span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.99pt"The Fund invests, under normal circumstances, at least 80% of its assets (including the amount of borrowings for investment/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /spandiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:697.8pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.86pt"purposes) in (1) U.S. and non-U.S. fixed income securities; and (2) exchange-traded funds and derivatives instruments that provide/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:709.8pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:289.26pt"long and short exposure to U.S. and non-U.S. fixed income securities. /spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:325.26pt;position:var(--position);text-decoration:none;white-space:pre;width:250.65pt"The Fund focuses on lower-quality, higher-yielding securities/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.91pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:721.8pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.89pt"across a wide range of investable asset classes using both long and short exposures. The Fund will gain exposure to fixed income/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:733.8pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:329.65pt"securities primarily by investing in one or more of the following investment types:/span/divdivdivdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:36pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre;width:3.5pt"•/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:158.42pt"Other exchange-traded funds (“ETFs”);/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:230.42pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:51pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre;width:3.5pt"•/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:156.85pt"Individual bonds (or baskets of bonds);/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:228.85pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:66pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre;width:3.5pt"•/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:71.61pt"Bond futures; and/span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:81pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre;width:3.5pt"•/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:328.01pt"Credit default swaps, credit default index swaps, and options on such instruments./span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:105pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:443.14pt"The Fund will typically seek exposure among a wide range of fixed income segments, including the following:/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:479.14pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:129pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:114.06pt"Lower Grade Fixed Income/span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:144pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre;width:3.5pt"•/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:109.9pt"High-yield corporate bonds/span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:159pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre;width:3.5pt"•/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:181.2pt"Leveraged loans, senior loans and bank loans/span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:174pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre;width:3.5pt"•/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:73.55pt"Convertible bonds/span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:198pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:117.4pt"Higher Grade Fixed Income/span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:213pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre;width:3.5pt"•/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:136.52pt"Investment-grade corporate bonds/span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:228pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre;width:3.5pt"•/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:376.69pt"Asset-backed securities, including mortgage-related securities and mortgage-backed securities/span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:243pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre;width:3.5pt"•/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:96pt"U.S. Treasury securities/span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:267pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:101.01pt"Peripheral Asset Classes/span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:282pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre;width:3.5pt"•/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:96.02pt"Emerging market bonds/span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:297pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre;width:3.5pt"•/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:245.84pt"Publicly-traded Business Development Companies (“BDCs”)/span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:312pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre;width:3.5pt"•/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:125.14pt"High dividend equity securities/span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:336pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.88pt"The Fund is designed to provide an actively-managed solution across various sectors of fixed income using Kensington’s investment/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:348pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.87pt"process. The Fund will generally feature a blended portfolio that increases or decreases exposure across target asset classes.  The Fund/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:360pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.82pt"may use both  long or short exposures to manage duration and credit risk through a two-step process that involves quantitative analysis/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.82pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:372pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:300.47pt"on different aspects of fixed income investing, as well as risk management./spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:336.47pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:396pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:540pt"The Fund’s quantitative analysis process incorporates four distinct categories: Trends, Valuation, Macro Environment, and Pricing and/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:576pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:408pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:309.09pt"Flow Anomalies, using a quantitative approach with the following rationales:/span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);top:420pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre" /span/div/divdiv style="position:var(--position);top:431.5pt;width:612pt"div