p id="xdx_A86_err--StrategyNarrativeTextBlock_zP6XP2S0PeT7" style="font: 12pt/102% Times New Roman, Times, Serif; margin: 0; text-align: justify"span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 102%"The Fund invests in mutual funds and exchange-traded funds (“ETFs”) that primarily invest in domestic and international equities, including emerging markets (“Equity Funds”). The Fund can also invest in U.S. Treasury securities, directly or through mutual funds and ETFs (collectively “Treasuries”), ultra-short-term bond mutual funds and ETFs, and money market funds. Through its investment in Equity Funds, the Fund will seek investment exposure to domestic, foreign and emerging market common stocks of any capitalization, real estate investment trusts (REITs) and master limited partnerships (MLPs). The Fund defines emerging market issuers as those found in the MSCI Emerging Markets Index. The Fund’s investment exposure to emerging market common stocks is limited to 30% of its assets./span/p p style="font: 12pt/102% Times New Roman, Times, Serif; margin: 0; text-align: justify" /p p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"Under normal market conditions, the Fund invests at least 80% of its net assets in Equity Funds. However, there will be times when the Fund temporarily owns less than 80% in Equity Funds. At times when the Fund is not fully invested in Equity Funds, the Fund may purchase Treasuries, ultra-short term bond mutual funds and ETFs, or money market funds. Depending on market conditions and the Adviser’s tactical strategy, the Fund may hold Treasuries, ultra-short-term bond mutual funds or ETFs, or money-market funds for several months. The Fund does not have maturity or duration limitations with respect to the holdings of the Treasuries in which it invests. /p p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify" /p p style="font: 10pt/102% Arial, Helvetica, Sans-Serif; text-align: justify; margin-right: 0; margin-left: 0"The Adviser may make changes in the target allocations across asset classes, 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 and its investors. /p p style="font: 10pt/102% Arial, Helvetica, Sans-Serif; text-align: justify; margin-right: 0; margin-left: 0"The Adviser constructs the Fund’s portfolio by quantitatively analyzing Equity Funds to identify those that exhibit the most attractive positive trends that have reached a “buy” signal under the Adviser’s proprietary investment process. /p p style="font: 10pt/102% Arial, Helvetica, Sans-Serif; text-align: justify; margin-right: 0; margin-left: 0"The Adviser does not employ a “buy and hold” strategy.  As part of its integrated risk-management disciplines, the Adviser monitors each Equity Fund holding daily and applies a trailing stop discipline (a form of sell signal) to each Equity Fund within the Fund’s portfolio.  A trailing stop discipline adjusts the level of trailing stops as the price of a holding rises and is calculated as a percentage or dollar amount below the market price. When the price of a holding decreases by a certain percentage or dollar amount, the Adviser sells the holding in an attempt to protect principal and minimize further potential negative impact on the portfolio./p p style="font: 10pt/102% Arial, Helvetica, Sans-Serif; text-align: justify; margin-right: 0; margin-left: 0"When the price of any Equity Fund holding declines below a “sell signal” under the Adviser’s trailing-stop discipline, the Fund will sell that Equity Fund and may invest the proceeds in Treasuries, money-market mutual funds and/or ultra-short-term bond mutual funds or ETFs.  Conversely, when prices of Equity Funds begin trending upward sufficient to generate “buy signals”, the Adviser will sell part or all of the Fund’s holdings in Treasuries, money-market funds and/or ultra-short-term bond mutual funds or ETFs and purchase one or more Equity Funds./p p style="font: 10pt/102% Arial, Helvetica, Sans-Serif; text-align: justify; margin-right: 0; margin-left: 0"The same type of buy and sell disciplines are also applied to Treasuries in the absence of “buy” signals to fully invest the Fund’s assets in Equity Funds. If price movements for both types of funds have generated sell signals, the proceeds will temporarily be held in money-market mutual funds and/or ultra-short-term bond mutual funds or ETFs until price movements of either Equity Funds or Treasuries trigger buy signals./p p style="font: 10pt/102% Arial, Helvetica, Sans-Serif; text-align: justify; margin-right: 0; margin-left: 0"The buy and sell disciplines described above are a proprietary approach (“Buy and Sell Disciplines”) that the Adviser has used within related companies’ diversified separately managed accounts since 1987, in seeking to limit the impact on the overall Fund of any sustained market declines./p p style="font: 10pt/102% Arial, Helvetica, Sans-Serif; text-align: justify; margin-right: 0; margin-left: 0"The Buy and Sell Disciplines are not designed to attempt to buy at lows or to sell at highs, but to seek to participate in a substantial part of any sustained uptrend in the equity market as well as to limit participation in any sustained downtrend.  When invested in Treasuries, the Fund also seeks to participate in a substantial part of any sustained uptrend in the Treasury bond market.  The Adviser employs a “reactive” approach as distinct from a “predictive” approach.  The Adviser does not consider its approach to be a “trading” style in terms of frequency and does not expect to average more than two sell signals per year in each Underlying Fund./p p style="font: 10pt/102% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"The Adviser may engage in frequent buying and selling of portfolio securities to achieve the Fund’s investment objectives./p p style="font: 12pt/102% Times New Roman, Times, Serif; margin: 0" /p