the SWP section on the regular
account application. If you elect this method of redemption, the Fund will send
the minimum amount of $100 or more as you direct. You may choose to receive a
check each month, calendar quarter or annually, or payments may be sent to a
pre-authorized bank account by electronic funds transfer via the ACH network
provided your bank is a member. Your Fund account must have a value of at least
$10,000 in order to participate in the SWP. The SWP may be terminated at any
time by the Fund. You may also elect to terminate your participation in the SWP
at any time by calling or writing to the Transfer Agent five calendar days or
more prior to the effective date of the next transaction.
A
withdrawal under the SWP involves a redemption of shares and may result in a
gain or loss for federal income tax purposes. In addition, if the amount
withdrawn exceeds any increase in the value of your account (due to asset
appreciation or dividends credited to your account, for example), the account
ultimately may be depleted.
Other
Information about Redemptions
The
Fund may redeem the shares in your account if the value of your account is less
than $5,000 as a result of redemptions you have made. This does not apply to
retirement plan or Uniform Gifts or Transfers to Minors Act accounts. You will
be notified that the value of your account is less than $5,000 before the Fund
makes an involuntary redemption. You will then have 30 days in which to
make an additional investment to bring the value of your account to at least
$5,000 before the Fund takes any action.
Shareholders
who have an IRA or other retirement plan must indicate on their written
redemption request whether or not to withhold federal income tax. Redemption
requests failing to indicate an election not to have tax withheld will generally
be subject to a 10% withholding tax.
Redemptions
In-Kind
The
Fund has the right to pay redemption proceeds to you in whole or in part by a
distribution of securities from the Fund’s portfolio (a “redemption in-kind”).
It is not expected that the Fund would do so except in unusual circumstances. If
the Fund pays your redemption proceeds by a distribution of securities, you
could incur brokerage or other charges in converting the securities to
cash
and
will bear
any
market risks associated with such securities until they are converted into cash.
A redemption, whether in cash or in-kind, is a taxable event to
you.
GENERAL
POLICIES
Some
of the following policies are mentioned above. In general, the Fund
reserves the right to:
•Refuse,
change, discontinue, or temporarily suspend account services, including
purchase, or telephone redemption privileges, for any reason;
•Reject
any purchase request for any reason. Generally, the Fund will do this if the
purchase is disruptive to the efficient management of the Fund (due to the
timing of the investment or an investor’s history of excessive
trading);
•Redeem
all shares in your account if your balance falls below the minimum investment
amount due to redemption activity. If, within 30 days of the Fund’s written
request, you have not increased your account balance, you may be required to
redeem your shares. The Fund will not require you to redeem shares if the value
of your account drops below the investment minimum due to fluctuations of NAV;
and
•Reject
any purchase or redemption request that does not contain all required
documentation.
Your
financial intermediary may establish policies that differ from those of the
Fund. For example, the organization may charge transaction fees, set higher
minimum investments, or impose certain limitations on buying or selling shares
in addition to those identified in this Prospectus. Contact your financial
intermediary for details.
Signature
Guarantees
A
signature guarantee of each owner, from either a Medallion program member or
non-Medallion program member, is required in the following
situations:
•When
ownership is being changed on your account;
•The
redemption proceeds are payable or sent to any person, address or bank account
not on record;
•When
a redemption is received by the Transfer Agent and the account address has
changed within the last 30 calendar days;
•For
all redemption requests exceeding $100,000 from any shareholder
account.
Non-financial
transactions, including establishing or modifying certain services on an
account, may require a signature guarantee, signature verification from a
Signature Validation Program member or other acceptable form of authentication
from a financial institution source.
The
Fund and/or the Transfer Agent reserve the right at their discretion to require
a signature guarantee in other circumstances.
Signature
guarantees will generally be accepted from domestic banks, brokers, dealers,
credit unions, national securities exchanges, registered securities
associations, clearing agencies and savings associations, as well as from
participants in the New York Stock Exchange Medallion Signature Program
and
the Securities Transfer Agents Medallion Program. A
notary public is not an acceptable signature guarantor.
