This Fund normally invests at least 80% of its assets in common stocks of domestic small capitalization companies. Small capitalization companies are defined as firms whose market capitalizations fall within or below the market capitalization ranges of companies included in the S&P Small Cap 600 Index or the Russell 2000 Index within the previous three years of purchase. As of December 31, 2005 , the S&P Small Cap 600 Index included companies with market capitalizations ranging from $46 million to $3,700 million, and the Russell 2000 Index included companies with market capitalizations ranging from $26 million to $4,382 million. You should be aware that the market capitalization ranges for these indices are not fixed and may change from time to time.

To choose securities in which the TrendStar Small-Cap Fund invests the Funds' management team researches and identifies long-term industry, demographic, technological and other trends that it believes are likely to generate superior company growth prospects. The team then identifies a universe of companies that it expects to benefit most from the identified long-term trends. The companies within this universe are analyzed using a "bottom-up" fundamental approach that emphasizes company and industry profit margin structure, management effectiveness and overall industry competitiveness. The management team makes its final selections by utilizing a valuation methodology that estimates individual stock value by considering a wide variety of factors, including but not limited to company profitability, rate of company growth and balance sheet quality.

The TrendStar Small Cap Fund will be closed to new investors once the Fund obtains approximately $400 million in assets. Capping the Fund at this maximum asset level is an important element in the overall investment strategy for the Fund.


TrendStar American Endeavor Fund
Click here for a list of the fund's holdings.

This Fund normally invests at least 80% of its assets in common stocks of U.S. companies without regard to market capitalizations.

The TrendStar American Endeavor Fund is designed to give investors the ability to gain exposure to international economic growth opportunities without being directly exposed to international stocks and stock markets and to direct currency risk. The Fund provides international growth exposure by normally investing at least 80% of its assets in common stocks of domestic companies that generate at least one-third (1/3 rd ) of their annual sales or net income from operations conducted outside the United States.

To choose securities in which the Fund will invest, the management team employs the same stock selection process as described above for the TrendStar Small-Cap Fund, with the additional requirement that selected companies satisfy the 1/3 rd international sales or net income element. The requirement of a significant international operations exposure will generally lead the management team to purchase companies with larger market capitalizations (in excess of $3 billion). However, the Fund may purchase companies of any size without regard to market capitalization, so long as that company survives the team's rigorous investment analysis.