The Fund seeks to achieve its investment objective by investing in a portfolio comprised of exposures to:

Futures Component

The Futures Component allocates among metals, energy, emission rights, agricultural, and other natural or industrial resource commodities using proprietary signals from Millburn Ridgefield Corporation (the “Sub-Advisor”). The Futures Component generally holds long and/or short positions or swaps on futures contracts or indices (directly or indirectly), but may also hold long positions in options on futures contracts or indices, and maintains cash and cash equivalents to be utilized as margin or collateral. The strategy is intended to provide long-term, strategic exposure to global commodity markets, while allowing for adjustments based on shorter-term market conditions. Investments may be made long or short in domestic and foreign markets, including emerging markets. Investment in these instruments may be made directly or indirectly by investing through the Fund’s Subsidiary (as described below). The Fund invests up to 60% of its assets in the Futures Component, of which approximately 80% is expected to be in cash, cash equivalents, short and medium-term U.S. treasury bills, notes and bonds (including inflation-linked instruments) and exchange-traded funds that primarily invest in treasury instruments (including inflation-linked instruments); and approximately 20% is expected to be in collateral (including cash, cash equivalents, short-term U.S. treasury bills, notes and bonds) for futures positions. The Sub-Advisor utilizes active, proprietary trading systems to determine allocations subject to pre-determined ranges (the net assets in the Futures Component are allocated among positions with a face value ranging from a net minimum 50% (short) to a net maximum 150% (long) of standard capital allocations to each traded market). The Sub-Advisor’s trading systems generate buy or sell decisions based on the analysis of technical market information (such as price, liquidity, and transaction costs) and/or non-price economic variables (such as economic statistics and supply/demand measures). The trading systems analyze these factors over a time spectrum that ranges from several minutes to multiple years. The Sub-Advisor analyzes additional factors to allocate the portfolio including, but not limited to: profitability of an asset class or market, liquidity of a particular market, desired diversification among markets and asset classes, transaction costs, and exchange regulations. The allocations are generally reviewed monthly, although changes may occur more or less frequently.

Equity Component

The Equity Component allocates among common stocks, exchange-traded funds (“ETFs”) that primarily invest in common stocks, and swaps on these instruments. These are selected by the Sub-Advisor based on diversification value, liquidity, and other criteria. The Equity Component is intended to provide long-term, strategic exposure to a number of U.S. and international equity markets and securities in sectors related to: commodities, commodities brokerage, agriculture, farmland, timber, utilities, infrastructure, natural resources, and renewable resources. Securities may be of any market capitalization, sector and geographic location (including emerging markets). The Fund invests up to 60% of its assets in the Equity Component. Equity Component investments are made on a long-only basis.

The Fund actively trades its portfolio investments, which may lead to higher transaction costs that may affect the Fund’s performance.

Investments in Subsidiary

The Sub-Advisor executes a portion of the Fund’s strategy by investing up to 25% of its total assets in a wholly-owned and controlled subsidiary (the “Subsidiary”). The Subsidiary invests the majority of its assets in commodity-related futures and options on futures. The Subsidiary is subject to the same investment restrictions as the Fund, when viewed on a consolidated basis.