Lost
Shareholders, Inactive Accounts and Unclaimed Property. It
is important that the Fund maintains a correct address for each shareholder.
An incorrect address may cause a shareholder’s account statements and
other mailings to be returned to the Fund. Based upon statutory
requirements for returned mail, the Fund will attempt to locate the shareholder
or rightful owner of the account. If the Fund is unable to locate the
shareholder, then it will determine whether the shareholder’s account can
legally be considered abandoned. Your mutual fund account may be transferred to
the state government of your state of residence if no activity occurs within
your account during the “inactivity period” specified in your state’s abandoned
property laws. The Fund is legally obligated to escheat (or transfer) abandoned
property to the appropriate state’s unclaimed property administrator in
accordance with statutory requirements. The shareholder’s last known address of
record determines which state has jurisdiction. Please proactively contact
the Transfer Agent toll-free at 1-866-205-0523 at least annually to ensure your
account remains in active status.
If
you are a resident of the state of Texas, you may designate a representative to
receive notifications that, due to inactivity, your mutual fund account assets
may be delivered to the Texas Comptroller. Please contact the Transfer Agent if
you wish to complete a Texas Designation of Representative form.
Householding
In
an effort to decrease costs, the Fund intends to reduce the number of duplicate
prospectuses, supplements, and certain other shareholder documents, you receive
by sending only one copy of each to those addresses shared by two or more
accounts and to shareholders the Transfer Agent reasonably believes are from the
same family or household. Once implemented, if you would like to discontinue
householding for your accounts, please call toll-free at 1-866-205-0523 to
request individual copies of documents; if your shares are held through a
financial intermediary, please contact them directly. Once the Transfer Agent
receives notice to stop householding, the Transfer Agent will begin sending
individual copies thirty days after receiving your request. This policy does not
apply to account statements.
The
Board has developed policies and procedures to prevent frequent transactions in
the Fund. The Fund discourages excessive, short-term trading and other abusive
trading practices that may disrupt portfolio management strategies and harm the
Fund’s performance. The Fund takes steps to reduce the frequency and effect of
these activities in the Fund. These steps include monitoring trading practices
and using fair value pricing. The Fund may decide to restrict purchase and sale
activity in its shares based on various factors, including whether frequent
purchase and sale activity will disrupt portfolio management strategies and
adversely affect the Fund's performance or whether the shareholder has conducted
four round trip transactions within a 12-month period. Although these efforts
(which are described in more detail below) are designed to discourage abusive
trading practices, these tools cannot eliminate the possibility that such
activity may occur. Further, while the Fund makes efforts to identify and
restrict frequent trading, the Fund receives purchase and sale orders through
financial intermediaries and cannot always know or detect frequent trading that
may be facilitated by the use of intermediaries or the use of group or omnibus
accounts by those intermediaries. The Fund seeks to exercise its judgment in
implementing these tools to the best of its abilities in a manner that the Fund
believes is consistent with shareholder interests.
Monitoring
Trading Practices
The
Fund monitors selected trades in an effort to detect excessive short-term
trading activities. If, as a result of this monitoring, the Fund believes that a
shareholder has engaged in excessive short-term trading, it may, in its
discretion, ask the shareholder to stop such activities or refuse to process
purchases in the shareholder’s accounts. In making such judgments, the Fund
seeks to act in a manner that it believes is consistent with the best interests
of shareholders. Due to the complexity and subjectivity involved in identifying
abusive trading activity and the volume of shareholder transactions the Fund
handles, there can be no assurance that the Fund’s efforts will identify all
trades or trading practices that may be considered abusive. In addition, the
Fund’s ability to monitor trades that are placed by individual shareholders
within group or omnibus accounts maintained by financial intermediaries is
limited because the Fund does not have simultaneous access to the underlying
shareholder account information.
