All-Cap Income is a unique quantitative strategy that seeks to generate a consistent level of income and secondarily, capital appreciation, by investing primarily in dividend securities.

The investment strategy is based on academic research influenced by the work of John Maynard Keynes. Studies show that a relatively small group of stocks tend to migrate up in size and valuation during a given year, contributing a significant portion of the market's return.

Research by Roxbury's Quantitative Strategies Group shows that Wall Street analysts covering such stocks are apt to signal corrective behavior underway with respect to errors in published earnings data. The All-Cap Fund seeds to capitalize on this phenomenon by using a refined quantitative model to identify stocks in the early stages of upward migration. The commonly tracked earnings estimate is but one of six data points identified by the portfolio manager as playing a significant role in this process.

The simplest analogy is as follows: The strategy's model identifies corrective behavior exhibited by analysts with respect to published earnings data and monitors this behavior to uncover "where the action is" among stocks, similar to how one might follow a school of fish. If the school abruptly changes direction, so does the strategy, in terms of its holdings.

The portfolio is typically comprised of 25 to 45 issues but as many as 100 issues subject to prevailing market conditions. The portfolio is rebalanced on a quarterly basis (January, April, July, October) because proprietary research and experience have shown this to be key to achieving the investment objectives. Portfolio turnover is expected to be high and tax efficiency is not an investment consideration.

Investors should carefully consider the Fund's investment objective, risks, and expenses before investing. The Fund is subject to risks associated with investing in small-cap and mid-cap securities, which tend to be more volatile and less liquid than large-cap securities. Additional risk information may be found in the Fund prospectus.