style="font-size:0pt;left:36pt;position:var(--position);width:540pt"divtable style="border-collapse:collapse;display:inline-table;width:100%"tbodytr style="height:0"td style="padding:0;width:78pt"/tdtd style="padding:0;width:15pt"/tdtd style="padding:0;width:447pt"/td/trtr style="height:15pt"td style="background-color:#ededed;font-size:0;text-align:left;vertical-align:top"/tdtd style="background-color:#ededed;font-size:0;text-align:left;vertical-align:top"/tdtd style="background-color:#ededed;font-size:0;text-align:left;vertical-align:top"/td/trtr style="height:51pt"td style="background-color:#ededed;font-size:0;text-align:left;vertical-align:top"div style="position:var(--position);top:15pt;width:78pt"divdiv style="line-height:10pt;position:var(--position);top:2.63pt;width:78pt"span style="color:#000000;font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:44.84pt;position:var(--position);text-decoration:none;white-space:pre"Trends/span/div/div/div/tdtd style="background-color:#ededed;font-size:0;text-align:left;vertical-align:top"/tdtd style="background-color:#ededed;font-size:0;text-align:left;vertical-align:top"div style="left:93pt;position:var(--position);top:15pt;width:447pt"divdiv style="line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:2.63pt;width:447pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre;width:441.62pt"The trend-following component of the Fund utilizes numerous inputs, such as par weighted index price,/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:444.25pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:15.13pt;width:447pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre;width:441.6pt"yields, total return index, and credit spreads. For each input, features are generated across long, medium, and/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:444.23pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:27.63pt;width:447pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre;width:441.7pt"short timeframes to obtain a final trend signal. The objective is to capture the essence of trends as they occur./spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:444.33pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:40.13pt;width:447pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre;width:390.35pt"Frequent changes are to be expected but other process components seek to mitigate this volatility./spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:392.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/div/div/div/td/trtr style="height:14.25pt"td style="background-color:#ededed;font-size:0;text-align:left;vertical-align:top"/tdtd style="background-color:#ededed;font-size:0;text-align:left;vertical-align:top"/tdtd style="background-color:#ededed;font-size:0;text-align:left;vertical-align:top"/td/trtr style="height:15pt"td style="font-size:0;text-align:left;vertical-align:top"/tdtd style="font-size:0;text-align:left;vertical-align:top"/tdtd style="font-size:0;text-align:left;vertical-align:top"/td/trtr style="height:63.75pt"td style="font-size:0;text-align:left;vertical-align:top"div style="position:var(--position);top:95.25pt;width:78pt"divdiv style="line-height:10pt;position:var(--position);top:2.63pt;width:78pt"span style="color:#000000;font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:33.16pt;position:var(--position);text-decoration:none;white-space:pre"Valuation/span/div/div/div/tdtd style="font-size:0;text-align:left;vertical-align:top"/tdtd style="font-size:0;text-align:left;vertical-align:top"div style="left:93pt;position:var(--position);top:95.25pt;width:447pt"divdiv style="line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:2.63pt;width:447pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre;width:441.63pt"This component is an inherently counter-trend or contrarian framework designed to complement trend-/span/divdiv style="line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:15.13pt;width:447pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre;width:441.73pt"following. This aspect of the process is designed to identify areas of relatively “cheap” versus “expensive”/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:444.36pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:27.63pt;width:447pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre;width:441.68pt"valuations, based on historical data. This component is designed to allow the Fund to be more risk-conscious/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:444.31pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:40.13pt;width:447pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre;width:441.71pt"when valuations are overpriced and to identify possible counter-trend buying opportunities when valuations/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:444.34pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:52.63pt;width:447pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre;width:120.09pt"are at extreme historical lows./spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:122.72pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/div/div/div/td/trtr style="height:14.25pt"td style="font-size:0;text-align:left;vertical-align:top"/tdtd style="font-size:0;text-align:left;vertical-align:top"/tdtd style="font-size:0;text-align:left;vertical-align:top"/td/trtr style="height:15pt"td style="background-color:#ededed;font-size:0;text-align:left;vertical-align:top"/tdtd style="background-color:#ededed;font-size:0;text-align:left;vertical-align:top"/tdtd style="background-color:#ededed;font-size:0;text-align:left;vertical-align:top"/td/trtr style="height:63.75pt"td style="background-color:#ededed;font-size:0;text-align:left;vertical-align:top"div style="position:var(--position);top:188.25pt;width:78pt"divdiv style="line-height:10pt;position:var(--position);top:2.63pt;width:78pt"span style="color:#000000;font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:47.08pt;position:var(--position);text-decoration:none;white-space:pre"Macro /span/divdiv style="line-height:10pt;position:var(--position);top:15.13pt;width:78pt"span style="color:#000000;font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:18.74pt;position:var(--position);text-decoration:none;white-space:pre"Environment/span/div/div/div/tdtd style="background-color:#ededed;font-size:0;text-align:left;vertical-align:top"/tdtd style="background-color:#ededed;font-size:0;text-align:left;vertical-align:top"div style="left:93pt;position:var(--position);top:188.25pt;width:447pt"divdiv style="line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:2.63pt;width:447pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre;width:441.67pt"This analysis considers factors from different asset classes, such as equities and commodities. The portfolio/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:444.3pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:15.13pt;width:447pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre;width:441.69pt"managers believe that including a “macro-aware” framework