In
compliance with Rule 22c-2 of the Investment Company Act of 1940, as
amended, (the “1940 Act”) Quasar Distributors, LLC, on behalf of the Fund,
has entered into written agreements with each of the Fund’s financial
intermediaries, under which the intermediary must, upon request, provide the
Fund with certain shareholder and identity trading information so that the Fund
can enforce its market timing policies.
Fair
Value Pricing.
The
Fund employs fair value pricing selectively to ensure greater accuracy in its
daily NAV and to prevent dilution by frequent traders or market timers who seek
to take advantage of temporary market anomalies.
The
Advisor has developed procedures which utilize fair value pricing when reliable
market quotations are not readily available or the Fund’s pricing service, if
applicable, does not provide a valuation (or provides a valuation that in the
judgment of the Advisor to the Fund does not represent the security’s fair
value), or when, in the judgment of the Advisor, events have rendered the market
value unreliable.
Valuing
securities at fair value involves reliance on judgment.
Fair
value determinations are made in good faith in accordance with procedures
adopted by the Advisor.
There
can be no assurance that the Fund will obtain the fair value assigned to a
security if it were to sell the security at approximately the time at which the
Fund determines its NAV per share. The Board has designated the Advisor as its
“valuation designee” under Rule 2a-5 of the 1940 Act, subject to its
oversight.
Fair
value pricing may be applied to non-U.S. securities.
The
trading hours for most non-U.S. securities end prior to the close of the NYSE,
the time that the Fund’s NAV is calculated.
The
occurrence of certain events after the close of non-U.S. markets, but prior to
the close of the NYSE (such as a significant surge or decline in the U.S.
market) often will result in an adjustment to the trading prices of non-U.S.
securities when non-U.S. markets open on the following business day.
If
such events occur, the Fund may value non-U.S. securities at fair value, taking
into account such events, when it calculates its NAV.
Other
types of securities that the Fund may hold for which fair value pricing might be
required include, but are not limited to: (a) investments which are frequently
traded and/or the market price of which the Advisor believes may be stale; (b)
illiquid securities, including “restricted” securities and private placements
for which there is no public market; (c) securities of an issuer that has
entered into a restructuring; (d) securities whose trading has been halted or
suspended; and (e) fixed-income securities that have gone into default and for
which there is not a current market value quotation.
Other
Payments to Third Parties
The
Fund may pay service fees to intermediaries such as banks, broker-dealers,
financial advisors or other financial institutions, including affiliates of the
Advisor, for sub-administration, sub-transfer agency and other shareholder
services associated with shareholders whose shares are held of record in
omnibus, other group accounts or accounts traded through registered securities
clearing agents.
The
Fund has policies and procedures in place for the monitoring of payments to
broker-dealers and other financial intermediaries for the following
non-distribution activities: sub-transfer agent, administrative, and other
shareholder services.
The
Advisor, out of its own resources, and without additional cost to the Fund or
its shareholders, may provide additional cash payouts or non-cash compensation
to intermediaries who sell shares of the Fund, including affiliates of the
Advisor. Such payments and compensation are in addition to services fees paid by
the Fund. These additional cash payments are generally made to intermediaries
that provide shareholder servicing, marketing support and/or access to sales
meetings, sales representatives and management representatives of the
intermediary. Cash compensation may also be paid to intermediaries for inclusion
of the Fund on a sales list, including a preferred or select sales list, in
other sales programs or as an expense reimbursement in cases where the
intermediary provides shareholder services to Fund shareholders. The Advisor may
also pay cash compensation in the form of finder’s fees that vary depending on
the Fund and the dollar amount of the shares sold.
Dividends
and Distributions
The
Fund will make distributions of dividends and capital gains, if any, at least
annually, typically in December, but the Fund may make an additional payment of
dividends or distribution of capital gains if it deems it desirable at another
time during the year.
