Strategy. In seeking to achieve its objective, the Fund invests primarily in common stocks of U.S. companies that the Adviser believes have competitive advantages, as described below, and have temporarily fallen out of favor for reasons that are considered non-recurring or short-term; whose value is not currently well known; or whose value is not fully recognized by the public. In selecting investments for the Fund, the Adviser first looks at qualitative measures of a company. Qualitative measures of a company include: ? dominance in a particular industry or niche market; ? qualifications and ability of management team; ? strength of pricing and purchasing power; ? barriers to industry competition and limited substitutes; ? limited degree of rivalry amongst competitors; ? strength … Show more… In seeking to achieve its objective, the Fund invests primarily in common stocks of U.S. companies that the Adviser believes have competitive advantages, as described below, and have temporarily fallen out of favor for reasons that are considered non-recurring or short-term; whose value is not currently well known; or whose value is not fully recognized by the public. In selecting investments for the Fund, the Adviser first looks at qualitative measures of a company. Qualitative measures of a company include: ? dominance in a particular industry or niche market; ? qualifications and ability of management team; ? strength of pricing and purchasing power; ? barriers to industry competition and limited substitutes; ? limited degree of rivalry amongst competitors; ? strength of brand or franchise with commensurate brand loyalty; ? strength of balance sheet and sources of liquidity; and ? quality of products and services. If certain companies meet most or all of the qualitative measures, the Adviser then seeks to identify which of those companies possess certain positive quantitative measures. The Adviser may make investments without regard to market capitalization. The quantitative measures of a company include: ? Market value discount to net present value of projected discounted future cash flows; ? Market value discount to book value; and ? Market value discount to projected annual revenues. The Adviser allocates a target percentage of total portfolio value to each security it purchases. From time to time, the Fund may also focus the Funds assets in securities of one or more particular sectors of the economy. As of September 30, 2025, [the Fund was principally invested in the information technology, healthcare, communication services, consumer discretionary, consumer staples, financials, and materials]. The Adviser may sell a portfolio holding if the Adviser believes that the price of the security is overvalued or to rebalance the security to the Advisers targeted percentage of total portfolio value for that security. The Adviser may also sell (or write) call and put options for the Fund. Besides selling options in order to receive premiums, the Adviser will seek to sell options that obligate the Fund to purchase or sell the underlying stock at a price believed to be attractive based on the qualitative and quantitative factors described above. For example, call options may be written on a security held by the Fund in order to collect the premium and establish a sale price for the security that the Adviser believes to be attractive. Put options may be written on a security in order to collect the premium and acquire the security at a price the Adviser believes to be attractive. The Fund will mostly engage in option transactions where, with respect to a call option, the Fund holds the underlying security. Show less