The Roxbury Small-Cap Growth Fund seeks long-term capital appreciation by investing at least 80% of its assets in the common stocks of U.S. corporations with market capitalizations consistent with those in the S&P SmallCap 600 and Russell 2000 indexes. Managers look for companies with strong growth characteristics that appear to be attractively priced in the marketplace relative to underlying profitability.

The research process begins by screening a universe of stocks with market capitalizations of less than $2 billion and expected future earnings growth of greater than 15%.

The managers then perform fundamental analysis to identify companies with such characteristics as growing revenues, stable or expanding margins, low debt levels, solid cash flows, and high or potentially high returns on capital.

Additional research is applied to the most promising candidates to uncover those companies with solid management, strengthening competitive positions, and positive business and market trends.

As an additional check, a valuation analysis is performed to see whether the stock is attractively priced relative to its industry, historical range, and the overall market.

A stock becomes a purchase candidate only if the portfolio managers are convinced there is a catalyst in place to provide for at least 15% stock price appreciation over the next 12 months.

Stocks are sold for overvaluation, when the fundamentals weaken, or if poor relative price performance persists.

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