Fund Description

The Manager believes companies undergoing "Positive Dynamic Change" offer the best opportunities. Positive Dynamic Change includes High Unit Volume Growth or Positive Lifecycle Change, such as rapidly growing demand, market dominance, or benefits from new regulations, product innovation, or new management. Under normal circumstances, the fund invests at least 80% of net assets, plus any borrowings for investment purposes, in equity securities of companies of any market capitalization, including common or preferred stocks listed on U.S. or foreign exchanges. As a focus fund, it generally owning approximately 50 holdings and may invest a significant portion of its assets in securities of companies conducting business within a single sector. It may trade actively and may hold cash and cash equivalents up to 15%.