Strategy. The adviser seeks to achieve the Funds investment objective by: Investing primarily in the common stocks, equity and fixed income exchange-traded funds, preferred stocks, and convertible securities of publicly-traded United States domiciled companies. Investing up to 25% of the Funds assets in securities principally traded in foreign markets. Investing without regard to market capitalization. Investing in the securities of companies that the adviser believes have the potential for significant long-term growth and are reasonably priced or undervalued. Trading options primarily to generate income when market conditions warrant. Because options may be riskier than other types of investments, the Fund's use of options is limited to the aggregate premium, which is the total of paid and received premiums, to no more … Show more… The adviser seeks to achieve the Funds investment objective by: Investing primarily in the common stocks, equity and fixed income exchange-traded funds, preferred stocks, and convertible securities of publicly-traded United States domiciled companies. Investing up to 25% of the Funds assets in securities principally traded in foreign markets. Investing without regard to market capitalization. Investing in the securities of companies that the adviser believes have the potential for significant long-term growth and are reasonably priced or undervalued. Trading options primarily to generate income when market conditions warrant. Because options may be riskier than other types of investments, the Fund's use of options is limited to the aggregate premium, which is the total of paid and received premiums, to no more than 10% of its 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. Making short sales of securities in an aggregate amount not greater than 25% of the Funds net assets when market conditions warrant. When the market is unstable the Fund will hold more cash, and when opportunities arise, the Fund may leverage and borrow an amount not to exceed 33 1/3% of the Funds total assets. Under normal circumstances, the Fund invests more than 25% of the value of its total assets in instruments issued by companies in the semiconductors industry. Semiconductor companies include companies that either manufacture materials that have electrical conductivity (semiconductors) to be used in electronic applications or utilize LED and OLED technology. This also includes companies that provide services or equipment associated with semiconductors such as packaging and testing. The Fund, may, however, invest less than 25% of the value of its total assets in the semiconductors industry for temporary defensive purposes. When selecting investments for the Fund, the adviser generally considers 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 adviser will liquidate an investment when the adviser believes that the security is no longer attractive based on its growth potential, price, or both. The adviser may also liquidate an investment if the adviser believes that another investment offers a better opportunity for the Fund to achieve its investment objective. The Fund is classified as non-diversified for purposes of the Investment Company Act of 1940 (the 1940 Act), which means that it is not limited by the 1940 Act with regard to the portion of its assets that may be invested in the securities of a single issuer. 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