Strategy. The Allocation Fund seeks long-term total return from capital appreciation and income. Fairholme Capital Management, L.L.C. (the Manager), the investment adviser to The Allocation Fund, attempts, under normal circumstances, to achieve The Allocation Funds investment objective by investing opportunistically in a focused portfolio of investments in the equity, fixed-income and cash and cash-equivalent asset classes. The proportion of The Allocation Funds portfolio invested in each asset class will vary from time to time based on the Managers assessment of relative fundamental values of securities and other investments in the class, the attractiveness of investment opportunities within each asset class, general market and economic conditions, and expected future returns of investments. The Allocation Fund may invest in any, all or none … Show more… The Allocation Fund seeks long-term total return from capital appreciation and income. Fairholme Capital Management, L.L.C. (the Manager), the investment adviser to The Allocation Fund, attempts, under normal circumstances, to achieve The Allocation Funds investment objective by investing opportunistically in a focused portfolio of investments in the equity, fixed-income and cash and cash-equivalent asset classes. The proportion of The Allocation Funds portfolio invested in each asset class will vary from time to time based on the Managers assessment of relative fundamental values of securities and other investments in the class, the attractiveness of investment opportunities within each asset class, general market and economic conditions, and expected future returns of investments. The Allocation Fund may invest in any, all or none of the targeted asset classes at any given time. There is no limitation on the amount of The Allocation Funds portfolio that may be allocated to any one of these asset classes. The Allocation Fund may maintain a significant portion of its assets in cash and cash-equivalent securities and investments. In certain market conditions, the Manager may determine that it is appropriate for The Allocation Fund to hold a significant cash position for an extended period of time. In addition, The Allocation Fund may invest in securities and other investments without regard to the jurisdictions in which the issuers of the securities are organized or situated and without regard to the market capitalizations or sectors of the issuers. The Allocation Fund may also invest in securities without regard to maturity or the rating of the issuer of the security. The Allocation Fund may invest, for example, without limit in lower-rated securities (or junk bonds), which are those securities rated below Baa by Moodys Investors Service, Inc. (Moodys) or below BBB by S&P Global Ratings (S&P) or that have comparable ratings from other nationally recognized statistical rating organizations (NRSROs) or, if unrated, are determined by the Manager to be of comparable quality. The Allocation Fund may also use other investment strategies and invest its assets in other types of investments, which are described in the section in this Prospectus entitled Additional Information about the Funds Investments and Risks, and in The Allocation Funds Statement of Additional Information (SAI). Show less