Strategy. The Funds approach to investing focuses on companies determined by the Adviser to have a record of achieving a high level of business performance over the long term and which are, in the opinion of the Adviser, well positioned to maintain competitive advantages and continued high returns on equity and free cash flow. Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in U.S. and foreign equity securities of companies meeting the criteria for quality and growth as determined by the Adviser. The Adviser considers a company to be a growth company if it is determined by the Adviser to have above-average potential for growth in revenue, earnings, or cash flow. … Show more… The Funds approach to investing focuses on companies determined by the Adviser to have a record of achieving a high level of business performance over the long term and which are, in the opinion of the Adviser, well positioned to maintain competitive advantages and continued high returns on equity and free cash flow. Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in U.S. and foreign equity securities of companies meeting the criteria for quality and growth as determined by the Adviser. The Adviser considers a company to be a growth company if it is determined by the Adviser to have above-average potential for growth in revenue, earnings, or cash flow. Additionally, the Adviser seeks companies that display positive performance in a variety of historical and future performance measurements, relative to the overall U.S. equity market, over a period of time. Examples of such characteristics include: 1. Projected earnings growth based on expected five- to ten-year annual increase in operating earnings per share. 2. Trailing revenue growth based on annualized revenue growth for the previous five to ten years. 3. Trailing earnings growth based on annualized earnings per share growth for the previous five to ten years. 4. The companys ability to grow its business from free cash flow over an extended period of time. The list above is not exclusive and there is no single factor that is determinative of whether the Adviser considers a company to be a growth company. The Adviser considers a company to be a quality company if it possesses competitive advantages as evidenced by generating a return on equity of 15% or greater for at least ten consecutive fiscal years as determined by the Adviser. The Fund will invest in equity securities of approximately 25 to 40 U.S. and foreign companies that satisfy the Advisers investment criteria of growth and quality. Equity securities in which the Fund invests as a principal strategy consist of publicly traded companies around the world, including securities issued by corporations located in developing or emerging markets. Generally, each company in which the Fund invests must, as determined by the Adviser: (1) have consistently achieved a high return on equity over the prior ten fiscal years; (2) be in excellent financial condition; and (3) be capable of sustaining outstanding business performance. The Adviser determines on an annual basis the companies that qualify for inclusion in the Funds investable universe. These companies are selected from a universe of companies that, as determined by the Adviser, have produced long-term records of consistently high returns on shareholder equity. In order to qualify for this universe, each company must have a market capitalization of $1 billion or more. The Fund must always own the securities of a minimum of 15 different companies in its portfolio. The Fund strives to essentially be fully invested at all times in publicly traded common stocks and other eligible equity securities issued by companies that meet the investment criteria described in this Prospectus. The Funds investments in other eligible equity securities may include depositary receipts, such as American Depositary Receipts (ADRs), European Depositary Receipts (EDRs), Global Depositary Receipts (GDRs), or other forms of depositary receipts. The Fund typically invests in securities of issuers from at least three or more countries, including the United States, with at least 40% of the Funds net assets invested in foreign securities. In making a determination of whether an issuer will be classified as domestic or foreign, the Adviser will generally look to the location of the issuers primary stock listing and/or regulatory filings. However, in some cases, it may consider other factors, such as the location of the issuers headquarters and senior management. The Fund may purchase securities when they are priced below their full values as determined by the Adviser. The Fund may sell all or part of its position in a company when the Adviser has determined that another qualifying security has a greater opportunity to achieve the Funds objective. In addition, the Fund generally sells its position in a company when the company no longer meets one or more of the Funds investment criteria. In the event that the company no longer satisfies the investment criteria and the failure is due to an extraordinary situation that the Adviser believes will not have a material adverse impact on the companys operating performance, the Fund may continue to hold and invest in the company. A significant portion of the Funds portfolio may be invested in the equity securities of companies comprising one or more industry sectors (e.g., information technology sector) and such sectors favored by the Adviser will change during certain market environments. The Fund is non-diversified, which means that a relatively high percentage of its assets may be invested in a limited number of securities. Show less