FBUF

FBUF seeks capital appreciation. Normally investing at least 80% of assets in equity securities. Investing in equity securities of companies with market capitalizations generally similar to companies in the S&P 500 Index or Russell 1000 Index. Generally using computer-aided, quantitative analysis of historical valuation, growth, profitability, and other factors to select a broadly diversified group of stocks that may have the potential to provide a higher total return than that of the S&P 500 Index. Employing a disciplined rules-based "Defensive Option Collar" strategy designed in combination with a diversified portfolio of equity securities to provide the fund with a significant portion of the returns associated with equity market investments while exposing investors to less risk than traditional long-only equity strategies. The "Defensive Options Collar" strategy involves purchasing index put options to provide downside protection in certain market conditions (i.e., offset or mitigate a decrease in the value of the fund's investments) and selling index call options that provides income to substantially offset the cost of that downside protection. Managing the options positions in a way that provides diversification of options strike prices and expirations. Investing in domestic and foreign issuers. Lending securities to earn income for the fund.