The Fund seeks to achieve its investment objective primarily by investing in other mutual funds for which the Adviser also serves as investment adviser (“LGIMA Underlying Funds”), with a target asset allocation strategy that emphasizes investments in equity securities (and certain other instruments described below) in an amount equal to 60% of its assets and exposure to fixed-income securities in an amount equal to 40% of its assets. The Fund’s equity component will also utilize an option collar strategy to attempt to mitigate losses in downward market cycles, as described in greater detail below.

The Fund’s target asset allocation may differ from the Fund’s actual asset allocation. These allocations will be reviewed periodically throughout the year to ensure any significant changes to the Adviser’s market outlook are incorporated into the asset allocation. For example, the Adviser may seek to increase allocations to the equity asset class if the Adviser determines that such change will help achieve the Fund’s return target in any given year, provided the Adviser believes that any additional portfolio risk from such increased allocation is appropriate and in line with the Adviser’s then-current market assumptions, including estimates of expected market volatility and correlation across underlying assets. On the other hand, the Adviser may seek to increase allocations to the U.S. fixed income asset class to, for example, attempt to decrease volatility and preserve capital.

With respect to its equity investments, the Fund will invest primarily in the Legal & General Global Developed Equity Index Fund (the “Index Fund”) to passively track exposure to the securities included in the MSCI World Index, the Index Fund’s primary benchmark index. Through its investments in the Index Fund, the Fund may gain exposure to equity securities, equity exchange-traded funds (“ETFs”), equity futures and/or equity swaps, including total return swaps. The Fund expects to gain exposure to derivatives that are primarily entered into on U.S. exchanges but may also be exposed to derivative transactions conducted outside of the U.S. In addition to its investments in the Index Fund, the Fund may also invest directly in ETFs and options for liquidity management purposes.

The Fund will also utilize an option collar strategy as an overlay to the entirety of the Fund’s equity allocation. The Adviser expects that the

option collar strategy will be utilized continuously in connection with its equity allocation. The purpose of the Fund’s option collar strategy is to “hedge” or mitigate the risk of losses in downward market cycles associated with owning equity securities. This strategy will involve (i) selling covered call options on equity securities held indirectly by the Fund to generate premium from such options, while (ii) simultaneously purchasing put options on the same underlying equity securities held indirectly by the Fund. The optimal reference holdings for the option collar strategy are identified by utilizing references that are assigned the same exposure (i.e. by region and market capitalization) as the exposure held through the Index Fund, with consideration given to the liquidity of such related instruments. In other words, the Fund will use references for the option collar strategy that directly align with the Fund’s exposure held through the Index Fund. The Fund may also invest in total return swaps to gain the same or similar investment exposure as the option collar strategy.

With respect to its fixed income investments, the Fund will invest primarily in the Legal & General Long Duration U.S. Credit Fund (the “U.S. Credit Fund”) to provide overall diversification for the Fund’s portfolio. Through its investments in the U.S. Credit Fund, the Fund may gain exposure to fixed income securities such as securities issued or guaranteed by the U.S. Government and its agencies or instrumentalities, municipal bonds, corporate bonds, supranational issuers (including emerging market issuers), asset-backed securities and mortgage-backed securities. In constructing the fixed income component of the Fund’s portfolio through exposure to the U.S. Credit Fund, the Adviser’s fixed income research analysts perform in-depth fundamental analysis and emphasize the following areas of focus in the research process: developing proprietary earnings models, forecasting free cash flow, analyzing asset valuations, and meeting with management. The Fund generally does not expect to hold any fixed income securities directly as part of its principal investment strategies.