"Judged by the dollars spent, gambling is now more popular in America than baseball, the movies, and Disneyland - combined."
- Timothy L. O'Brien, Bad Bet (1998)
The Fund will normally invest at least 80% of its total assets in equity securities issued by gaming and casino companies, both domestic and foreign, regardless of their stock market value (or "market capitalization"). Equity securities include common stocks, preferred stocks, securities convertible into common stocks and warrants. The Fund may invest up to 25% of its total assets in foreign companies. The Fund will usually own between 40-50 equity securities at a time in fairly equally weighted amounts of small, medium, and large cap blend/core stocks and small, medium and large cap growth stocks. It may secondarily own small, medium, and large cap value stocks. The primary universe of equity securities will consist of casinos including hotel, resort and cruise ship casinos; gaming manufacturers; pari-mutuel companies; lottery support systems; and electronic/video game developers, manufacturers, and distributors.
In buying and selling securities for the Fund, the Advisor uses a research oriented "bottom-up" investment approach to create the Fund's investment portfolio, focusing on company fundamentals and growth prospects when selecting securities. In general, the Fund emphasizes companies that the Advisor believes are strongly managed and will generate above-average long-term capital appreciation. Technical analysis, recent price patterns and economic factors are also considered, especially in trading decisions of securities already fundamentally selected for purchase or liquidation. In general, the Advisor seeks firms that can grow their businesses regardless of the economic environment.
Investments in small- or mid-cap securities may be more volatile than investments in large more established companies. Investments in foreign securities may be subject to additional risks including limited available information, differing reporting and accounting standards, reduced liquidity, economical or political instability and foreign withholding.
Investors should consider the investment objectives, risks, charges and expenses of the Gaming and Casino Fund carefully before investing. The prospectus which can obtained here or by calling 1-877-THE-GACF (1-877-843-4223), contains this and other information about the fund and should be read carefully before investing. Because the fund focuses its investments in the gaming and casino industries, it may be subject to risks specific to that industry more than a fund that invests in a wide variety of industries.
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