Strategy. The Advisers mission is to build shareholder wealth through ownership of quality high-growth, publicly-traded companies. Since ZCIs inception in 1987, the Adviser has applied a consistent philosophy and process to uncover businesses positioned to disrupt old industries, forge new markets and win the hearts and minds of customers. The Adviser manages the Fund with a long-term view; striving to invest in companies for the next decade, not one quarter or one year. This perspective demands a focus on companies that have sustainable business models. Inherent in this research process is the assessment of company strengths and risk factors, whether business, regulatory, or market. The Fund seeks to invest in companies that are industry leaders with significant growth potential, strong competitive … Show more… The Advisers mission is to build shareholder wealth through ownership of quality high-growth, publicly-traded companies. Since ZCIs inception in 1987, the Adviser has applied a consistent philosophy and process to uncover businesses positioned to disrupt old industries, forge new markets and win the hearts and minds of customers. The Adviser manages the Fund with a long-term view; striving to invest in companies for the next decade, not one quarter or one year. This perspective demands a focus on companies that have sustainable business models. Inherent in this research process is the assessment of company strengths and risk factors, whether business, regulatory, or market. The Fund seeks to invest in companies that are industry leaders with significant growth potential, strong competitive advantages, a sizeable addressable market, product differentiation and quality management. The Funds portfolio generally will contain 30-60 stocks of any market capitalization. The Fund may invest in initial public offerings (IPOs) and other equities new to the public markets such as direct listings by organizations as a method of initial access to public markets. Under normal circumstances, the Fund will invest in equity securities of small-, medium-, and large- capitalization issuers. The Fund may invest up to 100% of its assets in equity securities, including common stocks, of foreign companies trading on US exchanges (denominated in USD) which may include American Depositary Receipts (ADRs). In determining whether an issuer is foreign, the Adviser will consider various factors including the location(s) of the issuers headquarters, legal organization, principal trading market and/or concentration of revenues. The weight given to each of these factors will vary depending upon the circumstances as determined by the Adviser. The Fund is non-diversified and may invest a greater percentage of its assets in a particular issuer than a diversified fund. The Fund may invest a significant portion of its assets in the securities of companies in the same sector or sectors. As of June 30, 202 3 , over 25% of the Funds assets were invested in securities within each of the consumer discretionary and technology sectors. The Advisers growth equity investment philosophy is predicated on company revenue, cash flow and earnings growth being the essential catalysts of stock price appreciation ( i.e. , drivers to increase the price of stocks), combined with financial flexibility and experienced management offering competitive advantages during market downturns. The Adviser employs a research intensive, bottom-up strategy ( i.e., greater emphasis on company specific performance rather than macroeconomic events and market cycles ) to identify investments meeting these criteria. The Adviser identifies company growth drivers using a variety of both traditional resources ( e.g., management meetings, conference attendance, financial statement analysis, and Wall Street research) and unconventional resources ( e.g., monitoring private equity and venture capital activity by attending investment conferences, subscribing to and reviewing publications, including print and online private equity and venture capital newsletters and periodicals, as well as through product/service use). These drivers may include long-term product differentiation, customer demand, competitive positioning ( i.e., position a firm occupies in a market, or is trying to occupy, relative to its competition), and historical and projected industry growth. When evaluating the operations of a business, the Adviser seeks to adopt the perspective of the business stakeholders, identifying revenue sources, customer bases, products, and financing sources over extended periods. The Adviser maintains internally calculated estimates of revenue, cash flow and earnings growth in a valuation model designed to determine potential upside and downside stock price targets. With the Funds goal of being fully invested at all times (nominal cash balance), new securities must present compelling fundamentals ( i.e ., economics/financial condition of the underlying company) and valuation upside when compared to existing holdings before they are added to the portfolio. As portfolio holdings are under continuous evaluation, the Adviser considers the sell decision a value-added aspect of the investment process. Sell decisions can occur for the following reasons: 1) a price target has been met, 2) fundamentals have changed or the established growth drivers have failed to develop as expected, and/or 3) stronger alternatives in growth and valuation exist elsewhere. The Advisers fundamental approach to stock selection ( i.e. , use of qualitative and quantitative analysis to identify overvalued and undervalued securities ) naturally embeds consideration of material environmental, social, and governance issues (ESG), as ZCI believes companies with durable corporate governance and business practices, coupled with strong growth prospects, deliver compelling returns over time. The Adviser believes ESG analysis is innate to its core research approach and helps the investment team form a clearer understanding of potential business benefits and risks. The investment strategy incorporates formal research review of company-specific ESG factors in the decision-making process. However, ESG evaluation of a particular company is not the primary factor for inclusion or exclusion. Show less