Strategy And Objective

The Fund seeks to maximize capital appreciation. The Fund s Sub-Adviser seeks to achieve the Fund s investment objective by investing primarily in domestic and foreign growth-oriented, large capitalization or large cap equity securities (common stock and securities convertible into common stocks) of companies traded on U.S. stock exchanges or in the over-the-counter market. The Fund normally invests at least 80% of its assets (defined as net assets plus borrowing for investment purposes) in the common stock of large cap companies. The Fund defines large capitalization companies as those companies whose market capitalizations are equal to or greater than the smallest company in the Russell 1000 Index during the most recent 12-month period. For the most recent annual reconstitution published as of June 2020, the market capitalization range of companies in the Russell 1000 Index was approximately $570 million to $1.6 trillion, which range will vary daily. Shareholders will be provided 60 days advance notice of any change to this policy. The Fund is considered a focused fund as it generally limits the number of holdings in the portfolio to 35 stocks. The Sub-Adviser s investment philosophy focuses on the analysis of the company s financial statements, the company s business model, the company s perceived advantages over its competitors, and the attractiveness, size and growth rate of each company s market where it competes. The Sub-Adviser considers a company that is increasing revenues and cash flow to be a growth company. The Sub-Adviser further analyzes each company s management track record and continuity in conjunction with an in-depth analysis and evaluation of its financial statements. In general, the Sub-Adviser buys securities when the company is demonstrating above average growth in revenues and cash flow and it believes the security is reasonably priced relative to its expected rate of growth. The Sub-Adviser may choose to sell a security when it believes the company may have deteriorating growth prospects as measured by slowing revenue growth or slowing cash flow growth or when the Sub-Adviser wishes to take advantage of what it believes to be a better investment opportunity. The Fund is non-diversified, which mean that it can invest a greater percentage of its assets in any one issuer than a diversified fund. The Fund may also engage in securities lending.