Investment Objective

The Micro Cap Portfolio seeks maximum capital appreciation, consistent with reasonable risk to principal by investing primarily in small market capitalization companies.

Investment Strategy

The Micro Cap Portfolio normally seeks to achieve its objective by investing at least 80% of its net assets in securities of companies with market capitalizations of $40 million to $500 million at the time of the initial purchase. In selecting securities for the fund, the adviser emphasizes smaller, emerging companies possessing the potential to become market leaders in their industries.

Investment Team

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Ticker Symbol RHJSX CUSIP: 00758M212 Inception Date: July 1, 1994 Fund Assets (as of 1/31/12) $39 million Minimum Investment: $2,500 $500 IRA Min. Subsequent Inv: $100 Load: No Load Expense Ratio (Net): 1.62% Expense Ratio (Gross): 1.68% Redemption Fee: 2.0% The Adviser has voluntarily agreed to reduce fees and reimburse expenses in order to keep total annual Fund operating expenses of the Fund (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses) from exceeding 1.60% of the Fund’s average daily net assets. Waivers may be discontinued at any time. In the absence of fee waivers, total return and yield would be reduced. As of February 6, 2012 Share Price $19.49 Change -0.09 Year-to-Date Performance 11.82% As of December 31, 2011 1 Year 4.43% 3 Year 18.82% 5 Year -0.27% 10 Year 5.67% Since Inception 11.17% Inception Date July 1, 1994	As of 12/31/11 STAAR SURGICAL CO 2.4% ASBURY AUTOMOTIVE GROUP 2.1% RUSH ENTERPRISES -CL A 2.1% ON ASSIGNMENT INC 2% DXP ENTERPRISES INC 1.9% LEAP FROG ENTERPRISES 1.9% DENNY'S CORPORATION 1.9% SHUFFLE MASTER INC. 1.9% ORTHOFIX INT'L N.V. 1.9% OMNICELL INC. 1.8% Holdings are subject to change. As of January 31, 2012 1 Year 11.94% 3 Year 25.30% 5 Year 1.05% 10 Year 6.46% Since Inception 11.55% Inception Date July 1, 1994
The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. All returns for periods greater than one year are annualized.
Account value if you reinvested income and capital gains $68,293 Account value if you took income and capital gains in cash $18,650 Past performance is no guarantee of future results. The information used in this chart is hypothetical and is used for illustrative purposes only.