Strategy. The Portfolio employs a fund-of-funds structure that invests, under normal market conditions, at least 80% of its assets in exchange-traded funds (?ETFs?). The ETFs included in the Portfolio invest primarily in securities representing one of the following asset classes: Government Fixed Income Securities Corporate Fixed Income Securities Common and Preferred Stocks Real Estate-Related Securities (?REITs?) Natural Resource-Related Securities The Portfolio restricts investment in fixed income ETFs to those with an average maturity of 20 years or less and invests primarily in ETFs with average portfolio credit quality of investment grade. Maturity is the time between when a fixed income security is issued and when it matures. No more than 15% of the Portfolio will be allocated to fixed income ETFs … Show more… The Portfolio employs a fund-of-funds structure that invests, under normal market conditions, at least 80% of its assets in exchange-traded funds (?ETFs?). The ETFs included in the Portfolio invest primarily in securities representing one of the following asset classes: Government Fixed Income Securities Corporate Fixed Income Securities Common and Preferred Stocks Real Estate-Related Securities (?REITs?) Natural Resource-Related Securities The Portfolio restricts investment in fixed income ETFs to those with an average maturity of 20 years or less and invests primarily in ETFs with average portfolio credit quality of investment grade. Maturity is the time between when a fixed income security is issued and when it matures. No more than 15% of the Portfolio will be allocated to fixed income ETFs with an average portfolio credit quality below investment grade (commonly referred to as ?junk bond? credit quality). The Portfolio defines investment grade credit quality as Baa3 or higher by Moody?s Investors Service or BBB- or higher by Standard and Poor?s Rating Group. The Portfolio invests in ETFs that may invest in securities without restriction as to underlying issuer country (including foreign and emerging countries), capitalization or currency. The Portfolio considers emerging market countries to be those represented in the MSCI Emerging Markets Index. The Portfolio invests in REIT ETFs and natural resource ETFs without restriction as to underlying issuer capitalization. The adviser seeks to achieve the Portfolio?s investment objectives by allocating assets and selecting individual ETFs using the adviser?s TOPS (The Optimized Portfolio System) methodology. The TOPS methodology utilizes multiple asset classes in an effort to enhance performance and/or reduce risk (as measured by return volatility). To achieve the Portfolio?s income aspect of the Portfolio?s investment objectives, the adviser allocates approximately 15% of Portfolio assets to fixed income ETFs. To achieve the capital appreciation aspect of the Portfolio?s investment objectives, the adviser allocates approximately 85% of Portfolio assets to a combination of equity ETFs, REIT ETFs and natural resource ETFs. Furthermore, the adviser selects some equity ETFs that are composed of growth stocks. The adviser expects growth stocks, those with higher-than-average earnings growth and, typically, higher than average price-to-earnings ratios, to have returns that are higher than the equity market as a whole. The adviser selects individual ETFs that it believes are reasonably representative of an asset class and have relatively low expenses and/or relatively high returns when compared to a peer group of ETFs. The adviser may sell individual ETFs to rebalance asset allocation or to purchase a substitute ETF with a higher expected return or lower risk profile or for any other reason. The adviser seeks to enhance the efficiency of trade execution by employing a sub-adviser to execute security trades. The sub-adviser has some discretion on which securities to trade and when in the day to conduct the trade, subject to the adviser?s oversight. The Portfolio and the adviser have received a SEC order that allows the adviser to hire a new sub-adviser or sub-advisers without shareholder approval. There is no guarantee that the Portfolio will meet its investment objectives. Who Should Invest in the Portfolio? The adviser believes the Portfolio is appropriate for investors with short-term to intermediate-term investment horizons who seek capital preservation as well as the opportunity for modest income and modest capital appreciation. Show less