The fund seeks to achieve returns and volatility comparable to the Index 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 utilizes two broad strategies, such as the Equity Strategy, and the Overlay Strategy.

The Equity Strategy seeks to track the performance of the Equity Index.

The team invests the fund’s net assets in broad-based U.S. equity markets either directly or indirectly by investing through a swap or through the fund’s wholly-owned subsidiary (the Subsidiary) which may itself invest in such assets directly or indirectly.

The Overlay Strategy seeks to provide incremental positive estimated returns, while seeking to reduce the magnitude of the losses associated with the Equity Strategy during the periods in which the Equity Index produces negative returns.

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.

From time to time, the fund may hold a portion of its net assets in cash or cash equivalents, money market funds, securities issued by the U.S. government and fixed-income securities.
 

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 directly in an actively managed fixed income portfolio (the Fixed Income Portfolio) and directly or indirectly in a diversified portfolio of futures contracts and futures-related instruments such as forwards and swaps in broadly diversified markets across a wide range of asset classes  (the Futures Portfolio).

The team either invests directly in those instruments, or indirectly by investing via a swap or via its wholly-owned subsidiary organized in the Cayman Islands (the Subsidiary) which may then invest in such assets directly or indirectly.

In addition, the team applies its proprietary trend following program that utilizes trading systems across a broadly diversified set of markets with a systematic trading approach, focusing on capital preservation while attempting to provide positive annual returns.

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 make some or all of its investments in the Futures Portfolio through the Subsidiary.

Generally, the Subsidiary will primarily invest directly or indirectly in commodity futures, but it may also invest in swaps, financial futures, foreign exchange currency forwards, U.S. government securities, money market funds, and/or other investments intended to serve as margin or collateral for the Subsidiary’s derivative positions.

Also, the direct investments in equity securities will typically not exceed 30% of the fund’s net assets.

The fund seeks capital appreciation 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 directly or indirectly through its wholly-owned and controlled subsidiary formed under the laws of the Cayman Islands (the Subsidiary).

The team invests in a combination of Trading Companies that employ the Managed Futures Program of one or more commodity trading advisers and/or derivative instruments such as swaps that provide exposure to the Managed Futures Programs, and an actively managed fixed-income portfolio.

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.

Generally, the fund may invest up to approximately 25% of its net assets in the Subsidiary, which has the same investment objective as the fund.

The fund may have exposure to foreign markets, including emerging markets, through investments in the Managed Futures Programs.

The fund seeks capital appreciation over the medium-to 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 invests the fund’s assets pursuant to the Campbell Systematic Macro Program, and also allocates up to 25% of the fund’s net assets in its wholly-owned subsidiary, Campbell Systematic Offshore Limited (the Subsidiary), which is organized under the laws of the Cayman Islands.

The Campbell Systematic Macro Program seeks to systematically identify price trends and to develop macro and fundamental themes that exploit asset mispricing.

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 in a broad range of instruments, including but not limited to, futures, currency forwards, options and swaps, either by investing directly in the instruments or, indirectly, by investing in the Subsidiary which invests in the instruments.

From time to time, the fund can have significant exposure to non-U.S. dollar denominated currencies, including emerging markets currencies.

The fund is non-diversified.