HOLDINGS & FUND DETAILS

Top 10 Holdings

% of Holdings

Apple Computer, Inc.

7.71%

Qualcomm, Inc.

4.43%

Google, Inc.

4.38%

Johnson Controls, Inc.

4.00%

Gilead Sciences, Inc.

3.92%

ExxonMobil Corporation

3.37%

The Western Union Company

3.26%

General Mills, Inc.

3.07%

Diageo PLC ADR

2.90%

Visa, Inc.

2.77%

*As of 12/31/2011

Top Sectors

% of Holdings

Technology Services

21.82%

Health Care Products

13.70%

Industrials

13.58%

Consumer Merchandising

12.61%

Energy

11.30%

Technology Software

10.93%

Consumer Staples

9.58%

Materials

4.85%

Financial Institutions

1.63%

*As of 12/31/2011

Fund Details

Designed for investors seeking capital appreciation in their investment over the long term.
Invested predominately in the equity securities of a limited number of large, carefully selected US companies that are judged likely to achieve superior earnings growth.

Capitalization Ranges of Equity Holdings

Less than $3 Billion

7.75%

$3to $25 Billion

44.88%

$25 to $50 Billion

14.10%

$50 to $100 Billion

17.41%

Over $100 Billion

15.86%

Total

100.00%

Asset Allocation

US Stocks

89.61%

American Depositary Receipts

8.61%

Cash & Equivalent

1.78%

Total

100.00%

Schedule of Investments

Fund Ticker Symbols

KLGAX - Class "A" Shares
KLGIX - Class "I" Shares