Strategy. The Fund utilizes a ?fund of funds? structure to access a wide variety of underlying asset classes and strategies. The Adviser seeks to achieve the Fund?s investment objectives by investing in mutual funds and exchange-traded funds (?ETFs?) (collectively, ?Underlying Funds?). The Adviser constructs the Fund?s broadly-diversified investment portfolio by investing at various times in a wide range of Underlying Funds that invest in various security and investment categories (each an ?Asset Class?). Among the types of underlying instruments in which this Fund will invest, through Underlying Funds, are the following: ? U.S. common stocks ? Foreign common stocks, including from emerging markets ? U.S. fixed income securities ? Foreign fixed income securities, including from emerging markets ? High yield (or … Show more… The Fund utilizes a ?fund of funds? structure to access a wide variety of underlying asset classes and strategies. The Adviser seeks to achieve the Fund?s investment objectives by investing in mutual funds and exchange-traded funds (?ETFs?) (collectively, ?Underlying Funds?). The Adviser constructs the Fund?s broadly-diversified investment portfolio by investing at various times in a wide range of Underlying Funds that invest in various security and investment categories (each an ?Asset Class?). Among the types of underlying instruments in which this Fund will invest, through Underlying Funds, are the following: ? U.S. common stocks ? Foreign common stocks, including from emerging markets ? U.S. fixed income securities ? Foreign fixed income securities, including from emerging markets ? High yield (or ?junk) corporate bonds ? Preferred securities ? Municipal bonds ? Physical commodities, such as crude oil, copper and wheat, through mutual funds and ETFs that invest in commodity-linked derivatives Under normal market conditions, the Fund?s target exposure over a three-year period to equity securities, of any market capitalization, through the Underlying Funds will average between 15%-30% of the Fund?s assets. The Fund does not have a target allocation for non-equity securities exposure and may invest in underlying fixed income funds without constraint as to maturity or credit quality. The Fund may purchase Treasury securities directly. The Adviser may make changes in the target allocations across asset classes and fund categories, and the specific Underlying Funds in the Fund?s portfolio that in its view would be in the best interest of the Fund. The Fund defines high yield securities, also known as ?junk bonds,? as fixed-income securities rated below investment grade and whose issuers generally have a non-investment grade rating or are not rated. The Adviser employs a proprietary trend following strategy to generate buy and sell signals for Underlying Funds. The Adviser calculates upper and lower bands for each Underlying Fund. The upper and lower bands are offset above and below a short-term exponential moving average. A ?buy? signal, which identifies a potential uptrend for an Underlying Fund candidate, is determined by a security?s price rising above both the recent low of its upper band and a secondary moving average. The Adviser uses quantitative analysis to determine which Underlying Funds to purchase. An Underlying Fund is sold when a security?s price falls below the recent high of its lower band (a ?sell? signal), the goal being to limit drawdowns of the overall Fund. When a position is sold, the proceeds may be invested in an alternative Underlying Fund or temporarily invested in cash equivalents. Cash equivalents may include, but are not limited to, U.S. Treasury bills, money market funds and funds that primarily invest in investment grade short-term bonds. The Adviser periodically reviews the allocation of the Underlying Funds and may make adjustments to the Underlying Fund holdings, including adding or removing Underlying Funds. The overall asset allocation of the Fund is not fixed. It can and does change significantly over time as the Adviser decides to re-allocate portions of the portfolio in response to changes in price trends of Underlying Funds. The Adviser may engage in frequent buying and selling of portfolio securities to achieve the Fund?s investment objectives. The Fund may engage in securities lending. Show less