All
distributions will be automatically reinvested in Fund shares unless you choose
one of the following options: (1) receive dividends in cash while
reinvesting capital gain distributions in additional Fund shares;
(2) receive capital gain distributions in cash, while reinvesting
dividends; or (3) receive all distributions in cash. Dividends will be
taxable whether received in cash or in additional shares. If you wish to change
your distribution option, write or call the Transfer Agent at least five
calendar days in advance of the distribution payment.
Any
dividend or distribution paid by the Fund has the effect of reducing the NAV per
share on the ex-dividend date by the amount of the dividend or distribution. You
should note that a dividend or distribution paid on shares purchased shortly
before that dividend or distribution was declared will be subject to income
taxes even though the dividend or distribution represents, in an economic sense,
a partial return of capital to you.
If
you elect to receive dividends and/or capital gains paid in cash and the U.S.
Postal Service cannot deliver the check, or if a check remains outstanding for
six months, the Fund reserves the right to reinvest the distribution check in
your account, at the Fund’s current NAV per share, and to reinvest all
subsequent distributions.
Tax
Consequences
The
Fund has elected and intends to continue to qualify to be taxed as a regulated
investment company under Subchapter M of the Internal Revenue Code of 1986, as
amended (the “Code”). As a regulated investment company, the Fund will not be
subject to federal income tax if it distributes its taxable income as required
by the tax law and satisfies certain other requirements that are described in
the SAI.
The
Fund typically makes distributions of dividends and capital gains. Dividends are
taxable to you as ordinary income (or in some cases as qualified dividend
income) depending on the source of such income to the distributing Fund and the
holding period of the Fund for its dividend-paying securities and of you for
your Fund shares. The rate you pay on capital gain distributions will depend on
how long the Fund held the securities that generated the gain, not on how long
you owned your Fund shares. You will be taxed in the same manner whether you
receive your dividends and capital gain distributions in cash or reinvest them
in additional Fund shares. Generally none or only a small portion of the
dividends paid to you as a result of the Fund’s investment in real estate
investment trusts is anticipated to be qualified dividend income eligible for
taxation by individuals at long-term capital gain tax rates. The eligibility for
qualified dividend tax rates depends on the underlying investments of the Fund.
Some or all of your distributions may not be eligible for this preferential tax
rate. An additional 3.8% federal surtax applies to the net investment income,
which generally includes dividends and capital gains earned from an investment
in the Fund, of shareholders with adjusted gross incomes over $200,000 for
single filers and $250,000 for joint filers. Although distributions generally
are taxable when received, certain distributions declared in October, November,
or December to shareholders of record on a specified date in such a month but
paid in January are taxable as if received in the prior December.
For
taxable years beginning after 2017 and before 2025, non-corporate taxpayers
generally may deduct 20% of “qualified business income” derived either directly
or through partnerships or S corporations. For this purpose, “qualified business
income” generally includes dividends paid by a real estate investment trust
(“REIT”) and certain income from publicly traded partnerships. Regulations
recently adopted by the United States Treasury allow non-corporate shareholders
of the Fund to benefit from the 20% deduction with respect to net REIT dividends
received by the Fund if the Fund meets certain reporting requirements. There is
currently no mechanism for the Fund, to the extent that the Fund invests in
MLPs, to pass through to non-corporate shareholders the character of income
derived from MLP investments so as to allow such shareholders to claim this
deduction. It is uncertain whether future legislation or other guidance will
enable the Fund to pass through to non-corporate shareholders the ability to
claim this deduction.
By
law, the Fund must withhold from your taxable distributions and redemption
proceeds an amount as backup withholding determined at a rate as set forth under
Section 3406 of the Code if you do not provide your correct Social Security or
taxpayer identification number and certify that you are not subject to backup
withholding, or if the Internal Revenue Service instructs the Fund to do
so.
Sale
of your Fund shares is a taxable event for you.
Depending on the purchase and sale price of the shares you sell or exchange, you
may have a gain or a loss on the transaction. You are responsible for any tax
liabilities generated by your transaction and your investment in the Fund. The
Code limits the deductibility of capital losses in certain circumstances.
