Pillar Point Mid Cap Growth Strategy

Pillar Point’s mid cap growth strategy invests in a diversified portfolio of medium capitalization equity securities. We hold 75 to 85 securities that, at purchase, have a capitalization between $2 billion and $10 billion. Growth characteristics (e.g. growth in earnings per share) are generally greater than those of the benchmark, while value characteristics (e.g. price/earnings ratio) are generally less than those of the benchmark. Initial positions are usually established at 1% to 1.5% weights, and are reduced when they appreciate to 3 to 5% weights.

See performance disclosures. The S&P Midcap Growth index is the S&P MidCap 400 Barra Growth total return index from inception through 6/30/06, and the S&P MidCap 400 Citigroup Growth total return index thereafter.