Lance Borene Swanson

DVC uses investment strategies designed to capture market rates of return and risk. The firm implements an investment strategy for the Fund that is focused on equity securities; micro, small or mid capitalization securities; fixed income securities; exchange-traded funds (ETFs); derivative instruments; options; preferred securities; asset-backed securities; and mortgage-related securities.

Insight Capital Research & Management (ICRM) is a growth manager that employs quantitative analysis, fundamental research and price performance analysis to identify attractive, rapidly-growing companies. The firm offers a variety of growth equity portfolios, including small-cap, small/mid-cap, large-cap and concentrated. ICRM uses a disciplined, 3-step process to evaluate the investable universe of actively traded US public companies. Their process includes proprietary quantitative analysis, fundamental analysis and stock price performance analysis. The firm begins with a quantitative screening that identifies and ranks companies based on their stock prices relative performance versus the market. To mitigate relative investment risk, ICRM also analyzes the return series risk profiles. Their quantitative analysis is conducted across several time periods and the universe of stocks is regressed against broad market indices. ICRM ranks the universe of stocks based on the ratio of alpha to standard deviation. This results in a list of stocks with the strongest history of outperforming the market while taking into account low historical variance relative to the benchmark index. ICRM's quantitative process also produces a relative strength score for each stock which further narrows the number of companies that are evaluated fundamentally. For each strategy, the firm reviews the top-ranked 500 companies identified through their quantitative research. Typically, 7 to 10 new companies warrant fundamental analysis. ICRM's fundamental analysis seeks to identify companies with strong, sustainable growth in sales and earnings. ICRM looks for companies with highly defensible competitive advantages, rapidly growing markets and exceptional management teams. They review financial statements to determine each company's ROE, debt leverage, margin improvement, cash generation, balance sheet strength and overall quality of earnings and assets. They pay particular attention to a company's market positioning, its reputation, the demand outlook for its products or services, the expected growth in its addressable market and competitive threats. Before a stock is selected for purchase, ICRM analyzes the relative strength of each stock to ensure that those stocks with favorable quantitative characteristics also have also delivered high absolute rates of return. They calculate relative strength by ranking all stocks in the universe by performance over several time periods, with greater weight placed on the most recent data covering the time period in question. Before a stock is purchased, ICRM also reviews it trading history. ICRM's Small-Cap Growth portfolio seeks to invest in the fastest growing small-cap companies. The strategy targets companies in the market-cap range of the Russell 2000 Growth Index. The portfolio typically holds an average of 37 positions. The firm's Institutional Small-Cap Growth portfolio seeks to invest in the fastest growing small-cap companies. The strategy targets companies in the market-cap range of the Russell 2000 Growth Index. The portfolio typically holds an average of 41 positions. ICRM's Concentrated Growth portfolio seeks to invest in a concentrated portfolio of the fastest growing companies. The strategy targets companies in the market-cap range of the Russell 3000 Growth Index. The portfolio typically holds an average of 14 positions. The firm's Large-Cap Growth portfolio seeks to invest in the fastest growing large-cap companies. The strategy targets companies in the market-cap range of the Russell 1000 Growth Index. The portfolio typically holds an average of 36 positions. Though not limited by sector, ICRM tends to invest in the stocks of companies in the electronic technology, consumer non-durables, health technology, consumer durables, retail, technology services and manufacturing sectors. The firm invests primarily in the stocks of US companies, but also has investments in Asia, Europe, Latin America and the Middle East. They invest across all market-caps. ICRM maintains a very high turnover rate.