In
managing the Fund, the Advisor considers the tax effects of its investment
decisions to be of secondary importance. Shareholders should be aware that the
Fund may make taxable distributions of income and capital gains even when share
values have declined.
You
should consult your own tax advisor concerning federal, state and local taxation
of distributions from the Fund. Additional information about the taxation of the
Fund and its shareholders is contained in the SAI.
Investors
cannot invest directly in an index, although they may invest in the underlying
securities.
The
S&P
500®
Index
is an unmanaged, capitalization-weighted index of 500 stocks designed to
represent the broad domestic economy. The performance figures reflect all
dividends reinvested.
The
financial highlights table is intended to help you understand the Fund’s
financial performance for the past five years. Certain information reflects
financial results for a single Fund share. The total returns in the table
represent the rate that an investor would have earned (or lost) on an investment
in the Fund (assuming reinvestment of all dividends and distributions). This
information has been audited by Tait, Weller & Baker LLP, the Fund’s
independent registered public accounting firm, whose report, along with the
Fund’s financial statements, are included in the Fund’s annual report, which is
available upon request.
For
a share outstanding throughout each year
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| Year
Ended December 31 |
|
| 2022 |
| 2021 |
| 2020 |
| 2019 |
| 2018 |
|
| Net
asset value, beginning of year |
$ |
39.75 |
|
| $ |
36.13 |
|
| $ |
29.81 |
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| $ |
22.97 |
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| $ |
25.68 |
| |
| Income
from investment operations: |
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| Net
investment income/(loss) |
0.17 |
|
| (0.01) |
|
(1) |
0.03 |
|
(1) |
0.08 |
|
| 0.05 |
|
(1) |
| Net
realized and unrealized gain/(loss) on investments |
(7.69) |
|
| 7.77 |
|
| 8.58 |
|
| 7.89 |
|
| (1.19) |
| |
| Total
from investment operations |
(7.52) |
|
| 7.76 |
|
| 8.61 |
|
| 7.97 |
|
| (1.14) |
| |
| Less
distributions: |
|
|
|
|
|
|
|
|
| |
| From
net investment income |
(0.01) |
|
| — |
|
| (0.04) |
|
| (0.08) |
|
| (0.05) |
| |
| From
net realized gain on investments |
(0.34) |
|
| (4.14) |
|
| (2.25) |
|
| (1.05) |
|
| (1.52) |
| |
| Total
distributions |
(0.35) |
| (4.14) |
|
| (2.29) |
|
| (1.13) |
|
| (1.57) |
| |
| Redemption
Fees |
— |
|
| 0.00 |
(1)(2) |
0.00 |
(1)(2) |
— |
|
| 0.00 |
(1)(2) |
| Net
asset value, end of year |
$ |
31.88 |
|
| $ |
39.75 |
|
| $ |
36.13 |
|
| $ |
29.81 |
|
| $ |
22.97 |
| |
|
|
|
|
|
|
|
|
|
|
| |
| Total
return |
-18.96 |
| % |
21.60 |
| % |
29.03 |
| % |
34.81 |
| % |
-4.80 |
| % |
|
|
|
|
|
|
|
|
|
|
| |
| Ratios/supplemental
data: |
|
|
|
|
|
|
|
|
| |
| Net
assets, end of year (thousands) |
$ |
87,753 |
|
| $ |
109,939 |
|
| $ |
88,628 |
|
| $ |
68,862 |
|
| $ |
48,427 |
| |
| Ratio
of expenses to average net assets: |
|
|
|
|
|
|
|
|
| |
| Before
fee waivers |
1.03 |
| % |
1.06 |
| % |
1.12 |
| % |
1.17 |
| % |
1.18 |
| % |
| After
fee waivers |
1.00 |
| % |
1.00 |
| % |
1.00 |
| % |
1.00 |
| % |
1.00 |
| % |
| Ratio
of net investment income/(loss) to average net assets: |
|
|
|
|
|
|
|
|
| |
| Before
fee waivers |
0.47 |
| % |
(0.09) |
| % |
(0.01) |
| % |
0.12 |
| % |
0.00 |
| % |
| After
fee waivers |
0.50 |
| % |
(0.03) |
| % |
0.11 |
| % |
0.29 |
| % |
0.18 |
| % |
| Portfolio
turnover rate |
18.49 |
| % |
28.85 |
| % |
42.57 |
| % |
43.55 |
| % |
46.32 |
| % |
(1)Based
on average shares outstanding.
