Under normal conditions the Guardian Global Equity Fund’s Adviser invests at least 80% of the Fund’s net assets (plus the amount of any borrowings for investment purposes) in equity securities (primarily common stock) of mid-capitalization (“mid-cap”) and large-capitalization (“large-cap”) companies. The Adviser considers mid-cap companies to be companies with market capitalizations between $1 billion and $10 billion at the time of purchase. The Adviser considers large-cap companies to be companies with market capitalizations greater than $10 billion at the time of purchase. The Guardian Global Equity Fund will operate as a non-diversified portfolio.

The Guardian Global Equity Fund may invest in U.S. and foreign equity securities. Under normal market conditions, the Guardian Global Equity Fund invests at least 40% of its net assets in the securities of, and depositary receipts represented by, foreign issuers. Generally, the Guardian Global Equity Fund’s portfolio will be invested in at least five countries in the MSCI World Index, one of which may be the U.S. The Guardian Global Equity Fund considers an issuer to be a foreign issuer if: (1) the issuer is organized under the laws of a jurisdiction other than those of the U.S.; or (2) the issuer derives 50% or more of its total revenue from goods and/or services produced or sold outside of the U.S. The Guardian Global Equity Fund may invest in securities denominated in any currency.

In addition to buying equity securities, the Guardian Global Equity Fund may invest in depositary receipts, including, American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”), and European Depositary Receipts (“EDRs”). ADRs are dollar-denominated depositary receipts that typically are issued by a United States bank or trust company and represent the deposit with that bank or trust company of a security of a foreign issuer. Generally, ADRs are designed for trading on U.S. securities exchanges or other markets. EDRs are receipts issued by a European financial institution evidencing arrangements similar to ADRs. GDRs are receipts for foreign-based corporations that are traded in capital markets around the world. These depositary receipts may be sponsored or unsponsored and are U.S. dollar-denominated. The Guardian Global Equity Fund may invest in sponsored depositary receipts wherein the foreign issuer assumes the obligation to pay some or all of the depository’s transaction fees or unsponsored depositary receipts wherein the foreign issuer assumes no obligations and the depositary’s transaction fees are paid directly by the depositary receipt holders. The depositary receipts in which the Guardian Global Equity Fund invests are U.S. dollar-denominated.

The Guardian Global Equity Fund may also invest up to 15% of its net assets in securities of companies that are listed in, or whose principal business activities are located in, emerging market countries. Emerging market countries include those defined or classified currently, or in the future, as an emerging market by the MSCI Emerging Markets Index.

The Adviser utilizes a bottom-up investment approach to construct a portfolio of securities of high-quality companies capable of sustaining growth for more than five years with the potential for share price appreciation. The Adviser’s process seeks to identify companies that are positioned with exposure to growth with below average sensitivity to economic conditions. The Adviser quantitatively screens the universe of listed securities, on any exchange, using certain financial and other metrics with the goal of identifying companies that will enhance the quality and growth characteristics of the pool of securities from which the final portfolio is constructed. These criteria include, but are not limited to, minimum net income, maximum leverage, minimum return on invested capital (ROIC), and long-term earnings per share growth rates. Growth characteristics that the Adviser includes in its analysis of a company are: (1) a proven track record of quality growth, (2) operating in industries we believe have potential for sustained periods of growth, (3) sustainable competitive advantage, (4) high, and preferably rising, return on income and capital ROIC, and (5) proven management. The quality of a company is measured by the Adviser using the following characteristics: (1) business maturity, (2) little or no leverage, (3) strong cash generation, (4) foundations for sustainable growth, including strong corporate governance, low regulatory, legal and tax risk, and a progressive environment and social strategy, among others, and (5) business diversification.

A security may be sold if it exceeds the Adviser’s thresholds for target stock price relative to our estimates of the current value of the company’s future cash flows and future ratios of stock price to company earnings, if the security no longer meets the Adviser’s thresholds for the growth and quality characteristics outlined above, or if the Adviser believes a different combination of stocks in the Fund’s portfolio would enhance the sustainable growth, quality and forecast return of the Guardian Global Equity Fund’s overall portfolio.