Strategy. The Fund seeks to achieve its investment objective by investing under normal circumstances in long positions of equity securities. The Fund seeks a total return greater than that of the S&P 500 Index over a full market cycle, which is a period that includes both a bull (rising) market and a bear (falling) market cycle. The Fund will primarily invest in common stocks of U.S. companies listed in the S&P 500 Index, but may invest in other large capitalization companies, primarily selected from the largest 500 700 U.S. companies based on market capitalization. The Fund will generally take long positions in securities that the Adviser believes to be undervalued based on the Advisers analysis of the issuers financial reports and … Show more… The Fund seeks to achieve its investment objective by investing under normal circumstances in long positions of equity securities. The Fund seeks a total return greater than that of the S&P 500 Index over a full market cycle, which is a period that includes both a bull (rising) market and a bear (falling) market cycle. The Fund will primarily invest in common stocks of U.S. companies listed in the S&P 500 Index, but may invest in other large capitalization companies, primarily selected from the largest 500 700 U.S. companies based on market capitalization. The Fund will generally take long positions in securities that the Adviser believes to be undervalued based on the Advisers analysis of the issuers financial reports and market valuation. 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 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. Generally, the portfolio is weighted most heavily towards those stocks that are priced at the largest discount to the Advisers assessment of value. The portfolio is also subject to the Advisers risk controls, which include liquidity and diversification considerations. The Fund 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. Show less