The fund seeks capital appreciation in the long term by investing in companies across any size in the United States.

The investment process is designed to highlight companies in the benchmark index that have announced their intention to repurchase a portion of the company’s outstanding shares.

The process utilizes proprietary investment models to capture the price reaction to share repurchase announcements.

The model is based on the premise that stocks of companies that announce share buybacks will perform well because share buybacks are a signal to the market that the management of a company believes the company’s shares are undervalued.

This positive signal to the market may cause the value of the shares to rise after the share buyback announcement.

Then the manager constructs the portfolio utilizing numerous quantitative techniques in identifying share repurchase announcements that it considers the most-favorable.

In determining the favorability of a share buyback announcement, the manager analyzes characteristics such as the size of the announced share buyback, the length of time since the announcement has been made, as well as the price reaction, volatility, liquidity, trading patterns, and volume of the underlying shares, post-announcement.

The actively managed portfolio is expected to result in significant portfolio turnover in the process of investing in the most favorable buyback situations and exiting less favorable positions.

The fund seeks capital appreciation in the long term by investing in companies in the United States.

The sub-advisor’s investment process utilizes a quantitative methodology to identify alpha-generating stocks from emerging industries.

Then the research team evaluates a security on the basis of factors such as price momentum, sector rotation and relative strength.

Next, the team employs a proprietary analysis to select stocks across various industries based on stock and industry strength, and volatility.

The team eliminates artificial market segmentations to concentrate on sectors, trends and exposures exhibiting characteristics of emerging growth.

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

The fund will maintain a concentrated portfolio of 20 to 30 stocks which exhibit superior relative performance.

The fund has the flexibility to invest across all stock styles and market capitalizations.

Additionally, the fund may invest in real estate investment trusts and American Depositary Receipts.

The fund seeks capital appreciation in the long term by investing in companies across any size in the United States.

The sub-advisor’s investment process is designed to invest in a series of put and call options on exchange traded funds that track the S&P 500 Index and in fixed income securities.

The investment strategy is implemented through a rolling laddered portfolio.

Then the research team evaluates each series which consists of a sold put option which serves to buffer losses to approximately 10%, and an upside call spread which allows for upside participation to a cap.

Then the manager constructs the portfolio from the companies in the benchmark index and the portfolio is then regularly optimized based on market activity to maintain a consistent buffer hedge and upside participation.

The fund seeks capital appreciation in the long term 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.

The strategy is intended to produce returns that are not highly positively correlated with global equity or commodity market returns.

Next, the research team invests in call and put options on physical commodity futures contracts, or cash and cash equivalents, including money market funds, and directly or indirectly, through other investment funds, in other liquid investments.

In addition, the team invests up to 25% of the fund’s net assets in a wholly-owned and controlled subsidiary (the Subsidiary).

The Subsidiary invests the majority of its assets in options on commodities futures contracts and short-term treasuries.

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’s sector allocations are based on option volatility pricing, seasonal dynamics and technical indicators.

Also, the fund may take long or short positions in the options.

The fund seeks capital appreciation in the long term by investing in large-size companies in the United States.

The sub-advisor’s investment process is designed to highlight companies that are experiencing insider buying by corporate executives, directors, large shareholders or activist shareholders.

The research team uses quantitative screens to evaluate factors such as open market purchases, insider identity, transaction size, number of insiders buying, and historical track record.

The team utilizes a proprietary, quantitative model to rank stocks based on insider activity.

The portfolio holds approximately between 30 and 50 stocks of both value and growth companies.

The fund has the flexibility to invest in companies across all market capitalization, but focuses on companies with market capitalization over $10 billion.

The fund seeks current income and capital appreciation by investing in companies across any size in the United States.

The sub-advisor’s investment process is designed to highlight U.S. and Canadian companies that generate a majority of their cash flow from midstream energy infrastructure activities.

The process also looks for securities of master limited partnerships engaged in energy related activities, including treatment, gathering, compression, processing, transportation, transmission, fractionation, storage and terminalling of natural gas, natural gas liquids, crude oil, or refined products.

Next, the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Then the team evaluates a company’s current distribution yield and prospects for growth.

The team narrows the investable universe to a list of companies exhibiting a track record of consistent and growing distributions with proven management teams.

Also, the team assesses a company’s competitive position, its new projects and likelihood of successful execution and its impact on future distribution growth.

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

The fund is non-diversified and may invest a greater percentage of its net assets in a particular issuer in comparison to a diversified fund.

The fund seeks capital appreciation in the long term 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.

Next, the research team relies on its proprietary Investment Program to make investment decisions.

The Investment Program is an absolute return strategy intended to capitalize on rising as well as declining price movements throughout the global financial industry and commodity markets.

The Investment Program utilizes a multi-system approach that participates in long, intermediate and short-term time frames.

Trades are initiated based on models. The team employs multiple unique trading models, which are applied to the multiple investment sub-strategies.

In addition, the Investment Program emphasizes risk management.

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 invests up to 25% of its net assets in a wholly-owned and controlled subsidiary (the Subsidiary). The Subsidiary invests the majority of its assets in commodities and other futures contracts.

The fund seeks capital appreciation in the long term by investing in companies across any size outside 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 in securities of U.S. and foreign issuers, including American Depositary Receipts.

In addition, the team prefers attractively valued companies that represent above-average, long-term investment opportunities.

The research process is driven by fundamental analysis of one stock at a time. In selecting securities for the portfolio, the research team focuses on companies that are lagging in market price for temporary reasons and are trading at attractive valuations relative to the company’s net assets and earnings power.

The team focuses on companies with the presence of near-term catalysts to unlock value.

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 allocation of the fund’s net assets between domestic and foreign issuers will vary according to market conditions.

However, at least 40% of the fund’s net assets will be in securities of issuers domiciled in at least three countries outside of the United States.

The fund seeks capital appreciation in the long term 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 in a diverse portfolio of global equity, currency, and interest rate instruments, as well as futures contracts on commodities in the energy, metal and agricultural sectors.

The Futures Component of the fund’s portfolio may hold long and short positions on futures contracts, forward contracts and options on futures contracts.

The fund will invest 30% to 70% of its assets in the Futures Component.

The Equity Component seeks to provide the fund’s portfolio with long-term, strategic exposure to a number of U.S. and international liquid equity securities.

The fund will invest 30% to 70% of its assets in the Equity Component.

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 invests up to 25% of its net assets in a wholly-owned and controlled subsidiary (the Subsidiary). The Subsidiary invests the majority of its assets in commodities and other futures contracts.

Also, the fund will hold a large portion of its assets in cash, money market mutual funds, U.S. Treasury Securities, and other cash equivalents.

The fund seeks capital appreciation in the long term 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 in long and short call and put options on U.S. Stock Index Futures contracts.

The team’s technical analysis focuses on the price movements of the Index, and the fundamental analysis focuses on macroeconomic events.

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 will also hold a large portion of its net assets in cash, money market mutual funds, U.S. Treasury Securities, and other cash equivalents,