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

The sub-advisor’s investment process is designed to highlight the most attractive brands contained in the Alpha Brands Consumer Spending Index.

The Index tracks the performance of 200 highly recognizable and relevant U.S. and foreign brands with a business to consumer and business to business focus. The Index is equally weighted and is rebalanced and reconstituted annually in December.

Companies with a business to consumer focus primarily operate to create and sell products and/or services to the consumer on a direct basis or through intermediaries.

Companies with a business to business focus generally create and sell products and/or services to other businesses, which are typically used to aid these businesses in serving their clients.

The fund’s strategy is based on the premise that consumption drives the U.S. economy with roughly 70% of U.S. GDP derived from household consumption, and that brand loyalty, demographics, and incomes typically drive consumption habits.

The Index measures the performance of 180 U.S. listed companies and 20 non-U.S. listed companies selected from 70 sub-industries.

The Index methodology is designed to track the leading companies by isolating those companies with the highest market cap, three-year total sales and three-year sales growth.

A company is deemed a leading company in its consumer-focused industry or its business to business focused industry by virtue of being at the top of these rankings.

Then the research team employs fundamental analysis to identify companies with growth, value, size, momentum, balance sheet strength, profitability and dividend yield.

The team also considers interest rate movements and U.S. dollar movements when analyzing stock and sector allocations.

The sub-advisor utilizes fundamental and technical analysis to identify companies to include in the fund’s portfolio.

Fundamental analysis includes analyzing a company’s cash flow, sales, earnings per share, and intangible assets.

Technical analysis includes analyzing a company’s price movements over various time frames to identify the most attractive investment opportunity.

Then the manager constructs a focused portfolio that holds 25 to 50 stocks.

The fund may invest, directly or indirectly through investments in exchange traded funds, in both U.S. and foreign companies included in the Index, including through American Depositary Receipts and companies domiciled in emerging markets.

The fund may also invest in cash and cash equivalents and in asset classes that have historically been safe havens when equities were experiencing drawdowns.

The fund seeks total return 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 common stock of dividend paying companies.

In selecting securities for the portfolio, the research team focuses on factors such as unemployment rate, corporate cash flow, housing starts, auto sales, and new durable goods.

Other factors in consideration include monetary factors, interest rates, various index levels including gold index, energy prices, consumer price index, and international factors such as euro exchange rates, FTSE 100, Tokyo stock exchange, and agricultural exports.

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 up to 20% of its net assets in futures contracts on the Cboe Volatility Index and in cash and cash equivalents, including U.S. Treasury obligations.

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.

The fund invests up to 25% of its net assets in a wholly owned and controlled subsidiary (the Subsidiary).

Next, the research team gains exposure to major global asset classes by investing directly or indirectly through its Subsidiary in futures contracts.

The Subsidiary invests the majority of its assets in commodities and other futures contracts.

The team focuses on a company’s total-return momentum, trends, seasonal patterns, carry measures, and mean reversion.

In addition, the team will take long only positions in asset classes that demonstrate positive risk premia such as equity index and fixed income asset classes.

Also, the team will take long or short positions in asset classes. that have no expectation of positive risk premia, such as commodity and developed market currency asset classes.

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 in domestic and foreign markets, including emerging markets.

Additionally, 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.