can potentially improve allocation guidance and/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:444.32pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:27.63pt;width:447pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre;width:441.74pt"risk-adjusted performance. For example, rising commodity, government bond, and equity prices typically/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:444.37pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:40.13pt;width:447pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre;width:441.73pt"show strong or improving economic growth, whereas falling bond and equity prices but rising commodity/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:444.36pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:52.63pt;width:447pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre;width:227.18pt"prices could be an indicator of a “stagflationary” regime./span/div/div/div/td/trtr style="height:14.25pt"td style="background-color:#ededed;font-size:0;text-align:left;vertical-align:top"/tdtd style="background-color:#ededed;font-size:0;text-align:left;vertical-align:top"/tdtd style="background-color:#ededed;font-size:0;text-align:left;vertical-align:top"/td/trtr style="height:15pt"td style="font-size:0;text-align:left;vertical-align:top"/tdtd style="font-size:0;text-align:left;vertical-align:top"/tdtd style="font-size:0;text-align:left;vertical-align:top"/td/trtr style="height:38.25pt"td style="font-size:0;text-align:left;vertical-align:top"div style="position:var(--position);top:281.25pt;width:78pt"divdiv style="line-height:10pt;position:var(--position);top:2.63pt;width:78pt"span style="color:#000000;font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:25.69pt;position:var(--position);text-decoration:none;white-space:pre"Pricing and /span/divdiv style="line-height:10pt;position:var(--position);top:15.13pt;width:78pt"span style="color:#000000;font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:6.81pt;position:var(--position);text-decoration:none;white-space:pre"Flow Anomalies/span/div/div/div/tdtd style="font-size:0;text-align:left;vertical-align:top"/tdtd style="font-size:0;text-align:left;vertical-align:top"div style="left:93pt;position:var(--position);top:281.25pt;width:447pt"divdiv style="line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:2.63pt;width:447pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre;width:441.69pt"Investor timing and behavior can lead to trading anomalies that produce regular periods of lower or higher-/span/divdiv style="line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:15.13pt;width:447pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre;width:441.7pt"than-average expected returns. Kensington’s quantitative process is designed to identify these periods, and/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:444.33pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:27.63pt;width:447pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre;width:366.78pt"plays a role in determining asset allocation when combined with the other indicator subsets./spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:369.40999999999997pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/div/div/div/td/tr/tbody/table/div/div/div/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:36pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:540pt"After using these analyses to generate forecasts of expected future performance for asset classes, quantitative portfolio optimization/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:576pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:48pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.97pt"techniques that weigh forecasts of expected future performance and risk given real life constraints like turnover, transaction costs and/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:60pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:272.14pt"slippage are applied to obtain asset class allocations in the portfolio./span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:84pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:123.29pt"Shorting / Inverse Position:  /spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:159.29000000000002pt;position:var(--position);text-decoration:none;white-space:pre;width:416.62pt"In addition to these four categories, the Fund’s quantitative model contains signals to short exposures/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.91pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:96pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.97pt"primarily in two asset classes: U.S. Treasuries and U.S. high-yield bonds. Shorting will be typically achieved through the usage of/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:108pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.98pt"futures contracts for U.S. Treasuries. For U.S. high-yield bonds, the Fund may short ETFs, purchase credit default swaps or utilize/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:120pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.99pt"other derivatives, such as options and futures. The Fund may also gain short exposure through the use of inverse ETFs, which are/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:132pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:525.49pt"ETFs that generally seek to provide investment results that are the inverse of the performance of an underlying index or other asset./spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:561.49pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:156pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.81pt"The Fund is flexible and not managed to a benchmark. The Fund may shift its allocations based on changing market conditions, which/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.81pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:168pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.97pt"may result in investing in a single or multiple markets and sectors. The Fund has broad flexibility to invest in a wide variety of debt/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:180pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.95pt"securities and instruments of any maturity. The Fund may invest in fixed and floating rate debt securities issued in both U.S. and/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:192pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:540pt"foreign markets, including countries whose economies are less developed (emerging markets). The Fund has discretion to focus its/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:576pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:204pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.99pt"investments in one or more regions or small groups of countries including both U.S. and foreign markets including emerging markets./spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:216pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.97pt"The Fund invests