The Biondo Growth Fund (“The Target Fund”) has merged into The Biondo Focus Fund (“The Survivor Fund”). Below is a brief summary of the reasons we have made this decision, however, we encourage you to read the entire document for a complete explanation (you can download pdf at bottom of this page).
After intensely evaluating the consequences of a merger, we have determined, and received approval from the Funds’ Board of Trustees, that it is in the best interests of the shareholders of both Funds to proceed with the merger.
- The investment objective of both Funds is capital appreciation and follow very similar investment strategies.
- The Focus Fund has a slightly more concentrated portfolio and better long-term performance.
- The fee structure of The Focus Fund has been reduced to be equivalent to that of The Biondo Growth Fund – a merger benefit for Focus Fund shareholders.
- Shareholders will not incur a tax consequence as a result of the merger.
The merger does not require shareholder approval, but we encourage shareholders to call us if you have any questions after reviewing the enclosed material.
Very truly yours,
Joseph P. Biondo Joseph R. Biondo
Chief Executive Officer, Founder, Senior Portfolio Manager
Biondo Investment Advisors, LLC Biondo Investment Advisors, LLC