Strategy. The Funds Investment Strategy The Fund is an actively managed, diversified fund managed by Alpha Architect, LLC, the Funds investment sub-adviser (Alpha Architect or the Sub-Adviser). The Fund primarily invests its assets in the shares of registered investment companies, including affiliated and non-affiliated exchange-traded funds ( ETFs ) (the underlying funds), that emphasize investments in (i) intermediate-term U.S. Treasury bonds; (ii) real estate; and (iii) commodities (the Target Asset Classes). The Fund expects to obtain its exposure to the Target Asset Classes primarily through its investments in underlying funds, but the Fund also may invest directly in equity interests in real estate investment trusts (REITs) and in intermediate-term U.S. Treasury bonds. The Sub-Adviser believes its investments in underlying funds will … Show more… The Funds Investment Strategy The Fund is an actively managed, diversified fund managed by Alpha Architect, LLC, the Funds investment sub-adviser (Alpha Architect or the Sub-Adviser). The Fund primarily invests its assets in the shares of registered investment companies, including affiliated and non-affiliated exchange-traded funds ( ETFs ) (the underlying funds), that emphasize investments in (i) intermediate-term U.S. Treasury bonds; (ii) real estate; and (iii) commodities (the Target Asset Classes). The Fund expects to obtain its exposure to the Target Asset Classes primarily through its investments in underlying funds, but the Fund also may invest directly in equity interests in real estate investment trusts (REITs) and in intermediate-term U.S. Treasury bonds. The Sub-Adviser believes its investments in underlying funds will provide an efficient, low cost means for the Fund to gain exposure to the Target Asset Classes. The Sub-Adviser has developed an investment model that is used to determine the asset allocations for the Fund, but the Sub-Adviser does retain discretion to modify the model. The Sub-Adviser does not anticipate major deviations from the model driven asset allocation process, but such deviations may occur in response to extreme market conditions. The asset allocation process can only be changed by the Sub-Adviser. The Sub-Advisers model is quantitative and systematic, utilizing absolute momentum and trend-following factors to identify the allocations to the Target Asset Classes and/or cash and cash equivalents. Absolute momentum is reliant upon the continuance of an existing market trend while trend-following investment seeks to invest in assets that are considered in an upward trend. In the most basic terms, the model seeks to determine when a Target Asset Class (e.g., real estate) is perceived to be attractive from an investment perspective given current market conditions. The Funds quantitative process is designed to analyze each Target Asset Class to determine whether it is demonstrating positive or negative price trends. The Sub-Advisers quantitative investment model will use various trend signals. The model generally relies on past prices and past return data. The Sub-Adviser may use a variety of lookbacks and formations that are subject to change based on the Sub-Advisers research efforts. Two examples of these lookbacks and formations would be a moving average signal and a time-series momentum signal when analyzing each Target Asset Class. These examples are representative of general trend-following techniques and may not be the exclusive signals used. The signals generated by the Sub-Advisers quantitative model are used to guide the Funds allocation to the Target Asset Classes and/or cash and cash equivalents. The Sub-Advisers target weightings, when all Target Asset Classes have a buy signal, for the Fund are 50% exposure to intermediate-term U.S. Treasury bonds, 25% exposure to real estate securities, including REITs, and 25% exposure to commodities. The target weightings are simply investment targets and are subject to change based on the Sub-Advisers analysis of current market conditions. For example, if the Sub-Advisers analysis indicates a negative trend for any of the Funds Target Asset Classes, the Sub-Adviser will reduce or eliminate the Funds exposure to such Target Asset Class and invest such reallocated assets into other Target Asset Classes or cash and cash equivalents. The Funds investments in cash and cash equivalents, which may represent at times 100% of the Funds assets, will consist of money market funds, U.S. Treasury bills, and/or U.S. Treasury bill equivalents (or an underlying fund that focus its investments on these objectives). The Sub-Adviser is responsible for determining the timing of trading and the actual securities selected for investment. When selecting investments, the Sub-Adviser will compile a list of investments that provide the Fund with the desired Target Asset Class exposure. As it relates to the Funds investments in underlying funds, the Sub-Advisers analysis may include, but is not limited to, a review of the underlying funds cost structure, holdings, investment process, market liquidity, performance, operational and legal issues, diversification, time horizon, and tax-related issues. The Sub-Adviser will generally sell or reduce its exposure to an investment based on the results of the Sub-Advisers quantitative model. The Sub-Advisers quantitative model is updated at least monthly and the Funds asset allocations will be systematically updated based on the results of the model. There are times when the Funds strategy may result in active and frequent trading of portfolio instruments to achieve its investment objective. The Sub-Adviser, through its quantitative investment model, will actively manage the Funds portfolio across the different Target Asset Classes with the goal of providing investors with protection against an environment of high inflation or deflation. For example, during a period of perceived high inflation (i.e., a period where the general prices of goods and services are increasing in the economy), the Sub-Adviser will generally increase the Funds exposure to commodities through its investments in underlying funds, and at times, to REITs and other real estate securities. During a period of perceived deflation (i.e., a period where the general prices of goods and services are declining in the economy), the Sub-Adviser will generally increase the Funds exposure to intermediate-term U.S. Treasury bonds through either its investments in underlying funds, and at times, to REITs and other real estate securities. The Sub-Adviser believes that actively managing the Funds exposure to the Target Asset Classes and cash and cash equivalents can add value over a static allocation to one or more of these asset classes over both periods of high inflation and deflation. Show less