Strategy. The Fund, under normal market conditions, employs a strategy intended to generate long term growth across market cycles with reduced correlation to the equity and fixed income markets. The Fund employs a multi-manager strategy whereby the Adviser allocates the Funds assets among professional money managers (each, a Sub-adviser, collectively, the Sub-advisers), each of which is responsible for investing its allocated portion of the Funds assets. The Adviser may also invest a portion of the Funds assets in unaffiliated funds that are registered under the Investment Company Act of 1940, as amended (the 1940 Act), and that have investment objectives and principal investment strategies consistent with those of the Fund, including open-end funds, closed-end funds and exchange traded funds (ETFs), which … Show more… The Fund, under normal market conditions, employs a strategy intended to generate long term growth across market cycles with reduced correlation to the equity and fixed income markets. The Fund employs a multi-manager strategy whereby the Adviser allocates the Funds assets among professional money managers (each, a Sub-adviser, collectively, the Sub-advisers), each of which is responsible for investing its allocated portion of the Funds assets. The Adviser may also invest a portion of the Funds assets in unaffiliated funds that are registered under the Investment Company Act of 1940, as amended (the 1940 Act), and that have investment objectives and principal investment strategies consistent with those of the Fund, including open-end funds, closed-end funds and exchange traded funds (ETFs), which may be passively managed (i.e., index-tracking) or actively managed. The Fund may specifically use ETFs to gain passive investment exposure, transitioning the Funds portfolio or awaiting an opportunity to purchase securities directly. When determining how to allocate the Funds assets between the unaffiliated funds and Sub-advisers, and among Sub-advisers, the Adviser considers a variety of factors. The unaffiliated funds or Sub-advisers that are employed may apply any of a variety of investment strategies, which may include: (i) directional or tactical strategies, such as long/short equity, long/short credit and global tactical asset allocation; (ii) event driven strategies, such as distressed securities, special situations and merger arbitrage; (iii) arbitrage strategies, such as fixed income or interest rate arbitrage, convertible arbitrage, and equity market neutral; (iv) global macro strategies; and (v) relative value credit strategies. A short sale involves the sale of a security that the Fund does not own in the expectation of purchasing the same security (or a security exchangeable therefore) at a later date at a lower price. The Fund invests primarily in U.S., foreign and emerging markets securities, equity securities of all types and capitalization ranges, investment and non-investment grade fixed income securities (junk bonds) of any duration or maturity issued by corporations or governments (including foreign governments), bank loans, commodities, currencies, warrants, depositary receipts, real estate investment trust (REITs), structured products, including mortgage-backed securities and collateralized loan obligations (CLOs), floating rate instruments, ETFs, exchange-traded notes and derivative instruments (which may involve leverage), principally, options, futures contracts, options on futures contracts, forward contracts and swap agreements. In addition, the Fund may invest in cash and cash equivalents, commercial paper, money market instruments and other short-term obligations to achieve its investment goal. An active management Sub-adviser will select securities based on its assessment of one or more of a variety of factors. The Fund may invest in publicly or private offered special purpose acquisition companies (SPACs) to the extent that a Sub-adviser believes that such investments will help the Fund to meet its investment objective. SPACs are collective investment structures that pool funds in order to seek potential acquisition opportunities. In selecting investments for purchase and sale, the Sub-advisers may seek investment opportunities where a catalyst has been identified that is expected to occur within the near to immediate term, generally within twelve months, to unlock the value embedded in the investment opportunity. The Fund may invest a significant portion of its assets in a particular geographic region or country, including emerging markets countries. The Fund may lend portfolio securities to earn additional income. Any income realized through securities lending may help Fund performance. A Sub-adviser may sell a security for a variety of reasons, such as where the Sub-adviser believes the Fund needs to generate cash to invest in more attractive opportunities, the average maturity of the Fund needs to be adjusted and the country or sector exposure needs to be altered. Due to its investment strategy, the Fund may buy and sell securities and other instruments frequently. Show less