(2)Amount
is less than $0.005.
Investment
Advisor
Capital
Advisors, Inc.
2222
South Utica Place, Suite 300
Tulsa,
Oklahoma 74114
Distributor
Quasar
Distributors, LLC
111
East Kilbourn Avenue, Suite 2200
Milwaukee,
Wisconsin 53202
Custodian
U.S.
Bank National Association
Custody
Operations
1555
North RiverCenter Drive, Suite 302
Milwaukee,
Wisconsin 53212
Transfer
Agent
U.S.
Bank Global Fund Services
615
East Michigan Street
Milwaukee,
Wisconsin 53202
Independent
Registered Public Accounting Firm
Tait,
Weller & Baker LLP
Two
Liberty Place
50
South 16th
Street, Suite 2900
Philadelphia,
Pennsylvania 19102
Legal
Counsel
Sullivan
& Worcester LLP
1633
Broadway, 32nd
Floor
New
York, New York 10019
The
Fund collects non-public information about you from the following
sources:
•Information
we receive about you on applications or other forms;
•Information
you give us orally; and/or
•Information
about your transactions with us or others.
We
do not disclose any non-public personal information about our customers or
former customers without the customer’s authorization, except as permitted by
law or in response to inquiries from governmental authorities. We may share
information with affiliated and unaffiliated third parties with whom we have
contracts for servicing the Fund. We will provide unaffiliated third parties
with only the information necessary to carry out their assigned
responsibilities. We maintain physical, electronic and procedural safeguards to
guard your non-public personal information and require third parties to treat
your personal information with the same high degree of
confidentiality.
In
the event that you hold shares of the Fund through a financial intermediary,
including, but not limited to, a broker-dealer, bank, or trust company, the
privacy policy of your financial intermediary would govern how your non-public
personal information would be shared by those entities with unaffiliated third
parties.
CAPITAL
ADVISORS GROWTH FUND
For
investors who want more information about the Fund, the following documents are
available free upon request:
Annual/Semi-Annual
Reports. Additional
information about the Fund’s investments is available in the Fund’s annual
and semi-annual
reports to shareholders (collectively, the “Shareholder Reports”). In the Fund’s
annual report, you will find a discussion of market conditions and investment
strategies that significantly affected the Fund’s performance during its last
fiscal year.
Statement
of Additional Information (“SAI”): The
SAI provides more detailed information about the Fund and is incorporated by
reference into this Prospectus.
The
Shareholder Reports and SAI are available free of charge on the Fund’s website
at www.capadvfunds.com. You can obtain free copies of the Shareholder Reports
and the SAI, request other information and discuss your questions about the Fund
by contacting the Fund at:
Capital
Advisors Growth Fund
c/o
U.S. Bank Global Fund Services
P.O.
Box 701
Milwaukee,
Wisconsin 53201-0701
Telephone:
1-866-205-0523
You
may also request copies of the Shareholder Reports and SAI from the Advisor by
contacting them by telephone at (918) 599-0045 or by mail at Capital Advisors,
Inc., 2222 South Utica Place, Suite 300, Tulsa, Oklahoma 74114.
You
can get text-only copies:
•For
a fee, by writing to the Public Reference Section of the Commission, Washington,
D.C. 20549-1520 or by electronic request at the following e-mail address:
[email protected].
•Free
of charge from the Commission’s EDGAR Database on the Commission’s internet
website at: www.sec.gov.
(Investment
Company Act File No. 811-07959.)
