The fund seeks capital appreciation by investing in small-to-mid-size companies in the United States.

The investment process is designed to highlight companies that are engaged in merchandising finished goods and services, including department stores, mail order operations and other companies involved in selling products to consumers.

The investment team considers drug and department stores; suppliers of goods and services for homes, home improvements and yards; clothing, jewelry, electronics and computer retailers; warehouse membership clubs; mail order operations; and companies involved in alternative selling methods as retailing companies.

Then the research team combines a proprietary quantitative and qualitative methodology to identify investment opportunities.

The team utilizes screens based on price, liquidity, and tradability to evaluate potential investments.

Then the manager constructs a diversified portfolio of stocks from a list of companies in the benchmark index favored by the research team and allocates capital based on its conviction level.

The fund also may purchase American Depositary Receipts to gain exposure to foreign Retailing Companies and U.S. government securities.

The fund seeks capital appreciation by investing in small-to-mid-size companies in the United States.

The investment process is designed to highlight companies that are engaged in merchandising finished goods and services, including department stores, mail order operations and other companies involved in selling products to consumers.

The investment team considers drug and department stores; suppliers of goods and services for homes, home improvements and yards; clothing, jewelry, electronics and computer retailers; warehouse membership clubs; mail order operations; and companies involved in alternative selling methods as retailing companies.

Then the research team combines a More