The fund seeks long-term capital appreciation through a Managed Futures strategy and a Fixed Income strategy by investing in onshore and offshore subsidiaries, as well as investment grade fixed income securities for interest income and capital appreciation. It is non-diversified.

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ABYAX

The investment seeks long-term capital appreciation; current income is a secondary objective. The adviser allocates the fund's assets between a Managed Futures strategy and a Fixed Income strategy. The Managed Futures strategy will be achieved by investing a portion of its assets in the Onshore Subsidiary and up to 25% of its total assets in the Cayman Subsidiary. The Fixed Income strategy invests its assets primarily in investment-grade fixed-income securities to generate interest income and capital appreciation, which may add diversification to the returns generated by its Managed Futures strategy. It is non-diversified.

ABYIX

The fund invests in equity and debt and debt-like instruments (including high yield bonds commonly known as "junk bonds") of companies whose prices the fund's investment adviser believes are or will be impacted by a corporate event. Specifically, the fund employs investment strategies designed to capture price movements generated by corporate events such as mergers, acquisitions, asset sales, restructurings, refinancings, recapitalizations, reorganizations or other special situations (referred to as "event-driven opportunities"). It is non-diversified.

AEDNX

The investment seeks capital growth. The fund seeks to achieve its investment objective by implementing a quantitative trading strategy and systematic investment process designed to capitalize on price trends in a broad range of global markets including stock indices, bonds and bond futures, currency and currency futures, and interest rates by utilizing derivative instruments. It invests primarily in derivatives, including futures, and forward contracts,foreign currency forward contracts, including non-deliverable forwards (NDFs), and non-U.S. currency futures contracts. It is non-diversified.

AHLPX

The AlphaSimplex Managed Futures Strategy Fund (AMFAX) uses a trend-following strategy to benefit from rising and falling asset prices by taking long and short positions. It employs a multi-model approach that considers trends over different time horizons and uses exchange-traded futures and currency forward contracts to invest in over 70 different assets across global markets. The fund adjusts its position sizes daily to maintain a stable risk profile as market risk levels change.

AMFAX

The fund focuses on investing in dividend-paying equity securities traded on U.S. exchanges, including common stocks and ADRs, with at least 80% of its assets in income-generating instruments.

APLIX

The fund allocates its assets among four major asset classes (commodities, currencies, fixed income and equities). It gains exposure to asset classes by investing in more than 100 futures contracts, futures-related instruments, forwards and swaps, including, but not limited to, commodity futures, forwards and swaps; currencies and currency futures and forwards; equity index futures and equity swaps; bond futures and swaps; and interest rate futures and swaps.

AQMIX

The fund will invest at least 80% of its net assets in equity securities of companies (both U.S. and foreign) that are involved in publicly announced mergers, takeovers, tender offers, leveraged buyouts, spin-offs, liquidations and other corporate reorganizations. Equity securities include common and preferred stock. Merger arbitrage is a highly specialized investment approach designed to profit from the successful completion of mergers, takeovers, tender offers, leveraged buyouts, spin-offs, liquidations and other corporate reorganizations.

ARBFX

The fund's investment adviser, believes that there are important benefits that come from investing through skilled asset managers whose strategies, when combined, seek to provide attractive long-term risk-adjusted returns, with lower volatility and low sensitivity to traditional market measures. Absolute selects the fund's Subadvisers and determines the portion of the fund's assets to be allocated to each Subadviser.

ASFIX

The adviser expected that no more than 25% of the fund's total assets would be dedicated to initial and variation margin payments relating to the fund's derivative transactions. The advisor expects that the fund will invest at least 75% of its total assets in the money market and other short-term, high-quality securities under normal market conditions. The fund will concentrate its investments in the financial services industry, which means it will normally invest at least 25% of its total assets in securities and other obligations of issuers.

ASFYX

The investment aims for long-term capital growth. The fund's goal is to outperform the BNP Paribas Catalyst Systematic Alpha Index (the "Benchmark") after considering fees and expenses. It achieves this by investing in securities linked to the Benchmark and actively managing an equity portfolio.

ATRFX

Normally, the fund invests at least 80% of its net assets in equity securities and related derivative instruments with similar economic characteristics. It seeks to achieve its investment objective by employing an event driven strategy, primarily investing in companies that have announced a material change or in companies that the advisor expects to undergo a material change. The fund's investment in equity securities may include common stock, preferred stock, securities convertible into common stock, non-convertible preferred stock, and depositary receipts.

BILPX

The fund seeks to capture most of the returns generated by U.S. equity markets in rising markets, and to protect against the market losses in declining markets. Its investment strategy aims to provide a cushion against certain losses in the U.S. equity markets. The fund seeks to accomplish its goal of mitigating downside risk in the equity markets by hedging the portfolio through the purchase of put options. Each put option helps to protect against losses in the U.S. equity indices.

BPRLX

The investment seeks to provide a high current return with short-term risk less than or equal to 40% of the stock market. Up to 75% of its total assets may be invested in common stocks and options on any size companies on which options are traded on a national securities exchange. At all times, at least 25% of its total assets will be invested in equities. The fund may invest up to 15% of its total assets in foreign securities. The Adviser normally invests at least 25% of its total assets in money market funds or fixed-income securities.

BRBPX

The investment seeks total return. The fund invests in a broad range of global asset classes, such as equity securities, fixed and floating rate debt instruments, derivatives, other investment companies, including exchange-traded funds ("ETFs"), real estate investment trusts ("REITs") and commodity-related instruments. It will normally invest in both U.S. and non-U.S. companies, including companies located in emerging markets and in securities denominated in both U.S. dollars and foreign currencies.

BSTIX

The fund utilizes an option premium collection strategy that implements a put spread and a call spread on the S&P 500 Index (SPX) to create a number of defined-risk trades. A defined risk trade is essentially where a series of financial instruments (such as options) are entered into where the terms and conditions of the financial instruments are, in combination, designed to limit the overall risk.

BTIFX

Under normal market conditions, the fund will invest at least 80% of the value of its net assets (the “80% Test”) in a portfolio, or other investment companies that hold a portfolio, of FLEX Options linked to the index and that are designed to replicate the returns of the twelve 10% Buffer Strategies.

BUIGX

The investment seeks capital appreciation. The fund seeks to achieve its objective by allocating its assets among a variety of non-traditional or "alternative" investment strategies. The adviser allocates the fund's assets among sub-advisers with experience managing alternative investment strategies and among investment funds. The adviser also manages a portion of the fund's assets directly and, from time to time, may instruct sub-advisers with respect to particular investments.

BXMIX

The fund seeks to achieve total return with lower volatility than equity markets. Under normal circumstances, it invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities and securities with economic characteristics similar to stock or the equity markets. The fund may write call options (i) on a portion of the equity securities in the fund's portfolio and (ii) on broad-based securities indexes (such as the S&P 500 or MSCI EAFE) or ETFs (exchange traded funds).

CIHEX

Under normal circumstances, the fund employs alternative investment strategies that seek to identify and capitalize upon changes in macroeconomic fundamentals, market inefficiencies, market behavioral biases, market mis-pricings, risk premia, and other market factors or events within equity, fixed income, interest rate, commodities and currency markets around the world, including emerging markets.

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