Strategy. The Funds investment strategy seeks to identify companies the Adviser deems to be undervalued. To achieve its objective of long-term capital appreciation, the Fund invests in equity securities of companies that satisfy the investment criteria described below. Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowing for investment purposes) in equity securities of companies meeting the criteria for quality and mid-capitalization as determined by the Adviser. The Adviser considers a company to be a mid-capitalization company if it is listed in the MSCI U.S. Mid Cap 450 Index at the time that the Adviser creates the Funds investable universe. The Adviser considers a company to be a quality company if it possesses competitive advantages … Show more… The Funds investment strategy seeks to identify companies the Adviser deems to be undervalued. To achieve its objective of long-term capital appreciation, the Fund invests in equity securities of companies that satisfy the investment criteria described below. Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowing for investment purposes) in equity securities of companies meeting the criteria for quality and mid-capitalization as determined by the Adviser. The Adviser considers a company to be a mid-capitalization company if it is listed in the MSCI U.S. Mid Cap 450 Index at the time that the Adviser creates the Funds investable universe. 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 Adviser determines the companies that qualify for inclusion in the Funds investable universe on at least an annual basis. These companies are selected from a universe of publicly traded U.S. 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 meet the Advisers definitions of mid-capitalization and quality, and may include companies with negative equity resulting from debt-financing of large share repurchases. These companies may have unique risk profiles depending on the amount of debt incurred relative to the companys ability to repay that debt. Equity securities in which the Fund may invest as a principal strategy consist primarily of common stocks of mid-cap U.S. companies. The Funds investment strategy is based on applying fundamental analysis and valuation models to this select universe of companies in order to identify investment opportunities. Fundamental analysis includes assessment of the companys industry, strategy, competitive advantages, business segments, geographic distribution, growth and profitability, financial statements (income statement, cash flow statement, balance sheet), and the companys other financial reports. The valuation models are rooted in fundamentals-based investment principles and include discounted cash flow models (for example, determining the present value of expected future cash flows), relative valuation methods (for example, a companys valuation relative to its own history, its industry peers, or the broader stock market), and ratio methods (for example, a companys price-to-earnings ratios). 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 described above for inclusion in the universe of companies in which the Fund may invest. 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. Examples of such extraordinary situations include a significant acquisition, divestiture, or accounting rule change that results in a significant change to a companys equity balance and a non-meaningful return on equity number. The Adviser expects to include in the Funds investment portfolio at any time securities of approximately 30 to 50 primarily domestic companies. The Fund must always own the securities of a minimum of 25 different companies in its portfolio. The Fund strives to 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. A significant portion of the Funds portfolio may be invested in the equity securities of companies comprising one or more industry sectors (e.g., industrial sector) and such sectors favored by the Adviser will change during certain market environments. Show less