Fund Description

The fund was incepted in December 1997 and is managed by Institutional Capital Corporation. The fund seeks a superior total return with income as a secondary objective. Basically the fund seeks to achieve a total return greater than the Euro Index. The fund invests in a relatively limited number of equity securities, predominately ADRs, of established European companies, with market capitalizations of $2 billion or more. The fund may invest up to 20% of its net assets in cash and cash equivalents for any purpose, including pending investment or reinvestment, and may invest up to 100% of its total assets in such instruments for temporary defensive purposes when market conditions warrant. Dividends are generally distributed annually or semi-annually and capital gains, if any, are distributed annually.