CastleArk

Objective

Seeks capital appreciation.

Portfolio Managers

Jerome A. Castellini- Earned a BA degree in Economics in 1979 from the University of Notre Dame and an MBA in Finance in 1982 from the University of Chicago. Since January 1999, Jerry has been an owner and manager of CastleArk Management and has been primarily involved in the management of investment portfolios. From June 1989 until January 1999, Jerry was a portfolio manager of mutual funds for the investment management firm of Loomis, Sayles & Co., L.P., with principal responsibilities for the management of its equity products.

Robert S. Takazawa, Jr., CFA, CIC - Earned a BBA in Finance in 1973 from the University of Notre Dame and an MBA in Finance in 1974 from Northwestern University. Since August 1999, Bob has been employed as a Vice President of CastleArk Management and has been primarily focused on large-cap companies. From June 1994 until July 1999, Bob was employed as a Vice President of Loomis, Sayles & Co., L.P., where he was responsible for co-managing its large-cap growth product. From June 1974 until May 1994, he was employed as a Senior Vice President of Kemper Asset Management, where he was responsible for its intitutional equity products. Bob earned the Chartered Financial Analyst designation in 1981.

Scott S. Pape, Earned a BSE in Engineering in 1978 from the University of Iowa and an MBA in Finance in 1981 from the University of Chicago. Since January 1999, Scott has been employed by CastleArk Management as a Vice President and has been primarily focused on the management of the mid-cap growth equity portfolios. From 1991 until 1999, Scott was a Vice President and portfolio manager for Loomis, Sayles & Co., L.P., with principal responsibilities for the management of the firm's mid-cap growth products. Scott earned the Chartered Financial Analyst designation in 1984.

James Stark, BSBA in Finance in 1983 from the University of Wisconsin and an MBA in Finance in 1987 from Northwestern University. Since June 2007, Jim has been employed by CastleArk Management as a Vice President and has been primarily focused on the management of the CastleArk Small Company Product.

Strategy

The All Cap Growth product uses a bottom-up approach to construct a well-diversified portfolio of dominant, well-managed companies capable of sustaining earnings growth for an extended period of time. Individual stocks are analyzed and valued for investment potential, as well as leadership qualities including market share, low cost producer status, innovative research and development and new product focus. In addition to these superior subjective qualities, these companies possess high returns on invested capital, low debt-to-equity ratios and forecasted earnings growth far in excess of the average company. The selected stocks are then assessed for the risk (beta, industry concentration, liquidity and size) that each has on the total portfolio using the BARRA risk factor model. Individual sector weightings are considered at this time. Given our focus on "Dominant Companies", the total product turnover varies with the size of the individual sub portfolio; and usually falls between 80-110% for the large cap component, and 40-60% per year for the mid and small cap pieces. Cash reserves are only a residual of the investment proces and range from 0-5%.Chartered Financial Analyst designation in 1984.