Strategy And Objective

The Fund seeks long-term capital appreciation. The Funds Board of Trustees can change this investment objective without a shareholder vote. Under normal circumstances, the Fund invests at least 80% of its total assets in equity securities; and may invest up to 25% of the its total assets in equity securities of foreign issuers, including ADRs and similar investments. We may invest in the equity securities of companies of any market capitalization. We seek to identify companies that have the prospect for strong sales and earnings growth rates, that enjoy a competitive advantage (for example, dominant market share) and that we believe have effective management with a history of making investments that are in the best interests of shareholders (for example, companies with a history of earnings and sales growth that are in excess of total asset growth). Furthermore, we seek to identify companies that embrace innovation and foster disruption using technology to maximize efficiencies, gain pricing advantages, and take market share from competitors.