Strategy. The adviser seeks to achieve the Funds investment objective using a combination (or hybrid) of three investment styles through value investing, equity income investing and balance investing. The value investing investment style includes the selection of stocks that, in the opinion of the adviser, are trading below their intrinsic value. The equity income investing investment style includes making investments that benefit from stock price appreciation while also receiving a steady stream of income. The balance investing investment style includes adjustments to restore balance if the Funds portfolio is skewed towards either growth or value. Additionally, if certain sectors become temporarily overvalued due to market sentiment, the adviser may shift its focus to underperforming sectors for potential investments. Under normal circumstances, … Show more… The adviser seeks to achieve the Funds investment objective using a combination (or hybrid) of three investment styles through value investing, equity income investing and balance investing. The value investing investment style includes the selection of stocks that, in the opinion of the adviser, are trading below their intrinsic value. The equity income investing investment style includes making investments that benefit from stock price appreciation while also receiving a steady stream of income. The balance investing investment style includes adjustments to restore balance if the Funds portfolio is skewed towards either growth or value. Additionally, if certain sectors become temporarily overvalued due to market sentiment, the adviser may shift its focus to underperforming sectors for potential investments. Under normal circumstances, the Fund will: - Invest 50-80% of the Funds net assets in U.S. domiciled equity securities (including exchange traded funds) broadly diversified by company and industry, including above-average dividend-paying equity securities (normally at or above S&P 500s average dividend yield) or securities with expectations of increasing dividends. - Invest up to 30% of the Funds assets in equity and fixed income securities principally traded in foreign markets excluding the U.S. market. - Invest 10-40% of the Funds assets in fixed income securities (corporate bonds and notes of domestic and foreign issuers of any maturity and credit quality including below investment grade, commonly known as junk bonds) when market and economic conditions are deemed favorable by the Adviser. - Invest without regard to market capitalization. - Engage in an options trading strategy primarily to generate income when market conditions warrant. Because options may be riskier than other types of investments, the Funds use of options is limited to the aggregate premium, which is the total of paid and received premiums, up to no more than 10% of the Funds net assets (less the amount by which any such positions are in-the-money). Covered options writing (selling) is not subject to the 10% limitation. - Make short sales of securities in an aggregate amount greater than 25% of the Funds net assets when market conditions warrant. The value of the securities of any one issuer shorted by the Fund is limited to less than 3% of the securities of any class of the issuer. Short sales against the box, where the Fund sells short a security it already owns or owns at least an equal amount of such securities, are not subject to this 25% limitation. Additionally, from time to time, the Fund may invest a significant portion of its assets in a single sector, such as the artificial intelligence sector. The Principal Investment Selection Process When selecting investments for the Fund, the adviser will generally base the decision on one or more valuation metrics, commonly referred to as fundamental analysis, while also taking into consideration the following factors: - Quality of the companys management; - Strength of the companys balance sheet; - Projected growth rate of the companys earnings in the future; and - Relevant market, economic and political environments. The information on which the fundamental analysis is based comes from sources such as regulatory filings, a companys annual reports, securities information databases, investment publications, general and business publications, brokerage firm research reports , and other media information sources. The adviser will sell an investment when the adviser believes that the investment is no longer attractive based on its growth potential, price, or both. The adviser may also sell an investment if the Adviser believes that another investment offers a better opportunity for the Fund to achieve its investment objective. Temporary Defensive Strategy Under adverse market conditions, the Fund may invest up to 100% of its assets in cash or cash equivalents. These investments include obligations issued or guaranteed by the U.S. Government, its agencies and/or instrumentalities (U.S. Government Securities); high quality money market instruments such as notes, certificates of deposit or bankers acceptances; and money market funds. When the Fund invests in a money market fund, you will indirectly bear a portion of the fees charged by the other mutual fund, which could have an adverse effect on your investment. It is impossible to predict when or for how long the adviser may employ these strategies for the Fund. While engaged in a temporary defensive position, the Fund will not be invested according to its investment objective and therefore may not achieve its investment objective. Show less