Strategy. The Fund seeks to achieve its investment objective by investing under normal circumstances in equity securities. Under normal circumstances, the Fund invests at least 80% of its assets in securities of issuers included in the S&P 500 Index (the Index) at the time of purchase, but not necessarily at index weightings. For purposes of this 80% investment policy, the term assets means net assets, plus the amount of any borrowings for investment purposes. This 80% policy may be changed by the Board of Trustees upon 60 days written notice to shareholders. The Fund is not a passive index fund, but instead utilizes an enhanced index or index plus strategy. The enhanced strategy allows the Adviser to use its own analytical … Show more… The Fund seeks to achieve its investment objective by investing under normal circumstances in equity securities. Under normal circumstances, the Fund invests at least 80% of its assets in securities of issuers included in the S&P 500 Index (the Index) at the time of purchase, but not necessarily at index weightings. For purposes of this 80% investment policy, the term assets means net assets, plus the amount of any borrowings for investment purposes. This 80% policy may be changed by the Board of Trustees upon 60 days written notice to shareholders. The Fund is not a passive index fund, but instead utilizes an enhanced index or index plus strategy. The enhanced strategy allows the Adviser to use its own analytical framework to weight its investments in the securities included in the Index in an attempt to outperform the Index. The Adviser seeks to capitalize on pricing inefficiencies in the market by employing a systematic, bottom-up, valuation approach based on the Advisers proprietary analytical framework to identify companies that appear to be undervalued or overvalued on both an absolute and relative basis. This approach consists of: ? Researching and analyzing each company in the Advisers coverage universe according to a methodology that emphasizes fundamentals such as recurring earnings, cash flows, capital efficiency, capital structure, and valuation; ? Identifying and excluding companies that do not conform to the Advisers valuation methodology or companies judged by the Adviser to have questionable financial reporting; ? Updating the analysis for earning releases, annual (Form 10-K) and quarterly (Form 10-Q) reports and other corporate filings; and ? Recording analysis in a centralized database enabling the Adviser to compare companies and identify longs based on the Advisers assessment of value. The Fund may obtain exposure to the Index through investment in one or more exchange-traded funds (ETFs) or mutual funds intended to track or exceed the performance of the Index. Such ETFs and mutual funds may include ETFs or mutual funds advised or sub-advised by the Adviser (each an underlying fund and collectively, the underlying funds). The Fund will generally take positions in securities that comprise the Index and weight those securities based on the Advisers assessment of value and the individual securitys weight in the Index. The portfolio is rebalanced (generally daily) to manage risk and reposition the portfolio to reflect earnings releases and other new information related to particular companies. Because the Fund generally rebalances its positions daily, the Fund will experience a high portfolio turnover rate. The S&P 500 Index is a product of S&P Dow Jones Indices LLC (SPDJI), which is independent of the Fund and the Adviser. The Adviser has entered into a license agreement with SPDJI to use the Index. The Adviser sublicenses rights in the Index to the Fund at no charge. Standard & Poors , S&P and S&P 500 are registered trademarks of Standard & Poors Financial Services LLC (S&P); Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones). The Fund is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates and none of such parties make any representation regarding the advisability of investing in the Fund nor do they have any liability for any errors, omissions, or interruptions of the S&P 500 Index. Show less