Strategy. The Adviser delegates execution of the Fund?s investment strategy to Kensington Asset Management LLC (previously known as Kensington Analytics, LLC) (the ?Sub-Adviser?). The Sub-Adviser seeks to achieve the Fund?s investment objective by investing primarily in mutual funds that invest in income-producing securities. The Fund defines income-producing securities as interest-paying: bills, notes, bonds, debentures, bank loans, loan participations, syndicated loan assignments and other evidence of indebtedness. The Fund invests without restriction as to issuer credit quality, country (including emerging markets), capitalization, or security maturity or currency. Typically, the Fund invests the majority of its assets in high-yield securities, which are debt instruments rated lower than Baa3 by Moody?s Investor Services, Inc. (?Moody?s?) or lower than BBB- by Standard and Poor?s Rating … Show more… The Adviser delegates execution of the Fund?s investment strategy to Kensington Asset Management LLC (previously known as Kensington Analytics, LLC) (the ?Sub-Adviser?). The Sub-Adviser seeks to achieve the Fund?s investment objective by investing primarily in mutual funds that invest in income-producing securities. The Fund defines income-producing securities as interest-paying: bills, notes, bonds, debentures, bank loans, loan participations, syndicated loan assignments and other evidence of indebtedness. The Fund invests without restriction as to issuer credit quality, country (including emerging markets), capitalization, or security maturity or currency. Typically, the Fund invests the majority of its assets in high-yield securities, which are debt instruments rated lower than Baa3 by Moody?s Investor Services, Inc. (?Moody?s?) or lower than BBB- by Standard and Poor?s Rating Group. Inc. (?S&P?), or, if unrated, determined by the adviser to be of similar credit quality. High-yield securities are also known as ?junk bonds.? The Fund may invest in junk bonds that are in default, subject to bankruptcy or reorganization. The Sub-Adviser does not select individual securities as a principal strategy, but rather employs a fund-of-funds approach that achieves exposure to income-producing securities through mutual funds. The Sub-Adviser selects mutual funds based on performance, relative fees, management experience and underlying portfolio composition and strategy. Mutual funds may employ leverage. The Fund is non-diversified, which means it may invest a high percentage of its assets in a limited number of securities. The Sub-Adviser?s strategy is principally driven by a proprietary ?Managed Income Model? that evaluates the changes of the following daily inputs: ? NAVs of U.S. High-Yield Bond Funds ? Prices of Long-Term US Treasury Bonds ? Level of the NASDAQ Composite Index ? Level of the Value Line Geometric Composite Index ? The Daily Number of NYSE Companies with Advancing versus Declining Stock Prices Outputs from the Managed Income Model are evaluated at the end of each trading day and generate a buy or sell signal that identifies the overall directional bias of the Fund?s portfolio. Using the Managed Income Model signals, the Sub-Adviser will tactically shift the Fund?s mutual funds holdings and asset allocations accordingly. The NASDAQ Composite Index is a market capitalization-weighted index of approximately 3,000 common equities listed on the NASDAQ stock exchange. The Value Line Geometric Composite Index is composed of the returns of the companies included in the Value Line Investment Survey with returns calculated geometrically over time rather than by using a simple average. The survey is generally representative of equity securities traded on US stock exchanges. It identifies approximately 1,700 companies accounting for approximately 90% of the market capitalization of all stocks traded on the US stock exchanges. Generally, when the Sub-Adviser believes high-yield market conditions are favorable, the Fund invests in longer maturity and lower quality high-yield securities. When the Sub-Adviser believes high-yield market conditions are less favorable, the Fund invests in shorter maturity and better quality high-yield securities and money market instruments. The Sub-Adviser may engage in frequent trading to achieve the Fund?s investment objective, which may result in turnover in excess of 100%. Show less