Strategy. The Fund employs a passive management (or indexing) investment approach designed to track the total return performance, before fees and expenses, of the Index. The Index is based on a proprietary methodology developed by CFRA (the Index Provider), a leading independent investment research firm. The Index The Index uses an objective, rules-based methodology to track the performance of a semi-annual rotation of certain sectors within the S&P 500 Equal Weight Index (EWI). The S&P 500 EWI is an equal-weighted version of the S&P 500 , which measures the performance of the large-cap segment of the U.S. equity market. The S&P 500 EWI includes stocks covering all 11 Global Industry Classification Standard (GICS ) sectors, six of which are eligible for … Show more… The Fund employs a passive management (or indexing) investment approach designed to track the total return performance, before fees and expenses, of the Index. The Index is based on a proprietary methodology developed by CFRA (the Index Provider), a leading independent investment research firm. The Index The Index uses an objective, rules-based methodology to track the performance of a semi-annual rotation of certain sectors within the S&P 500 Equal Weight Index (EWI). The S&P 500 EWI is an equal-weighted version of the S&P 500 , which measures the performance of the large-cap segment of the U.S. equity market. The S&P 500 EWI includes stocks covering all 11 Global Industry Classification Standard (GICS ) sectors, six of which are eligible for inclusion in the Index as described below. On the last business day of each April, the Index is equally weighted in the S&P 500 EWI Consumer Staples and Healthcare sectors. The Index holdings then float until the last business day of the following October, when the Index is reconstituted and rebalanced to an equal weighting in the S&P 500 EWI Consumer Discretionary, Industrials, Information Technology, and Materials sectors. The Index holdings then float until the last business day of the following April (the next calendar year), when the Index is reconstituted and rebalanced back to an equal weighting in the S&P 500 EWI Consumer Staples and Healthcare sectors. S&P 500 EWI Sector Rotation Schedule January 1 April 30 May 1 October 31 November 1 December 31 Consumer Discretionary Rebalance Consumer Staples Rebalance Consumer Discretionary Industrials Industrials Information Technology Healthcare Information Technology Materials Materials At the time of each reconstitution of the Index, the Index is equally weighted in the applicable S&P 500 EWI sectors. Within each sector allocation, the weight of each individual stock is identical to its proportion of the applicable sector weight in the S&P 500 EWI. For example, on the last business day of each April, the Index is reconstituted to include the individual stock components of the S&P 500 EWI Consumer Staples and Healthcare sectors, and the sum of the weight of the individual stock components of the S&P 500 EWI Consumer Staples sector will equal the sum of the weight of the individual stock components of the S&P 500 EWI Healthcare sector. The Funds Investment Strategy The Fund is classified as diversified under the Investment Company Act of 1940, as amended (the 1940 Act). However, the Fund may become non-diversified solely as a result of a change in the relative market capitalization or index weighting of one or more constituents of the Index. The Fund attempts to invest all, or substantially all, of its assets in the component securities that make up the Funds underlying Index or in one or more ETFs that track the performance of all or a portion of such component securities in the same approximate proportion as in the Funds underlying Index. The Funds investment adviser expects that, over time, the correlation between the Funds performance and that of the Index, before fees and expenses, will be 95% or better. The Fund will generally use a replication strategy to achieve its investment objective, meaning it will invest in all of the component securities of the Index. Show less