The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in companies in the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

The fund employs a fund of funds strategy.

As part of its strategy, the fund employs a passive management or indexing investment approach to track the performance of the Underlying Index.

Next, the research team invests significantly in the investments included in its Underlying Index, which includes underlying funds.

The Underlying Index seeks to track the beta portion of the returns of hedge funds that employ various hedge fund investment styles.

These styles may include long/short equity, macro, market neutral, event-driven, fixed-income arbitrage, and emerging markets.

The Underlying Index may include both long and short positions in ETFs and ETVs.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

Also, the fund does not invest in hedge funds, and the Underlying Index does not include hedge funds as Underlying Index Components.

The fund may also invest in one or more financial instruments, including but not limited to futures contracts and swap agreements.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in companies outside the United States.

The fund employs a passive management or indexing investment approach to track the performance of the Underlying Index.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests significantly in the securities and other instruments included in its Underlying Index.

The Underlying Index is designed to measure equity market performance of developed international equity markets.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund may also invest its assets in cash and cash equivalents, as well as in shares of other investment companies, options and swaps.

To the extent that the Underlying Index concentrates in the securities of a particular industry or group of industries, the fund will concentrate its investment to approximately the same extent as the Underlying Index.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in small-size companies in the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

The fund employs a passive management or indexing investment approach that is designed to track the performance of the Underlying Index.

The Underlying Index seeks to identify securities that are estimated to outperform peers.

Next, the research team invests significantly in securities of small-capitalization U.S. issuers.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund seeks to replicate the composition of the benchmark index, holding each security in approximately the same proportion as its weighting in the Index.

Additionally, the fund may invest in one or more ETFs that are not components of the index.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in large-and mega-size companies in the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

The fund employs a passive management or indexing investment approach that is designed to track the performance of the Underlying Index.

The Underlying Index seeks to identify securities that are estimated to outperform peers.

Next, the research team invests significantly in securities of large-capitalization U.S. issuers.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund seeks to replicate the composition of the benchmark index, holding each security in approximately the same proportion as its weighting in the Index.

Additionally, the fund may invest in one or more ETFs that are not components of the index.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in companies outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

As part of its strategy, the fund employs a passive management or indexing investment approach to track the performance of the Underlying Index.

Next, the research team invests significantly in the investments included in the Underlying Index.

The Underlying Index is designed to provide exposure to developed market companies involved in the production and distribution of commodities and commodities-related products and services across the Precious Metals, Grains, Food and Fiber, Energy, Industrial Metals, Timber and Water sectors.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

In addition, the fund may invest up to 20% of its net assets in investments not included in its Underlying Index.

The fund also may invest in Affiliated ETFs that are not components of the index.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in companies in the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

The fund employs a fund of funds strategy.

As part of its strategy, the fund employs a passive management or indexing investment approach to track the performance of the Underlying Index.

Next, the research team invests significantly in the investments included in its Underlying Index, which includes underlying funds.

The Underlying Index seeks to track the beta portion of the returns of hedge funds pursuing an event-driven strategy.

Event-Driven hedge funds typically invest in a combination of credit opportunities and event-driven equities.

The Underlying Index may include both long and short positions in securities, including, primarily, ETPs.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

Also, the fund does not invest in hedge funds, and the Underlying Index does not include hedge funds as Underlying Index Components.

The fund may also invest in one or more financial instruments, including but not limited to futures contracts and swap agreements.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in companies outside the United States.

The fund is a fund of funds.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

As part of its strategy, the fund employs a passive management or indexing investment approach designed to track the performance of the Underlying Index.

Next, the research team invests significantly in the investments included in its Underlying Index, which includes underlying funds.

The Underlying Index seeks to track the beta portion of the returns of hedge funds pursuing a long/short strategy.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in companies outside the United States.

The fund is a fund of funds.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

As part of its strategy, the fund employs a passive management or indexing investment approach designed to track the performance of the Underlying Index.

Next, the research team invests significantly in the investments included in its Underlying Index, which includes underlying funds.

The Underlying Index seeks to track the beta portion of the returns of a combination of hedge funds pursuing a macro strategy and hedge funds pursuing an emerging markets strategy.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in companies in the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

The fund employs a passive management or indexing investment approach that is designed to track the performance of the Underlying Index.

Next, the research team invests significantly in the investments included in its Underlying Index, which includes underlying funds.

The Underlying Index consists of a number of components that include primarily ETFs and/or other exchange-traded vehicles issuing equity securities organized in the U.S., such as exchange-traded commodity pools, and may include exchange-traded notes.

In addition, the Underlying Index seeks to track the beta portion of the returns of hedge funds pursuing a market neutral strategy.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund does not invest in hedge funds, and the Underlying Index does not include hedge funds as Underlying Index Components.

The fund may also invest in one or more financial instruments, including but not limited to futures contracts and swap agreements.