Thomas Weisel Asset Management (TWAM) offers US equity separately managed accounts in small-cap growth, small/mid-cap growth and mid-cap growth strategies. The firm's investment approach is based on the idea that investors inefficiently price growth stocks because they over-extrapolate near-term trends in company fundamentals. Their investment selection process is based on fundamental research and a systematic valuation discipline. TWAM seeks to actively manage risk/reward trade-offs across securities and sectors to provide a more efficient allocation of portfolio capital. Their strategies employ in-depth fundamental research and a bottom-up stock selection process to create optimized portfolios of US growth stocks. The firm's small-cap strategy is offered as a separately managed account and through commingled funds. The strategy focuses on investments in the stocks of small US companies with a market-cap of $50 million to $5 billion. The strategy is benchmarked against the Russell 2000 Growth Index. TWAM's small/mid-cap strategy is offered as a separately managed account. The strategy focuses on investments ion the stocks of US small and mid-sized companies with a market-cap of $50 million to $10 billion. The strategy is benchmarked against the Russell 2500 Growth Index. Their mid-cap strategy is offered as a separately managed account. The strategy focuses on investments in the stocks of US mid-sized companies with a market-cap of $1 billion to $25 billion. The strategy is benchmarked against the Russell Mid-Cap Growth Index. Though not limited by sector, TWAM tends to invest in the stocks of companies in the technology services, healthcare technology, electronic technology, industrial services and finance sectors. The firm maintains a high turnover rate.

Insight Capital Research & Management (ICRM) is a growth manager that employs quantitative analysis, fundamental research and price performance analysis to identify attractive, rapidly-growing companies. The firm offers a variety of growth equity portfolios, including small-cap, small/mid-cap, large-cap and concentrated. ICRM uses a disciplined, 3-step process to evaluate the investable universe of actively traded US public companies. Their process includes proprietary quantitative analysis, fundamental analysis and stock price performance analysis. The firm begins with a quantitative screening that identifies and ranks companies based on their stock prices relative performance versus the market. To mitigate relative investment risk, ICRM also analyzes the return series risk profiles. Their quantitative analysis is conducted across several time periods and the universe of stocks is regressed against broad market indices. ICRM ranks the universe of stocks based on the ratio of alpha to standard deviation. This results in a list of stocks with the strongest history of outperforming the market while taking into account low historical variance relative to the benchmark index. ICRM's quantitative process also produces a relative strength score for each stock which further narrows the number of companies that are evaluated fundamentally. For each strategy, the firm reviews the top-ranked 500 companies identified through their quantitative research. Typically, 7 to 10 new companies warrant fundamental analysis. ICRM's fundamental analysis seeks to identify companies with strong, sustainable growth in sales and earnings. ICRM looks for companies with highly defensible competitive advantages, rapidly growing markets and exceptional management teams. They review financial statements to determine each company's ROE, debt leverage, margin improvement, cash generation, balance sheet strength and overall quality of earnings and assets. They pay particular attention to a company's market positioning, its reputation, the demand outlook for its products or services, the expected growth in its addressable market and competitive threats. Before a stock is selected for purchase, ICRM analyzes the relative strength of each stock to ensure that those stocks with favorable quantitative characteristics also have also delivered high absolute rates of return. They calculate relative strength by ranking all stocks in the universe by performance over several time periods, with greater weight placed on the most recent data covering the time period in question. Before a stock is purchased, ICRM also reviews it trading history. ICRM's Small-Cap Growth portfolio seeks to invest in the fastest growing small-cap companies. The strategy targets companies in the market-cap range of the Russell 2000 Growth Index. The portfolio typically holds an average of 37 positions. The firm's Institutional Small-Cap Growth portfolio seeks to invest in the fastest growing small-cap companies. The strategy targets companies in the market-cap range of the Russell 2000 Growth Index. The portfolio typically holds an average of 41 positions. ICRM's Concentrated Growth portfolio seeks to invest in a concentrated portfolio of the fastest growing companies. The strategy targets companies in the market-cap range of the Russell 3000 Growth Index. The portfolio typically holds an average of 14 positions. The firm's Large-Cap Growth portfolio seeks to invest in the fastest growing large-cap companies. The strategy targets companies in the market-cap range of the Russell 1000 Growth Index. The portfolio typically holds an average of 36 positions. Though not limited by sector, ICRM tends to invest in the stocks of companies in the electronic technology, consumer non-durables, health technology, consumer durables, retail, technology services and manufacturing sectors. The firm invests primarily in the stocks of US companies, but also has investments in Asia, Europe, Latin America and the Middle East. They invest across all market-caps. ICRM maintains a very high turnover rate.