Funds offered

PHSWX

December 31, 2020

The Fund seeks to provide capital preservation, current income, and growth.

The Sub-Adviser pursues a strategy designed for more risk-averse investors to realize the growth and income potential of stocks but guard against the full impact of market losses. Potential investments are first reviewed by the Screen Manager, after which the Sub-Adviser selects individual stock holdings and protective put options to construct the Fund’s investment portfolio.

Stock screening managed by: Solari Investment Screens, LLC

Solari considers corporate governance the primary concern in seeking long-term returns since management is naturally led toward appropriate decision-making when moral and legal considerations are addressed through good governance. Well-governed enterprises should find that complaints about transparency, product control and safety, environmental damage and institutional corruption are limited.

Portfolio investments managed by: Parvin Asset Management, LLC

Following the Solari screen, the Sub-Adviser selects stocks of profitable, attractively valued companies that are expected to generate a positive total economic return to both shareholders and society at large. The Sub-Adviser’s selection process targets seasoned, well-capitalized businesses generating cash from profitable operations in markets around the world. Stock holdings are hedged with index put options to help limit downside market risk, which is designed to minimize return volatility during significant selloffs.