The Fund is a “fund of funds.” The Adviser seeks to achieve the Fund’s investment objective by investing in a combination of unaffiliated mutual funds and exchange traded funds (“ETFs”), (collectively, “Underlying Funds”).

Among the types of underlying instruments in which this Fund will invest, through Underlying Funds, are the following:

Under normal market conditions, the Fund’s target exposure over a three-year period to equity securities, of any market capitalization, through the Underlying Funds will average between 50%-70% of the Fund’s assets. The Fund does not have a target allocation for non-equity securities exposure and may invest in underlying fixed income funds without constraint as to maturity or credit quality. The Fund may purchase Treasury securities directly. The Adviser may make changes in the target allocations across asset classes and fund categories, and the specific Underlying Funds in the Fund’s portfolio that in its view would be in the best interest of the Fund.

The Fund defines high yield securities, also known as “junk bonds,” as fixed-income securities rated below investment grade and whose issuers generally have a non-investment grade rating or are not rated.

The Adviser employs a proprietary trend following strategy to generate buy and sell signals for Underlying Funds. The Adviser calculates upper and lower bands for each Underlying Fund. The upper and lower bands are offset above and below a short-term exponential moving average. A “buy” signal, which identifies a potential uptrend for an Underlying Fund candidate, is determined by a security’s price rising above both the recent low of its upper band and a secondary moving average. The Adviser uses quantitative analysis to determine which Underlying Funds to purchase.

An Underlying Fund is sold when a security’s price falls below the recent high of its lower band (a “sell” signal), the goal being to limit drawdowns of the overall Fund. When a position is sold, the proceeds may be invested in an alternative Underlying Fund or temporarily invested in cash equivalents. Cash equivalents may include, but are not limited to, U.S. Treasury bills, money market funds and funds that primarily invest in investment grade short-term bonds. The Adviser periodically reviews the allocation of the Underlying Funds and may make adjustments to the Underlying Fund holdings, including adding or removing Underlying Funds.

The Fund may engage in securities lending.