VALAX : Al Frank Fund Class Advisor

Fund Summary

The investment seeks long-term capital appreciation. Under normal market conditions, the Advisor selects equity securities that he believes are out of favor and undervalued. The Advisor then attempts to purchase the securities and hold them until it believes that the securities have reached their fair value. To earn additional income, the fund, through its agent, may lend its portfolio securities to broker-dealers amounting to no more than 33-1/3% of the total assets of the fund (including any collateral posted) or 50% of the total assets of the fund (excluding any collateral posted).