Under normal market conditions, the Focused Large Cap Fund invests primarily in a variety of equity and equity-related securities, including common stocks, convertible preferred and convertible debt securities. The Focused Large Cap Fund attempts to buy investments priced to generate long-term total returns significantly above those of general stock indices and U.S. Treasuries. Using a value orientation, the Investment Manager invests in positions in the U.S. and other developed markets. The Investment Manager’s investment strategy consists of bottom-up fundamental value analysis with an emphasis on balance sheet strength. Qualitative factors will also be considered, including quality of management, quality of product or service, overall franchise or brand value, composition of the board of directors, and the uniqueness of the business model. The Investment Manager looks for the presence of catalysts that could improve internal performance, such as a change in management, a new management incentive program closely linked to the price of the stock, the sale of an underperforming asset or business unit, or a positive change in industry fundamentals. The Focused Large Cap Fund tends to hold a relatively focused portfolio of between 30 and 45 companies. However, at times, it may hold fewer or more companies depending on the Adviser’s assessment of the investment opportunities available. From time to time, the Focused Large Cap Fund may focus its investments in securities of companies in the same economic sector. The Fund is “non-diversified,” meaning it may invest a greater percentage of its assets in a particular issuer or group of issuers than a diversified fund would.