StonePine Asset Management Inc., the Fund’s sub-adviser (the “Sub-Adviser”), subject to the oversight of the Adviser, seeks to achieve the Fund’s investment objective by investing in a portfolio of global equities. The Fund may invest in issuers with market capitalizations of any size, though it generally expects to focus on issuers with market capitalization in excess of $1 billion.

Under normal market conditions, the Fund invests at least 80% of its net assets (including the amount of any borrowings for investment purposes) in equity securities. Equity securities include common stock, preferred stock, convertible securities and depositary receipts.

Under normal market conditions, the Fund generally invests at least 40% of its net assets in companies that maintain their principal place of business or conduct their principal business activities outside the U.S., companies that have their securities traded on non-U.S. exchanges or that have securities that trade in the form of depositary receipts, or companies that have been formed under the laws of non-U.S. countries. The Fund considers a company to conduct its principal business activities outside the U.S. if it derives at least 50% of its revenue or profits from business outside the U.S. or has at least 50% of its sales or assets outside of the U.S. This 40% minimum investment amount may be reduced to 30% if market conditions for these investments or specific foreign markets are deemed unfavorable. From time to time, the Fund may focus its foreign investments in Europe.

The Fund may from time to time emphasize one or more sectors in selecting its investments, including the consumer non-cyclical sector.

In addition, the Fund may enter into forward currency contracts to hedge the currency exposure associated with some or all of the Fund’s securities, to shift investment exposure from one currency to another, to shift U.S. dollar exposure to achieve a representative weighted mix of major currencies in its benchmark, or to adjust an underweight country exposure in its portfolio.

In pursuing the Fund’s investment objective, the Sub-Adviser employs a bottom-up stock selection approach which results in a relatively focused portfolio generally ranging from 25 to 45 select companies. A bottom-up stock selection approach focuses on the analysis of individual stocks (microeconomic factors) as opposed to the significance of economic cycles and market cycles (macroeconomic factors). The Fund is non-diversified which means that it may invest a greater amount of its assets in the securities of a single issuer or a small number of issuers than a diversified fund.

The Sub-Adviser looks for companies that have growth potential that are believed to be trading at attractive valuations. In doing so, the Sub-Adviser focuses on companies believed by the portfolio management team to have the following characteristics, among others:

In evaluating whether to sell a security, the Sub-Adviser considers, among other factors, whether in its view the company no longer continues to meet the standards described above and/or the Sub-Adviser believes there are more attractive opportunities available for investment by the Fund.