Effective as the date of this supplement:

“Derivatives Component: The Fund will invest both long and short in futures contracts and futures-related instruments (such as forwards) and spot contracts in global markets across a wide range of asset classes, including equities, fixed income, currencies and commodities.”

“Chesapeake manages the Fund’s investments using their proprietary long-term trend following “Chesapeake Program.” This Program generates long and short trade signals based on market indicators such as current prices and moving average prices. Chesapeake’s trade decisions are primarily automated, relying on computer-driven models to identify buying and selling opportunities. The Chesapeake Program, and each of the Derivatives and Equity components, seeks to preserve capital while also seeking to provide positive annual returns.”

“For the Fund’s Derivatives Component, the Chesapeake Program analyzes multiple market metrics to generate trend-following trade signals (i.e., investment decisions) for derivatives transactions. Through the Derivatives Component, the Fund will invest both long and short in exchange-traded commodity futures contracts, options on futures contracts and commodities; spot and forward currency contracts. As noted above, the Derivatives component seeks to preserve capital while also seeking to provide positive annual returns.”