What do the boxes mean?

The style box represents the fund's investment objective and is not reflective of the historical or current holdings of the portfolio.

Emerging Growth Stock

Emerging Growth Strategy

The Fund attempts to identify securities of small and mid-cap companies with favorable prospects for future revenue, earnings and/or cash flow growth.

What are the principles that have enabled the strategy to be successful?

Continuity of people and process — for nearly two decades, Zevenbergen Capital’s investment team has worked together, applying rigorous, fundamental research in building exclusively high growth portfolios. This continuity of professionals, together with the consistent application of the firm’s investment process, has proven to be a successful strategy in providing a value-added, growth dimension for long-term investors.

Consistent application of philosophy — the investment philosophy and stock selection process are predicated on revenue, cash flow and earnings growth being the essential catalysts to stock price appreciation, in conjunction with quality management and solid financials to help moderate downside risk. Regardless of market disposition, the investment team adheres with strict discipline to this growth investment philosophy, with the goal of maintaining the fund’s robust growth characteristics through all economic cycles.

Emphasis on independent research and active management — Zevenbergen’s independent, original research preserves objectivity from Wall Street biases. The team is able to identify and capitalize on investment opportunities, often before the concept is broadly accepted or widely owned. Regarding fund structure, the investment team steadfastly maintains that concentrated positions in well-researched companies, in combination with strategic, active management decisions, have a competitive advantage to outperform broadly diversified benchmarks given a proper time horizon.

Suitability

The Fund is suitable for investors who want to increase the value of their investment but do not need income, and who are willing to accept more volatility for the possibility of higher returns.

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