Principal Investment Strategies

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The Alternative Value Strategy seeks to achieve its investment objective by purchasing equity securities of U.S. companies that the Adviser believes are undervalued and likely to appreciate. The Value Strategy purchases large capitalization U.S. equity common stocks of companies that are constituents of the S&P 500® Index.

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Strategy Characteristics

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▸ Strategy utllizes ROTA/ROME® to capture valuation inefficiencies in the market.

▸ Invests only in companies that are constituents of the S&P 500 Index.

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ROTA/ROME®, Cognios' value based investment process is a fundamental quantitative stock selection and portfolio construction methodology that seeks to identify companies whose per share intrinsic value has diverged significantly from the current market price of its stock. ROTA/ROME® focuses on a company's Return on Total Assets ("ROTA") and Return on Market Value of Equity ("ROME").