Al Frank Fund Class Investor 

Under typical market conditions, the fund's manager identifies and invests in equity securities that are considered to be currently unpopular and trading below their inherent worth. The strategy involves acquiring these shares and maintaining ownership until the Adviser determines they have appreciated to their true market value. To generate supplementary income, the fund has the option, facilitated by its agent, to lend out some of its portfolio holdings to broker-dealers. This lending activity is restricted; the total value of securities on loan cannot exceed 33-1/3% of the fund's total assets when factoring in collateral, or 50% of its total assets if collateral is not included in the calculation.