Strategy. Under normal market conditions, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities. This investment policy may be changed by the Fund upon 60 days prior written notice to shareholders. The Fund intends to invest in companies of any market capitalization that Frost Investment Advisors, LLC (the Adviser or Frost) believes will have growing revenues and earnings. The Fund will generally invest in equity securities of domestic companies, but may also invest in equity securities of foreign companies and American Depositary Receipts (ADRs). The Adviser performs in-depth analyses of company fundamentals and factors affecting industries to identify companies displaying strong earnings and revenue growth relative to the overall market or … Show more… Under normal market conditions, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities. This investment policy may be changed by the Fund upon 60 days prior written notice to shareholders. The Fund intends to invest in companies of any market capitalization that Frost Investment Advisors, LLC (the Adviser or Frost) believes will have growing revenues and earnings. The Fund will generally invest in equity securities of domestic companies, but may also invest in equity securities of foreign companies and American Depositary Receipts (ADRs). The Adviser performs in-depth analyses of company fundamentals and factors affecting industries to identify companies displaying strong earnings and revenue growth relative to the overall market or relative to their peer group, improving returns on equity and a sustainable competitive advantage. The Adviser focuses on a number of factors to assess the growth potential of individual companies, such as: ? Historical and expected organic revenue growth rates; ? Historical and expected earnings growth rates; ? Signs of accelerating growth potential; ? Positive earnings revisions; ? Earnings momentum; ? Improving margin and return on equity trends; and ? Positive price momentum. When an attractive growth opportunity is identified, the Adviser seeks to independently develop an intrinsic valuation for the stock. The Adviser believes that the value of a company is determined by discounting the companys future cash flows or earnings. Valuation factors considered in identifying securities for the Funds portfolio include: ? Price/earnings ratio; ? Price/sales ratio; ? Price/earnings to growth ratio; ? Enterprise value/earnings before interest, taxes, depreciation and amortization; ? Enterprise value/sales; ? Price/cash flow; ? Balance sheet strength; and ? Returns on equity and returns on invested capital. The Adviser also seeks to understand a firms competitive position and the industry dynamics in which the firm operates. The Adviser assesses industry growth potential, market share opportunities, cyclicality and pricing power. Further analysis focuses on corporate governance and managements ability to create value for shareholders. The Adviser augments its independent fundamental research process with quantitative screens and models. The models are derived from proprietary research or securities industry research studies and score companies based upon a number of fundamental factors. The Adviser uses quantitative analysis to provide an additional layer of objectivity, discipline and consistency to its equity research process. This quantitative analysis complements the fundamental analyses that the Adviser conducts on companies during its stock selection process. The Fund seeks to buy and hold securities for the long term and seeks to keep portfolio turnover to a minimum. However, the Adviser may sell a security if its price exceeds the Advisers assessment of its fair value or in response to a negative company event, a change in management, poor relative price performance, achieved fair valuation, or a deterioration in a companys business prospects, performance or financial strength. The Fund is classified as non-diversified, which means that it may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund. Show less