primarily in U.S. dollar denominated securities, although the Fund may also invest in non-dollar denominated/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:228pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.9pt"securities. The fixed-income securities to which the Fund may have exposure are not restricted as to issuer credit quality, country,/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:240pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:218.83pt"capitalization, security maturity, currency, or leverage./spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:254.83pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:264pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.89pt"The Fund will typically have significant exposure to high-yield securities, which are debt instruments rated lower than Baa3 by/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:276pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.85pt"Moody’s Ratings (“Moody’s”) or lower than BBB- by Standard and Poor’s Rating Group (“Samp;P”), or, if unrated, determined by the/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.85pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:288pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.95pt"Adviser, or the underlying fund’s adviser where applicable, to be of similar credit quality. High-yield securities are also known as/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:300pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.83pt"“junk bonds.”  The Fund may have exposure to junk bonds that are in default, subject to bankruptcy or reorganization. The Fund may/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.83pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:312pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:337.18pt"also take short positions from time to time to hedge or offset existing long positions./span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:336pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.99pt"The Fund may hold cash or cash equivalents or invest directly or indirectly in underlying funds that invest in U.S. Treasury securities/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:348pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:85.18pt"of various maturities./span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:372pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.91pt"A portion of the Fund’s assets may be invested in asset-backed securities, mortgage-related securities and mortgage-backed securities./spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.91pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:384pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.97pt"Such securities may be structured as collateralized mortgage obligations (CMOs) and stripped mortgage-backed securities, including/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:396pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.99pt"those structured such that payments consist of interest-only (IO), principal-only (PO) or principal and interest. The Fund also may/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:408pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.81pt"invest in inverse floaters and inverse IOs, which are debt securities with interest rates that reset in the opposite direction from the/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.81pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:420pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.87pt"market rate to which the security is indexed. The Fund may also invest in structured investments and adjustable rate mortgage loans/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:432pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:376.55pt"(ARMs). The Fund may invest a portion of its assets in sub-prime mortgage-related securities./span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:456pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.94pt"In selecting underlying funds, the Adviser considers the performance, relative fees, management experience, and underlying portfolio/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:468pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:205.12pt"composition and strategy of such underlying funds./spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:241.12pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:492pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.82pt"While the Fund has no present intention to do so, the Fund may be invested in securities that become illiquid investments, which may/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.82pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:504pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.9pt"include securities that are not readily marketable and securities that are not registered under the Securities Act. The Fund may not/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:516pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.83pt"acquire any illiquid investments if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets in/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.83pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:528pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:139.53pt"illiquid investments that are assets./span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:552pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:483.08pt"The Fund is non-diversified, which means it may invest a high percentage of its assets in a limited number of securities. /spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:519.0799999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:56.78pt"The Fund will/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:564pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.98pt"typically limit its investment in a single underlying fund to three percent of such underlying fund’s net assets, although the percentage/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:576pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.99pt"of such underlying fund owned by the Fund may change over time as the value of such investment changes and the Fund’s overall/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:588pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:72.15pt"portfolio changes./span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:612pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.99pt"The Fund may lend its portfolio securities to brokers, dealers, and other financial organizations. These loans, if and when made, may/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:624pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.85pt"not exceed 33 1/3% of the total asset value of the Fund (including the loan collateral). By lending its securities, the Fund may increase/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.85pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:212.55pt"its income by receiving payments from the borrower./span