Strategy. Under n o rmal market c on di t i o ns, the F und will inve s t primarily in the e q ui t y s ecurities o f large capitalization (large-cap) U.S. c o mpa n ie s . The F u nd defines a large-cap c o mpany as o ne wh os e market capitalization i s $5 billion o r greater at t he ti m e of purcha s e. T he Fund will n o rmally h o ld a c o re p os i ti o n o f between 25 and 30 s ecuritie s . The n u mb e r o f s ecuriti e s held … Show more… Under n o rmal market c on di t i o ns, the F und will inve s t primarily in the e q ui t y s ecurities o f large capitalization (large-cap) U.S. c o mpa n ie s . The F u nd defines a large-cap c o mpany as o ne wh os e market capitalization i s $5 billion o r greater at t he ti m e of purcha s e. T he Fund will n o rmally h o ld a c o re p os i ti o n o f between 25 and 30 s ecuritie s . The n u mb e r o f s ecuriti e s held by t he Fund may o cca s i o nally exc e ed t his range at t i mes, s uch as when t he p o rtf o lio managers are acc u mulat i ng new p os iti ons , pha s ing o ut and repla ci ng exi s t i ng pos iti o ns, o r re s p o nding t o exc e pti o nal mark e t c o n d iti o n s . E qu i ty s e c ur i ties c o n s i s t o f c o mm o n s t o ck, d e p os itary rece i pts ( i n cl u ding Ameri c an D epo s itary R e cei p ts ( AD R s), Eur o pe a n Dep os ita r y R e cei p ts ( EDRs ) , G l o bal Dep o sitary Rece i pts ( G DRs) and u nsp o ns o red dep o sitary recei p t s ), real estate investme n t trusts ( " R EITs " ) , mas t er limited partner s hips ( " M L Ps " ) , a n d s ecurit i es c o nvertib l e i nto c o mm o n s t o ck, s uch as warrant s , right s , c o nvertible bo nd s , debe n tures and co nvertible preferred s t o ck s . A D Rs a re receip t s t y pi c ally is s ued by an American bank o r tru s t c o mp a ny that e v i d ence un d er l ying s e c urit i es i ss ued by a f o reign c o rp o rati o n. EDRs ( i ss u e d in E ur o pe) and G D Rs ( i ss ued thr ou gh o ut t he w o rld) each eviden c e a s imilar o wner s hip arrange m ent. M L P s are generally energy-rela te d busine ss es and the F u n d may inve s t in energy, r e a l e s tate, and/ o r finance-related M LP s if the Adv i s er believes the busine s s will deliver de s irable r et urn s . The F und m ay inve s t up to 20% o f its net a ss ets in hi g h qua l ity m o ney market in s tr u ments a nd r e purcha s e a greeme n t s . T h e Fu n d may a l s o inve s t in s hares o f o ther regi s t e red inve s tm e nt c o mp a ni es , s uch as cl os ed-end inve s tme n t co mpanies a n d e x cha n ge- t raded f u nds ( ETF s ). M c G i n n Penninger I nv e stment M a n ageme n t, I nc . (the Sub-Adviser) utilizes a value approach to investing in that it selects investments for the Fund based on its belief that stock prices fluctuate around the true value of a company. The Sub-Adviser analyzes valuation ratios and typically selects stocks with low ratios of price/earnings, price/cash flow, price/book value and price/dividend. The Sub - A d v iser desires to produce superior risk adjusted returns by buildi n g p or tf o li o s o f bu s ine ss es with o ut s t a nd i ng ri s k/rew a rd pr o files with o ut r u nn i ng a high de g ree o f capital ri s k. The S ub - Adviser o nly inve s ts in th os e bu s in ess es it under s tands and where it has c o nfiden c e in the c o mpan y 's m anageme n t a nd fin a ncial s tren g th. E m p ha s is is plac e d o n th os e c o mpanies w hich the S ub - Adviser beli e ves are m os t likely to pr os per un d er vari o us ec o n o mic c o ndi t i o n s . The Sub- A dv is er s ells o r r e duces the F u nds p os iti o n in a se curity ( 1) w h en i t appr o aches the S u b-Adv i sers estimate o f its fair value, ( 2) when i t s ec o n o mic f u ndame n tals have d e teri o rated, o r ( 3 ) when t h e f acts o r t he analy s is s ur r o unding t he re aso n to o r i ginally put th e s ecurity in the Fu n ds portf o lio have ch a nge d . The F u nd is a n o n-diver s ified fund, which me a ns it can i nve s t in fewer s ecurities at any o ne time than a diver s ified fund. A ls o , f r o m time to time the F u nd may inve s t a s ignificant p o rt io n o f its a ss e ts in a lim i ted num b er o f indu s try se c to r s , but will no t c on ce n tra t e in a ny pa r t i cular i n du s tr y . Show less