Primary Investment Strategies

The Fund invests mainly in stocks of U.S. companies, emphasizing those companies with financial results which the Fund's adviser believes will evolve materially better than consensus expectations. Through its research, the Fund's adviser identifies stocks that it believes will outperform over a three to five year time frame the Standard & Poor's 500 Index, a widely recognized benchmark of U.S. stock market performance that is dominated by the stocks of large U.S. companies. You cannot invest directly in an index. The Fund's adviser looks for companies that will grow faster and/or will be more profitable than their current market valuations suggest, and for companies with asset values that are not adequately reflected in their stock prices. The Fund invests at least 80% of its assets in stocks (the Fund will provide its shareholders with at least 60 days' prior notice of any change in this non-fundamental investment policy) and may invest in publicly traded companies of any size and in foreign companies.