Fund Description

The fund seeks capital appreciation by investing primarily in equity securities of the largest 1,000 U.S.-domiciled companies by market capitalization, including common and preferred stock and securities convertible into common stock. Current income is incidental. The advisor focuses on companies believed to have superior earnings growth prospects and positive changes not yet recognized by Wall Street analysts and the financial press, noting that lack of recognition of these changes often causes securities to be less efficiently priced. It typically favors strong year-over-year earnings growth, generally avoids excessive debt, and seeks companies whose price is not yet fully reflective of growth rates. Under normal market conditions, it invests at least 90% of total assets in equities, with at least 80% in the largest 1,000 U.S.-domiciled companies, and may buy foreign securities traded on U.S. exchanges. Portfolio securities are generally acquired for the long term.