Strategy. In seeking to achieve its objective, the Fund will invest primarily in common stocks of U.S. companies that Hillman Capital Management, Inc., the Funds sub-adviser (HCM or the Sub-Adviser), believes have competitive advantages, as described below, and have temporarily fallen out of favor for reasons that are considered non-recurring or short-term; whose value is not currently well known; or whose value is not fully recognized by the public. HCM maintains a proprietary Qualified Investment Universe (QIU) consisting of companies that possess certain qualitative characteristics, provided that a companys market capitalization exceeds $3 billion at the Sub-Advisers estimation of fair market value. HCMs QIU is built and maintained by analyzing the following qualitative measures of each company: ? dominance in a … Show more… In seeking to achieve its objective, the Fund will invest primarily in common stocks of U.S. companies that Hillman Capital Management, Inc., the Funds sub-adviser (HCM or the Sub-Adviser), believes have competitive advantages, as described below, and have temporarily fallen out of favor for reasons that are considered non-recurring or short-term; whose value is not currently well known; or whose value is not fully recognized by the public. HCM maintains a proprietary Qualified Investment Universe (QIU) consisting of companies that possess certain qualitative characteristics, provided that a companys market capitalization exceeds $3 billion at the Sub-Advisers estimation of fair market value. HCMs QIU is built and maintained by analyzing the following qualitative measures of each company: ? dominance in a particular industry or niche market; ? management prowess; ? strength of pricing and purchasing power; ? barriers to industry competition and limited substitutes; ? limited degree of rivalry amongst competitors; ? strength of brand or franchise with commensurate brand loyalty; ? financial flexibility; and ? quality of products and services. If certain companies meet most or all of the qualitative measures, HCM then seeks to identify which of those companies possess certain positive quantitative measures. HCM will also make investments based on certain quantitative measures, which are used to rank the eligible universe. The quantitative measures of a company include: ? present value of discounted projected cash flows; ? price-to-book ratio; and ? price-to-sales ratio. The Fund will typically hold approximately 45 stocks, consisting of the top ranked stocks among the eligible universe after application of the qualitative and quantitative measures, where the holdings are approximately equally weighted. The portfolio is rebalanced on an as needed basis in order to maintain each holdings target weight. HCM may sell a portfolio holding if it believes that the price of the security is overvalued or to rebalance the security to HCMs targeted percentage of total portfolio value for that security. Show less