The Roxbury Funds Disciplined Investing. Independent Thinking.


Top Ten Holdings

As of March 31, 2010
Catalyst Health Solutions 2.93%
Veeco Instruments 2.93%
Inverness Medical Innovation 2.70%
SXC Health Solutions 2.58%
QLogic 2.25%
Atlas Air Worldwide 2.07%
United Therapeutics 2.05%
Atmel 2.04%
SBA Communications 2.04%
Power-One 2.03%

The Roxbury Funds release the top ten holdings as of each calendar quarter-end after a 30-day lag. A complete list of holdings can be obtained by contacting a shareholder services representative after this time. Because The Roxbury Funds invest primarily in mid- and small-cap companies, which may have volatile price movements, we feel this policy is in the best interest of our shareholders. Ongoing publication of top ten holdings in the Funds may affect trading volume and the pricing of securities in which the Funds invest. By delaying the release of the top ten holdings, Roxbury may be able to deter front-running by traders who could impair our ability to build positions in our best ideas at the most favorable prices. Top ten holdings are shown as a percent of net asset value.

Portfolio holdings are subject to change at any time. References to specific securities should not be construed as recommendations by the Funds or Roxbury Capital Management, LLC.