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Growth Fund

Objective
Long-term capital appreciation

Investment Philosophy
Investing in attractively valued companies with growing earnings and sound finances will generate superior long-term investment returns.

Investment Process
The Fund employs a two-step disciplined, repeatable process:

1. Our proprietary analytical process identifies large-cap companies with:

• Strong earnings
• Capability to grow
• Strong financial structure
• Significant free cash flow
• Attractive valuations poised to appreciate

2. Our research-driven process selects companies with characteristics necessary for long-term appreciation:

• Validate data and underlying assumptions
• Evaluate management's strategic vision and ability to execute
• Assess the impact of industry trends and economic environments
• Evaluate company's ability to withstand bad times

Portfolio Characteristics as of 9/30/2011

Top Ten Holdings % Portfolio Apple Inc. 7.1% Dollar Tree  6.0% Precision Cast. 5.0% Cummins Inc.  4.5% Mastercard  4.2% Oracle Corp.  4.2% DirecTV Grp.  4.1% ACE Ltd.  3.6% Church & Dwight 3.6% Thermo Fisher  3.6%

Sectors % Portfolio Information Tech. 31.4% Consumer Disc.  13.3% Health Care  13.0% Industrial 12.1% Consumer Staples  8.8% Energy 8.2% Financial 3.6% Telecomm Svcs. 2.4%

The portfolio is actively managed. Holdings and weightings are subject to change daily and are provided for informational purposes only and should not be deemed as a recommendation to buy or sell the securities mentioned.

Mutual fund investing involves risk, including possible loss of principal amount invested.

Investments in mid-sized companies present a greater risk of loss than investments in large companies.

Growth funds are generally more sensitive to market moves and thus may be more volatile than other stocks.