Strategy. Under normal circumstances, the Fund seeks to achieve its investment objective by investing at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of companies located in at least three countries other than the United States. This investment strategy may be changed by the Fund upon 60 days prior written notice to shareholders. To achieve its investment objective, the Fund invests primarily in actively managed or index-based exchange traded funds (ETFs), mutual funds and other investment companies, and groups of securities related by index or sector (such as stock baskets, baskets of bonds and other index-or sector-based groups of related securities) and options or futures positions (e.g., options or futures contracts … Show more… Under normal circumstances, the Fund seeks to achieve its investment objective by investing at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of companies located in at least three countries other than the United States. This investment strategy may be changed by the Fund upon 60 days prior written notice to shareholders. To achieve its investment objective, the Fund invests primarily in actively managed or index-based exchange traded funds (ETFs), mutual funds and other investment companies, and groups of securities related by index or sector (such as stock baskets, baskets of bonds and other index-or sector-based groups of related securities) and options or futures positions (e.g., options or futures contracts on securities, securities indexes or currencies) with respect to any of the foregoing intended to match or approximate their performance (collectively, Fund Investments) that the Adviser believes have the potential for capital appreciation. In allocating the Funds assets, the Adviser uses a proprietary quantitative research process to determine current risk in the various international equity markets and exposures in which the Fund may invest from time to time, as well as to determine the Funds: ? optimum cash position; ? weighting between the value and growth segments of the market; ? sector and industry allocation; and ? allocation between domestic investments (up to 20% of the Funds net assets) and foreign investments (up to 80% of the Funds net assets). In choosing between the bulleted investment types described above, the Adviser will focus on markets generally rather than individual companies. The Adviser generally will search for investments that exhibit attractive valuations on several metrics, which may include, without limitation, price movement, volatility, Sharpe ratios (a measure of risk adjusted return), price-to-earnings ratios, growth rates, price-to-cash flow ratios and price-to-book ratios. Based on these metrics, the Adviser will rank the international securities in which the Fund may invest on a risk adjusted basis to identify which areas of the international markets provide the best opportunity to achieve the Funds investment objective and determine the Funds investment universe. The Adviser will then select from this investment universe to create a well-diversified portfolio for the Fund. The Advisers investment philosophy emphasizes purchasing Fund Investments that allow the Fund to participate in both broad market indexes (e.g., the MSCI EAFE, MSCI ACWI ex US, MSCI Emerging Markets, etc.) and market sector indexes (e.g., healthcare indexes, utilities indexes, real estate indexes, etc.). The Adviser retains the flexibility to allocate among equity Fund Investments as determined to be suitable for the Fund. The Fund may invest up to 100% of its assets in Fund Investments that have portfolios comprised of equity securities (including foreign companies of any size in any sector). The Fund may participate in a limited number of sectors, but will not concentrate its investments in any particular sector. The Fund will attempt to minimize risk through investment in a range of countries and economic sectors. The Fund may invest up to 30% of its assets in emerging market securities. Emerging market countries in which the Fund may invest include, but are not limited to, Taiwan, China, Brazil, Mexico, India, South Korea, Hong Kong, South Africa, Thailand, & Saudi Arabia. The Fund may invest in options or futures positions for speculative purposes, when the Adviser determines that they provide a more efficient way to increase or reduce the Funds overall exposure to an industry or sector than buying or selling other Fund Investments, or to hedge against risks of investments in the Funds portfolio or markets generally. The Fund may at times hold a portion of its assets in cash and short-term, highly liquid investments, such as money market instruments, U.S. government obligations, commercial paper, repurchase agreements, and other cash or cash equivalent positions (Cash Positions) when investment opportunities are limited. The Adviser generally sells a security under one or more of the following conditions: ? the Adviser determines that there is a more attractively priced Fund Investment or other security as an alternative; ? the optimum Cash Position has changed based on the Advisers quantitative research; ? the weighting between the value and growth segments of the market have changed based on the Advisers quantitative research; ? the weighting between sector and industry allocations have changed based on the Advisers quantitative research; or ? the weighting between domestic and international exposure have changed based on the Advisers quantitative research. Show less