Strategy. In pursuing its investment objectives, the Portfolio seeks to follow the methodology of the adviser?s proprietary TOPS Global Target Range Index (the ?Index?). However, the Portfolio is an actively managed strategy. The Portfolio?s returns are expected to be similar to the returns of the Index but will not match the Index?s returns due to the amount and timing of assets that flow in and out of the Portfolio and the Portfolio?s fees and expenses. The Index tracks the performance of a collateralized call spread strategy, which consists of (1) buying long call options and selling short call options on a portfolio of four exchange traded funds (?ETFs?) that track the performance of large- and mid-capitalization companies in the United States, … Show more… In pursuing its investment objectives, the Portfolio seeks to follow the methodology of the adviser?s proprietary TOPS Global Target Range Index (the ?Index?). However, the Portfolio is an actively managed strategy. The Portfolio?s returns are expected to be similar to the returns of the Index but will not match the Index?s returns due to the amount and timing of assets that flow in and out of the Portfolio and the Portfolio?s fees and expenses. The Index tracks the performance of a collateralized call spread strategy, which consists of (1) buying long call options and selling short call options on a portfolio of four exchange traded funds (?ETFs?) that track the performance of large- and mid-capitalization companies in the United States, developed market countries and emerging markets countries, respectively, consisting of the SPDR S&P 500 ETF Trust (?SPY?), iShares Russell 2000 ETF (?IWM?), iShares MSCI EAFE ETF (?EFA?) and iShares MSCI Emerging Markets ETF (?EEM?)(collectively, the ?Underlying ETFs?); and (2) cash collateral. The target exposure of the Index, excluding cash collateral as described below, is: SPY (50%), IWM (20%), EFA (20%) and EEM (10%) though the Fund?s exposures may differ from time to time due to market movements and cash flows in and out of the Fund. In order to understand the Portfolio?s strategy and risks, it is important to understand the strategies and risks of the Underlying ETFs. See ?Additional Information on the Portfolio?s Principal Investment Strategies and Related Risks? for a discussion of the principal investment strategies of the Underlying ETFs. Due to changes in the Index and/or discretionary changes by the Adviser, the target exposure among the Underlying ETFs may change over time. Each January the Index selects call options with a target expiration date of approximately one year. The long call options have a strike price that is approximately 85% of the current market price of the Underlying ETF at the time of purchase, and the short call options have a strike price that is approximately 115% of the current market price of the Underlying ETF at the time of sale. The Adviser maintains the ability to restrike underlying call spread positions more frequently than the TOPS Global Equity Target Range Index. Restriking underlying positions more frequently than the Index may cause different payoff profiles for underlying positions than those of the Index. Under normal conditions, approximately 80-85% of the Portfolio?s assets are expected to be invested in the cash collateral component upon the annual roll date in January. As the value of the options fluctuate, the percentage of overall fund value represented by the cash collateral component will fluctuate as well. The cash collateral component of the Portfolio not invested in long and short call options on Underlying ETFs may be invested in fixed-income securities, including corporate bonds and other corporate debt securities, asset-backed securities, securities issued by the U.S. government or its agencies and instrumentalities, securities issued by non-U.S. governments or their agencies and instrumentalities, money market securities and funds, fixed income ETFs, other interest-bearing instruments, and cash. The Portfolio may invest in fixed income securities of any maturity and credit quality, including securities rated below investment grade (?junk bonds?). The Portfolio is classified as ?non-diversified? under the Investment Company Act of 1940, as amended (the ?1940 Act?). There is no guarantee that the Portfolio will successfully provide a target range of return in relation to an Underlying ETF or that the Portfolio will meet its investment objectives. Show less