The Merlin Dynamic Growth investment strategy's goal is to select 25 most attractive large cap growth firms regardless of industry or sector they are in. Holdings are selected from the Merlin Large Cap Growth 50 stock portfolio using estimates of expected PEG ratio. Typically, the 25 stocks with lowest expected PEG ratios are selected for the portfolio. Companies that pass this selection process are characterized by high levels of profitability and earnings growth, high quality and predictable earnings and shares that trade at a very attractive valuation relative to their expected earnings growth rates. Merlin Dynamic Growth strategy is driven by the individual stock selection and is typically over weighted towards the most attractive sectors and underweighted in (or has no exposure to) the least attractive sectors during any period of time. All holdings are initially equally weighted and are periodically rebalanced to equal weights.