The investment seeks long-term capital appreciation. The fund seeks to achieve its investment objective by investing under normal circumstances in equity securities. It invests at least 80% of its assets in securities of issuers included in the S&P 500® Index (the "index") at the time of purchase, but not necessarily at index weightings. The Adviser seeks to capitalize on pricing inefficiencies in the market by employing a systematic, bottom-up, valuation approach based on the Adviser's proprietary analytical framework to identify companies that appear to be undervalued or overvalued on both an absolute and relative basis.