Strategy. To achieve the Funds investment objective, EULAV Asset Management (the Adviser) invests substantially all of the Funds net assets in common stocks. Under normal circumstances, the Adviser invests at least 80% of the Funds assets in common stocks and other equity securities of mid-sized companies (the 80% Policy). The 80% Policy can be changed without shareholder approval upon at least 60 days prior written notice. The Fund considers companies to be mid-sized if they have market capitalizations between $7 billion and $70 billion at the time of purchase. Under normal circumstances, the Funds portfolio will generally consist of positions in 25 to 50 companies. The Fund is actively managed by the Adviser, which seeks to purchase mid-cap growth companies that … Show more… To achieve the Funds investment objective, EULAV Asset Management (the Adviser) invests substantially all of the Funds net assets in common stocks. Under normal circumstances, the Adviser invests at least 80% of the Funds assets in common stocks and other equity securities of mid-sized companies (the 80% Policy). The 80% Policy can be changed without shareholder approval upon at least 60 days prior written notice. The Fund considers companies to be mid-sized if they have market capitalizations between $7 billion and $70 billion at the time of purchase. Under normal circumstances, the Funds portfolio will generally consist of positions in 25 to 50 companies. The Fund is actively managed by the Adviser, which seeks to purchase mid-cap growth companies that generally have strong market positions in growing industries that may enable those companies to increase future sales and earnings at an above-average pace in the coming years. There are no set limitations on the sector weightings of the Funds investments, and the Fund may invest in companies that have smaller or larger capitalizations than mid-sized companies. During the investment selection process, the Adviser performs fundamental and quantitative analysis on each company and utilizes the rankings of companies by the Value Line Timeliness Ranking System (the Ranking System) to assist in selecting securities for purchase. The Ranking System is a proprietary quantitative system that compares an estimate of the probable market performance of each stock within a universe during the next six to twelve months to that of all stocks within that universe and ranks stocks on a scale of 1 (highest) to 5 (lowest). The universe followed by the Ranking System consists of stocks of approximately 1,700 companies accounting for approximately 90% of the market capitalization of all stocks traded on the U.S. securities exchanges. All the stocks followed by the Ranking System are listed on U.S. stock exchanges or traded in the U.S. over-the-counter markets or on the Toronto Stock Exchange. The Adviser may sell securities for a variety of reasons, including when a companys business fundamentals deteriorate or a companys valuation has become less attractive in relationship to the companys future growth prospects. Other reasons include to secure gains, limit losses or redeploy assets into more promising investment opportunities. The Adviser has discretion in managing the Fund, including whether and which ranked stocks to include within the Funds portfolio, whether and when to buy or sell stocks based upon changes in their rankings, and the frequency and timing of rebalancing the Funds portfolio. The Adviser will determine the percentage of the Funds assets invested in each stock based on the stocks relative attractiveness taking into account the potential risk and reward of each investment. Show less