Xavier University

The sector index, which represented 11.6% of the S&P 500 Index, was up 10.9%, compared with a 9.2% rise for the S&P 500, and in 2012 this sector index rose 21.9%, versus a 13.4 % gain for the S&P 500. Our fund is an opportunities fund, and while we expect the sector to be overweight in the future, we will ultimately rely on our valuation models. ................
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