The investment seeks long-term capital appreciation. The advisor seeks to achieve the fund's investment objective by investing primarily in U.S. equity securities but may also hold shares of foreign companies either directly or through American Depository Receipts ("ADRs"). Companies in which the fund invests may be of any capitalization size. Under normal circumstances, it will invest at least 80% of its assets (defined as net assets plus any borrowing for investment purposes) in equity securities. It is non-diversified.