Strategy. The Fund seeks to achieve its investment objective by purchasing equity securities of U.S. companies that the Funds sub -advisor , Quantitative Value Technologies, LLC d/b/a Cognios Capital (Cognios Capital or the Sub -Advisor ) believes are undervalued and likely to appreciate. The Fund generally seeks to purchase common stocks of companies that are constituents of the S&P 500 Index. The Fund may invest across different industries and sectors. The Fund may invest in equity securities in non -U .S. markets and U.S. government securities, either directly or indirectly through exchange -traded funds (ETFs), exchange -traded notes (ETNs) and mutual funds. The Fund may use borrowings for investment purposes. In determining when and to what extent to employ borrowing ( … Show more… The Fund seeks to achieve its investment objective by purchasing equity securities of U.S. companies that the Funds sub -advisor , Quantitative Value Technologies, LLC d/b/a Cognios Capital (Cognios Capital or the Sub -Advisor ) believes are undervalued and likely to appreciate. The Fund generally seeks to purchase common stocks of companies that are constituents of the S&P 500 Index. The Fund may invest across different industries and sectors. The Fund may invest in equity securities in non -U .S. markets and U.S. government securities, either directly or indirectly through exchange -traded funds (ETFs), exchange -traded notes (ETNs) and mutual funds. The Fund may use borrowings for investment purposes. In determining when and to what extent to employ borrowing ( i.e ., leverage), the Sub -Advisor will consider factors such as the relative risks and returns expected from the portfolio as a whole and the costs of such transactions. Borrowings may be structured as secured or unsecured loans, and may have fixed or variable interest rates. The Fund may borrow to the maximum extent permitted by the Investment Company Act of 1940, as amended (the 1940 Act). The Fund will only engage in borrowing when the Sub -Advisor believes the return from the additional investments will be greater than the costs associated with the borrowing. The Sub -Advisor selects securities for purchase and sale using its proprietary ROTA/ROME investment selection and portfolio construction methodology. ROTA/ROME focuses on a companys Return on Total Assets (ROTA) and Return on Market Value of Equity (ROME) in order to identify companies whose per share intrinsic value has diverged significantly from the current market price of its stock. ROTA, or Return on Total Assets, measures the profits that a company has earned on the capital invested in the business. The Sub -Advisor believes that companies with higher ROTAs are more attractive investment opportunities than companies with lower ROTAs because a business that has a high ROTA and can maintain that high ROTA over long periods of time most likely has a competitive advantage in the marketplace that gives it an edge over its competition. ROME, or Return on Market Value of Equity, divides a companys profits by its current stock price. This profit yield is similar in concept to a bonds yield. Like a bond yield, a higher ROME yield generally means that a companys stock price is lower and cheaper than that of other companies. Similarly, a low ROME yield means the companys stock price is higher and thus more expensive than that of other companies. The Sub -Advisor use these two metrics to determine if a particular company is an attractive business ( i.e ., ROTA) and whether the companys stock is cheap or expensive ( i.e ., ROME). Show less