Under normal circumstances, the Fund will invest at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in domestic equity securities, including common stock and preferred stock, of companies with significant economic ties to the State of Utah.  The Advisor defines companies with significant economic ties to the State of Utah as: (i) companies that are domiciled or headquartered in the State of Utah; or (ii) companies that derive a majority of their revenue from goods produced or sold or services performed in the State of Utah (a “Utah Company”).

The Advisor expects that the portfolio will consist of approximately 30 to 40 stocks. The Advisor will begin with a pool of all publicly traded Utah Companies as identified by the Advisor in publicly available filings.  From that pool, the Advisor will then determine, in its educated opinion, if any securities should be eliminated in order to best achieve the Fund’s objective of long-term capital appreciation. The Advisor’s opinion is based on practical measurements (liquidity and trading volume) and fundamental analysis (industry conditions for each company, individual company financial conditions, pending bankruptcy, valuation, growth and income prospects, and management qualifications).

With up to 20% of the Fund’s portfolio, the Advisor may also purchase a security of a company that makes an announcement of new or expanded significant ties to the State of Utah that would qualify it to be considered a Utah Company. The Advisor may also sell a security following an announcement of reduced ties to the State of Utah that would disqualify it from being a Utah Company. Before trading, the Advisor will review the portfolio’s holdings to ensure that the positions meet the qualifications as outlined and determine the amounts to buy and sell based on the Advisor’s interpretation of the practical measurements and the fundamental analysis. The Advisor will evaluate the securities at least quarterly to determine whether to rebalance the Fund’s portfolio based on the Advisor’s interpretation of the practical measures and fundamental analysis. Companies in the Fund’s portfolio will also be monitored to ensure they continue to meet the criteria of a “Utah Company.” The Advisor will make adjustments to the portfolio as needed based on this monitoring.

The Fund is not limited in its investments by market capitalization or sector criteria, though it focuses on small and micro-cap equities. The Fund is a non-diversified series of the Trust.