The Roxbury Mid-Cap Fund seeks long-term capital appreciation by investing at least 80% of its assets in the common stocks of corporations judged by the manager to have strong growth characteristics with market capitalizations consistent with the Russell Midcap and S&P MidCap 400 Indices (currently between $326 million and $15.2 billion). The manager looks for quality, sustainable-growth stocks, and has the flexibility to keep up to 20% of the portfolio in companies with larger or smaller capitalizations. The Fund's portfolio will typically consist of 40 to 60 stocks, with holdings spread across multiple industries.

Roxbury has been following the universe of mid-cap stocks for more than a decade and was early to recognize the potential offered by this promising asset class.

The Fund invests in high quality, growing companies trading at reasonable valuations. It looks for seasoned businesses that can continue to grow in a variety of market environments with strong management teams. It also favors emerging leaders in technology and other industries.

These quality companies generally have favorable competitive positions, strong financials, and a commitment to enhancing shareholder value.

The investment process is designed to produce a portfolio of relatively predictable companies with above average and sustainable growth rates, strong financial strength, high returns on equity, and favorable valuation metrics.

All holdings are monitored closely. Stocks may be sold when companies become overvalued, more attractive investments are identified, poor relative price performance persists, and/or the fundamentals have weakened.

Investors should carefully consider the Fund's investment objective, risks, and expenses before investing. Mid- and small-cap securities tend to be more volatile and less liquid than large-cap securities.