The Fund

The Objective of the Fund

• The Sycuan Value Fund seeks capital appreciation.

The Principal Investment Strategies and Policies of the Value Fund

• The Fund normally invests at least 80% of its assets in common stocks (at the time of purchase) of US companies that the Fund's sub-adviser believes are undervalued.
 
• The Fund is a “non-diversified” portfolio, which means it can invest in fewer securities at any one time than a diversified portfolio and can invest more of its assets in securities of a single issuer than a diversified portfolio. Also, the Fund may participate in a limited number of industry sectors, but will not concentrate in any particular industry or group of industries.

• The Fund may hold all or a portion of its assets in cash or cash-equivalents like money market funds, certificates of deposit, short-term debt obligations, and repurchase agreements, either due to pending investments or when investment opportunities are limited. Under these circumstances, the Fund may not participate in stock market advances or declines to the same extent it would had it remained more fully invested in common stocks.

The Investment Selection Process Used by the Sycuan Value Fund

A.Q. Johnson & Co., Inc., the Fund's investment sub-adviser, invests in common stocks that the adviser believes have potential for long-term capital appreciation by purchasing companies at a discount to their intrinsic value. Intrinsic value is determined by calculating the present value of the projected free cash flows of the business using a discount rate.

The sub-adviser determines intrinsic value by analyzing, among other things, financial statements, regulatory filings, trade publications and industry data.

The sub-adviser may sell a company when the company reaches the adviser’s appraised value, when there is a more attractively priced company as an alternative, when the fundamentals of the business have changed, or when the sub-adviser determines that management of the company is not enhancing shareholder value.