The performance figures above reflect the exceptional performance of the stock market in 1998 and 1999. Investors should maintain realistic expectations for future performance and, most importantly, should note that the recent market volatility is not reflected in these figures.

The Focus Fund's returns may have been positively impacted by buying technology companies in a period favorable for these stocks.

Past performance is no guarantee of future results and investment results and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Total return includes reinvestment of dividends and capital gains.

Our portfolio holdings are subject to change without notice.

Concentration may lead to greater price volatility.

Morningstar proprietary ratings reflect risk-adjusted performance for the stated period. Only the top 10% of funds in a given category receive a five-star rating. The next 22.5% receive four stars, the next 35% receive three stars, and the next 22.5% receive two stars. Subject to change every month, a fund's rating is based on its 3-, 5-, and (when available) 10-year average annual total returns (with fee adjustments) in excess of 90-day Treasury bill returns, and a risk factor that reflects fund performance below 90-day Treasury bill returns. The overall rating is the weighted average of the three time periods.

Lipper Inc., is a nationally recognized organization that ranks the performance of mutual funds within a universe of funds that have similar investment objectives. All rankings are historical and are based on total return with capital gains and dividends reinvested.