The adviser has a hands on, active management style, and believes that insight, experience and applied
intelligence are the keys to successful investing. The adviser believes that it is just as important to
have a defensive strategy as it is to have a strategy for pursuing gains; if market cycles are not taken
into account, any gains easily can be lost. Avoiding large losses in the markets is a crucial part of any
successful investment strategy. The adviser focuses on consistency of investment return over a complete
cycle of a rising and a falling market; because the adviser believes that capturing and keeping small,
incremental gains will achieve greater long-term success than large gains offset by large losses.
The Fund seeks to achieve its investment objective by investing primarily in equity securities of
companies selected from all capitalization ranges and all industry groups. (See the "Principal Investment
Strategies" section of the Fund’s prospectus.) The adviser generally looks at a three-month investment
horizon when initially committing to an equity position and then re-evaluates constantly, which can either
shorten or lengthen the time horizon. This investment philosophy is geared towards stocks of companies
that have characteristics that indicate that they have near term appreciation potential. The adviser
attempts to control risk by owning a large number of individual stocks, selling stocks held long that it
believes are in or are about to enter into a down trend, and by conducting hedging from time to time using futures
and/or options. If the adviser believes the overall market is overvalued and/or technically vulnerable
to a decline, or if the adviser cannot find a sufficient number of stocks with near term appreciation
potential, it has the discretion to move all or a portion of the Fund’s assets into fixed income
securities, in order to take a more defensive position. The fixed income securities will generally be
investment grade cash equivalents with maturities under 91 days. The adviser does not conduct fundamental
valuation analysis on a specific security basis. The adviser does not attempt to diversify across industry
sectors. (
10th Style Box White Paper)
Although equity securities of U.S. issuers are the Fund’s primary investments, the Fund also may invest in
other types of securities and employ other types of investment strategies. In addition, the Fund may
engage in transactions not described below as part of a principal or secondary investment strategy. For
a more complete description of these and other investments and techniques, see the Fund’s Statement of
Additional Information ("SAI"). Additional information about these investments and the special risk
factors that apply to them can be found under the title "Principal Risks" and in the SAI.
As with all mutual funds, there is the risk that you could lose money through your investment in the Fund.
Although the Fund will strive to meet its investment objective, there is no assurance that it will. The
Fund may engage in short selling, or invest in options and futures which may subject the fund to
additional volatility. The Fund may invest in mid and small-cap securities which may have special risks
associated including wider variations in earnings and business prospects than larger, more established
companies. The Fund may invest in the shares of other mutual and exchange traded funds. These underlying
funds may be subject to their own operating fees and expenses.