Contrarian Value Balanced

The investment objective of the Contrarian Balanced strategy is current income and long-term growth of capital through a balanced portfolio of debt and equity securities. Equity and fixed income weightings are tactically allocated based on prospective return potential and perceived risk although equity exposure will not generally exceed 75% of net assets. The investment team evaluates investment opportunities using bottom-up, fundamental analysis, paying particular attention to the following factors:

• Expected future profits
• Expected sustainable revenue and/or asset growth
• Expected cash investment needed to support expected growth
• Normalized free cash flow after considering the items above
• Valuation relative to normalized earnings and free cash flow after giving consideration to growth potential and financial strength

Fixed income investments are selected with the objective of capital preservation and current income.