p id="xdx_A88_eoef--StrategyNarrativeTextBlock_zWz3hnFGlZt4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"The GRID Fund will attempt to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets in dividend paying securities (such as common and preferred stock) or other income producing securities (such as fixed income securities and securities that are convertible into common stock). The GRID Fund will primarily invest in common stocks of foreign and domestic issuers that the GRID Fund’s portfolio managers believes are likely to pay dividends and income and have the potential for above average capital appreciation and dividend increases. To this end, the portfolio managers may invest in stocks that pay and increase dividends over time that can potentially provide “rising income.” Rising income stocks historically have provided a better total return over time, potentially combat inflation and offer the opportunity to potentially take advantage of compounding through dividend and income reinvestment./span/p p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)" /span/p p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"The GRID Fund invests in companies whose stocks the Adviser believes are selling at a significant discount to their “private market value.” Private market value is the value the Adviser believes informed investors would be willing to pay to acquire the entire company. If investor attention is focused on the underlying asset value of a company due to expected or actual developments or other catalysts, an investment opportunity to realize this private market value may exist./span/p p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)" /span/p p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"The GRID Fund may utilize certain “arbitrage” strategies. The GRID Fund’s use of arbitrage may be described as investing in “event” driven situations such as announced mergers, acquisitions, and reorganizations. When a company agrees to be acquired by another company, its stock price often quickly rises to just below the stated acquisition price. If the Adviser, through extensive research, determines that the acquisition is likely to be consummated on schedule at the stated acquisition price, then the GRID Fund may purchase the selling company’s securities, offering the GRID Fund the possibility of generous returns relative to cash equivalents with a limited risk of excessive loss of capital./span/p p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)" /span/p p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"The GRID Fund may invest in convertible securities, which include bonds, debentures, corporate notes, preferred stocks, and other similar securities which are convertible or exchangeable for common stock within a particular time period at a specified price or formula, of foreign and domestic companies with no target maturity range. Because many convertible securities are rated below investment grade, the GRID Fund may invest without limit in convertible securities rated lower than “BBB” by Standard amp; Poor’s Rating Services (“Samp;P”) or “Baa” or lower by Moody’s Investors Service, Inc. (“Moody’s”), or, if unrated, are of comparable quality as determined by the Adviser, including up to 5% of its assets in convertible securities of issuers in default. The GRID Fund also may invest up to 25% of its assets in non-convertible fixed income securities that are below investment grade, including up to 5% of its assets in non-convertible fixed income securities of issuers that are in default./span/p