Strategy. The Young Investor Growth Fund employs a core-plus investment approach, which includes an active and passive component. For the Funds passive component of its strategy, the Fund invests approximately 50% of its assets in exchange-traded funds (ETFs) that seek to track the S&P 500 Index (the Index) or other broad-based market indices that primarily include stocks of large capitalization U.S. companies. For the Funds active component, the balance of the Fund is directly invested in common stocks of companies of all market capitalization ranges and is diversified among industries and market sectors. However, the Adviser will primarily seek to invest in common stocks of large-cap companies (those with market capitalizations of at least $10 billion) that the Adviser considers to … Show more… The Young Investor Growth Fund employs a core-plus investment approach, which includes an active and passive component. For the Funds passive component of its strategy, the Fund invests approximately 50% of its assets in exchange-traded funds (ETFs) that seek to track the S&P 500 Index (the Index) or other broad-based market indices that primarily include stocks of large capitalization U.S. companies. For the Funds active component, the balance of the Fund is directly invested in common stocks of companies of all market capitalization ranges and is diversified among industries and market sectors. However, the Adviser will primarily seek to invest in common stocks of large-cap companies (those with market capitalizations of at least $10 billion) that the Adviser considers to be high quality, well-known companies that produce products or provide services that are recognized by many investors. In selecting individual stock investments, emphasis is placed on those companies that the Adviser believes to have above average long-term growth potential, a history of growth, a competitive advantage, and an established and experienced management team. The Adviser also considers price direction, volume, and relative strength of the issuers of such investments, which the Adviser believes to be harbingers of pending fundamental changes that could lead to more/less institutional ownership. Depending on market conditions and such considerations, the Adviser may at times be very active in turning over the non-ETF portion of the Young Investor Growth Funds portfolio. While the Adviser expects that the Funds assets will usually be invested approximately 50% in funds (passive component) and 50% in direct investments (active component), these percentages may vary significantly from time to time due to market conditions. The Fund intends to invest at least 30% of its assets in each component under normal market conditions. The Fund may invest up to 10% of its assets in foreign stocks, primarily through American Depositary Receipts (ADRs). A bottom-up approach is used in selecting these investments by evaluating each company on the basis of its financial statements and operations. Factors such as a companys industry leadership, competitive advantages, earnings growth, profit margins, sales trends, and dividends, as well as technical factors, are scrutinized as part of the Advisers analysis. The combination of investing in a core index component and individual growth companies seeks to diversify the portfolio through the use of ETF investments while providing the Adviser with the opportunity to seek excess returns relative to the index in specific company investments. The Fund may make short-term investments, without limitation, for defensive purposes, which may provide lower returns than other types of investments. Show less