Strategy. To achieve the Funds investment objective, Tran Capital Management, L.P., the investment sub-adviser (the Tran Sub-Adviser or Sub-Adviser) normally invests in the common stocks of approximately 15 to 25 mid- and large-cap companies with market capitalizations greater than $2 billion that have, in the Tran Sub-Advisers opinion, a competitive advantage. The Sub-Adviser uses an intensive fundamental due diligence research process to attempt to identify companies with owner-oriented management teams that, in the view of the Sub-Adviser, generate consistently high returns on capital. Additionally, the companies in which the Fund invests will, in the opinion of the Sub-Adviser, possess high margins, strong cash flow, zero-to-moderate debt and trade at a price below intrinsic value. Under normal market conditions, the Fund will … Show more… To achieve the Funds investment objective, Tran Capital Management, L.P., the investment sub-adviser (the Tran Sub-Adviser or Sub-Adviser) normally invests in the common stocks of approximately 15 to 25 mid- and large-cap companies with market capitalizations greater than $2 billion that have, in the Tran Sub-Advisers opinion, a competitive advantage. The Sub-Adviser uses an intensive fundamental due diligence research process to attempt to identify companies with owner-oriented management teams that, in the view of the Sub-Adviser, generate consistently high returns on capital. Additionally, the companies in which the Fund invests will, in the opinion of the Sub-Adviser, possess high margins, strong cash flow, zero-to-moderate debt and trade at a price below intrinsic value. Under normal market conditions, the Fund will invest at least 80% of its assets in sustainable equity securities. For this purpose, the Sub-Adviser defines sustainable securities as those that score 3 or higher on its internal 5-point ESG scale based on the evaluation of factors described below. In ranking a companys ESG criteria, the Sub-Adviser considers both the external impact of a companys product or service and the companys internal policies, controls, and interactions with shareholders, employees, and other stakeholders. External and internal factors are weighted equally. The Sub-Adviser does not employ negative screening and will consider all companies in all industries for the portfolio. Through its investment process, the Sub-Adviser seeks to build an understanding of the competitive advantages, financial drivers, and key risks and uncertainties related to an investment under consideration. The Sub-Adviser believes that its ESG framework (as further described below) can aid in identifying sustainable franchises and may, in its view, better position the Fund to perform over the long term and through market cycles. The Sub-Advisers internally-developed ESG framework considers environmental, social, and governance risks and value-creation opportunities. The Sub-Adviser obtains information related to the application of its ESG framework through the Sub-Advisers own research and analysis of publicly available information, including information related to a companys existing policies and actions related to social responsibility, as determined by the Sub-Advisers ESG framework. The Sub-Adviser also obtains data and information which is incorporated into its ESG framework through direct engagement with management teams of the Funds portfolio companies or potential portfolio companies. The Sub-Adviser takes a qualitative approach to ESG integration. By assessing a securitys positive, neutral, or negative impact on these internal and external ESG issues, the Sub-Adviser aims to identify value-creating opportunities and avoid value-destructing risk. To the extent that the Sub-Adviser has strong data, evidence, and ability to estimate the materiality of ESG risks and opportunities, financial models and valuation analysis may be adjusted to incorporate material factors. The Sub-Adviser weights its internal rating for a securitys acceptability under each ESG factor to make a decision. External factors considered include, but are not limited to: a companys contribution to climate change and goals for reaching net zero impact on natural resources promotion of clean, renewable, and green activities product safety and responsibility interaction with the communities served by the company promotion of access to information, healthcare, financing, etc. strength of ESG reporting and quality of disclosures and transparency Internal factors considered include, but are not limited to: policies and actions that promote sustainability footprint of corporate facilities treatment of employees diversity & inclusion measures along with goals or policies for improvement having and enabling a culture of feedback diverse representation on the Board of Directors and executive team management alignment with shareholders strong checks and balances The Fund is non-diversified, which means that a significant portion of the Funds assets may be invested in the securities of a single or small number of companies and/or in a more limited number of sectors than a diversified mutual fund. Although the Fund may not invest 25% or more of its net assets in one or more industries, the Fund may focus its investments from time to time in one or more sectors of the economy or stock market. The Sub-Adviser chooses to sell securities from the portfolio when the fundamentals of the company are deteriorating or when the Sub-Adviser identifies better opportunities. When considering better opportunities, securities that may score poorly with respect to such factors may be purchased and retained by the Fund while the Fund may sell or not invest in securities that may score strongly on such factors because the Sub-Adviser considers the poor ESG security to be a better value. Securities in the Funds portfolio that score poorly ( i.e., 2 or less on the Sub-Advisers 5-point scale) with respect to the ESG factors described above will not be counted towards the Funds 80% policy. Show less