Also, the fund may invest in Affiliated ETFs that are not components of the index.

The fund seeks current income exempt from federal income tax by investing in companies in the United States.

The sub-adviser’s investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests significantly in debt securities whose interest is exempt from federal Income tax (Municipal Bonds); and debt securities covered by an insurance policy guaranteeing the payment of principal and interest.

The research process is driven by fundamental analysis of one stock at a time. In selecting securities for the portfolio, the research team assesses macro factors, including, tax rates, U.S. Treasury rates, and global economic data, as well as other regulatory, tax, governmental, and technical factors that may impact the Municipal Bond market.

Also, the research team integrates environmental, social and governance factors as part of its process.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund may invest more than 25% of its net assets in Municipal Bonds that are related in such a way that an economic, business or political development or change affecting one such security could also affect the other securities.

However, the fund’s investments will be diversified among a minimum of ten different sectors of the Municipal Bond market, such as education, transportation and local general obligation.

The fund’s investments will be diversified among at least 15 different states, with no more than 30% of the fund’s securities invested in municipal securities from a single state.

The fund generally will maintain a dollar-weighted average duration of 3 to 15 years.

Also, the fund may not invest more than 20% of its net assets in tax-exempt securities subject to the federal alternative minimum tax.

The fund seeks current income exempt from federal income tax by investing in companies in the United States.

The sub-adviser’s investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests significantly in debt securities whose interest is exempt from federal income tax (Municipal Bonds).

The research process is driven by fundamental analysis of one stock at a time. In selecting securities for the portfolio, the research team assesses macro factors, including, tax rates, U.S. Treasury rates, and global economic data, as well as other regulatory, tax, governmental, and technical factors that may impact the Municipal Bond market.

Also, the research team integrates environmental, social and governance factors as part of its process.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund may invest more than 25% of its net assets in Municipal Bonds that are related in such a way that an economic, business or political development or change affecting one such security could also affect the other securities.

However, the fund’s investments will be diversified among a minimum of ten different sectors of the Municipal Bond market, such as education, transportation and local general obligation.

The fund’s investments will be diversified among at least 15 different states, with no more than 30% of the fund’s securities invested in municipal securities from a single state.

The fund generally will maintain a dollar-weighted average duration of 3 to 10 years.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in companies in the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

As part of its strategy, the fund employs a passive management or indexing investment approach to track the performance of the Underlying Index.

Next, the research team invests significantly in the investments included in its Underlying Index.

The Underlying Index is designed to identify opportunities in companies whose equity securities trade in developed markets, including the U.S., and which are involved in announced mergers, acquisitions and other buyout-related transactions.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

In addition, the fund may invest up to 20% of its net assets in investments not included in its Underlying Index.

The fund may also invest in one or more financial instruments, including but not limited to futures contracts and swap agreements.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in companies in the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

The fund employs a fund of funds strategy.

As part of its strategy, the fund employs a passive management or indexing investment approach to track the performance of the Underlying Index.

Next, the research team invests significantly in the investments included in its Underlying Index, which includes underlying funds.

The Underlying Index seeks to provide a hedge against the inflation rate by providing a real return or a return above the rate of inflation, as represented by the Consumer Price Index (CPI).

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

Also, the fund may invest in Affiliated ETFs that are not components of the index.

The fund may also invest in one or more financial instruments, including but not limited to futures contracts and swap agreements.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in companies across any size in the United States.

The sub-adviser’s investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

As part of its strategy, the fund employs a passive management strategy or indexing investment approach to track the performance of the Underlying Index.

Next, the research team invests significantly in component securities of the Underlying Index.

The Underlying Index is comprised of U.S. dollar denominated high yield corporate bonds that are estimated to have lower volatility relative to the broad U.S. dollar denominated high yield corporate bond market.

Also, the Underlying Index is comprised of U.S. dollar denominated high yield corporate bonds of issuers domiciled in the U.S. and foreign countries classified as developed markets.

Additionally, the research team employs a representative sampling strategy to invest in a sample of securities that collectively has an investment profile similar to that of the Underlying Index.

The team also evaluates companies based on factors such as market capitalization and industry weightings.

In addition, the team also assesses a company’s return variability, duration, maturity, credit ratings and yield, and liquidity characteristics.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

To the extent the Underlying Index concentrates in the securities of a particular industry or group of industries, the fund will concentrate its investments to approximately the same extent as the Underlying Index.

The fund may also invest in credit default swaps and futures contracts to seek to track the Underlying Index.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in small-size companies in the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

The fund employs a passive management or indexing investment approach that is designed to track the performance of the Underlying Index.

Next, the research team invests significantly in the investments included in its Underlying Index.

The Underlying Index is designed to track the overall performance of companies that invest in real estate, such as Real Estate Investment Trusts or real estate holding companies.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund also may invest in Affiliated ETFs that are not components of the index.