The Fund seeks to achieve its investment objective, utilizing a fund of funds structure, by allocating assets among worldwide market segments based on the adviser’s research and analysis regarding market trends. A market trend is the movement of a financial market in a particular direction over time. “Worldwide” means developed and emerging markets, as those terms are defined below.

The Fund invests its assets (plus the amount of borrowings, if any) in long and short positions in unaffiliated exchange-traded funds (“ETFs”), open-end and closed-end mutual funds (together with ETFs, the “Underlying Funds”) and derivative instruments.  The Fund primarily takes long and short positions in Underlying Funds and derivatives instruments, in domestic and worldwide markets. The Fund takes a long position by buying shares of Underlying Funds, or derivative instruments, when the Adviser believes those assets will increase in value. The Fund takes a short position by selling those assets when the Adviser believes they will decrease in value.

The Fund invests primarily in:

The adviser seeks to manage risk by hedging the Fund’s investment portfolio when it believes security prices will decline.  The adviser will hedge by:

Generally, the adviser does not attempt to evaluate individual securities held by the Underlying Funds.