The investment seeks long-term capital appreciation. Under normal market conditions, manage the fund's assets so that fifty percent (50%) of its net assets are managed in accordance with the Adviser's proprietary "long" volatility strategy, and the remaining fifty percent (50%) of its net assets are managed in accordance with the Adviser's proprietary "short" volatility strategy.

Nasdaq

ABRSX

The investment seeks investment results that correspond generally to the performance, before the fund's fees and expenses, of the ABR Dynamic Blend Equity & Volatility Index. The fund will invest at least 80% of the value of its net assets (plus borrowing for investment purposes) in securities and instruments, including derivatives, that provide exposure to the constituents of the index powered by Wilshire. The index is designed to capture favorable volatility movements in the equity markets while maintaining equity exposure to preserve positive performance during extended periods of rising markets.

ABRVX

The investment seeks to achieve long-term capital appreciation; the fund also seeks to preserve capital in down markets. In pursuing its investment objectives, the fund seeks to invest at least 80% of the value of its net assets (which include borrowings for investment purposes) in equity securities such as common stocks, warrants and rights of issuers that are organized in the United States and the securities of which are principally traded on a major U.S. exchange. It employs a strategy of taking long and short positions in equity securities publicly traded in the U.S.

ADMQX

The investment seeks long-term capital appreciation with a short-term focus on capital preservation. To pursue its investment objective, the fund invests in domestic and foreign (including emerging markets) equity securities of any market capitalization. It may also take long or short positions in index exchange traded funds ("ETFs") to hedge the fund's equity portfolio. The fund's adviser, Ascendant Capital Management, LLC (the "Adviser"), selects equity securities for the fund's portfolio that are experiencing meaningful breakouts.

ADOIX

The fund seeks to invest at least 80% of the value of its net assets (which include borrowings for investment purposes) in equity securities such as common stocks, warrants and rights. It may invest in equity securities of U.S. and foreign issuers of any market capitalization. Under normal market conditions, the fund will invest in at least three different countries, with at least 40% of its net assets invested in securities of issuers located outside the United States.

AGAQX

The investment seeks long-term growth of capital. Under normal circumstances, the fund invests at least 80% of its net assets in equity securities of U.S. companies, short positions in such securities, and cash and U.S. cash equivalents. Its investments will be focused on securities of companies with large and medium market capitalizations, but it may also take long and short positions in securities of small-capitalization companies. The fund may invest in non-U.S. companies, but currently intends to limit its investments in such companies to no more than 10% of its net assets.

ASILX

Under normal market conditions, the fund invests, directly or indirectly through unaffiliated exchange traded funds ("ETFs") and mutual funds, at least 80% of its net assets (plus the amount of borrowings, if any) in long and short positions in equity securities. It may invest in inverse funds linked to equity securities or indices when the adviser believes this strategy will provide an effective hedge to manage risk for the fund's equity investments.

ATESX

The fund seeks to achieve its investment objective by allocating assets among various strategies based on the adviser's research and analysis regarding market trends. It invests at least 40% of its assets (plus the amount of borrowings, if any) in long and short positions in exchange-traded funds, mutual funds and derivative instruments registered and offered in the U.S. with underlying holdings in non-U.S. companies.

ATGSX

BDMIX

The fund will pursue its objective by investing in a non-diversified, multi-strategy long-short portfolio of equity securities and financial investments with equity like characteristics designed to provide exposure to emerging markets. The Advisor intends, under normal circumstances, to invest at least 80% of the fund's net assets (including borrowings for investment purposes) in the securities of emerging market issuers, related derivative instruments and other investments that are tied economically to emerging market countries.

BELSX

Under normal market conditions, the fund invests significantly (ordinarily at least 40% - unless market conditions are not deemed favorable by the Adviser, in which case the fund would invest at least 30%) in non-U.S. companies. It principally will be invested in issuers located in countries with developed securities markets, but may also invest in issuers located in emerging markets. The fund will allocate its assets among various regions and countries, including the United States (but in no less than three different countries). It is non-diversified.

BGLSX

BGRAX

The fund invests primarily in both long and short positions in equity securities principally traded in United States markets. Under normal market conditions, the Sub-Adviser seeks to be fully invested in the long portfolio (greater than 80%), while allowing the size of the short portfolio to fluctuate based on the market opportunity. The fund may invest in equity securities of any type and across all market capitalizations. It may invest in securities of companies operating less than three years ("unseasoned issuers") and in initial public offerings of securities ("IPO").

BIVRX

The fund actively invests in long positions in stocks identified by the Adviser as undervalued and takes short positions in stocks that the Adviser has identified as overvalued. The cash proceeds from short sales (i.e. sales of securities the fund does not own) are invested in short-term cash instruments to produce a return on such proceeds just below the federal funds rate. The fund invests, both long and short, in equity securities issued by large-, mid- and small (or "micro")-cap companies, as well as other instruments that are convertible into equity securities.

BPIRX

The investment seeks long-term capital appreciation while reducing exposure to general equity market risk and a total return greater than that of the S&P 500 Index over a full market cycle. The fund invests in long positions in stocks identified by the Adviser as undervalued and takes short positions in stocks that the Adviser has identified as overvalued. The Advisor intends, under normal circumstances, to invest at least 80% of its net assets (including borrowings for investment purposes) in equity securities. Under normal circumstances, the Adviser expects that the fund's long positions will not exceed approximately 125% of the fund's net assets.

BPLEX

The investment seeks to produce, in any market environment, above-average risk-adjusted returns and less downside volatility than the S&P 500 Index. The fund seeks to achieve its investment objective by investing primarily in a diversified portfolio of instruments that provide exposure to U.S. and non-U.S. equity securities. These instruments generally include futures and options on securities, securities indices and shares of exchange-traded funds ("ETFs").

BTPIX

The investment seeks capital appreciation.  The fund pursues its investment objective by allocating the fund&#39;s assets among different asset managers that collectively use various investment styles and strategies, including, for example, fundamental (bottom-up), macroeconomic (top-down), and/or quantitative methods or models, across different markets. It may invest in foreign and domestic equity securities, and debt instruments, as well as derivative instruments, and exchange-traded funds (ETFs) and other investment companies.

CDAZX

The fund's principal investment strategy involves active asset allocation among long, short and cash positions in an effort to mitigate market risk (the risk of broad market declines), while employing fundamental and technical analysis in an effort to mitigate stock selection risk. It typically invests between 30% and 100% of its net assets in common stocks and ETFs, and between 0% and 30% in cash, money market investments or fixed income securities. It may invest in companies of any size.

COAGX

Under normal market conditions, the fund invests at least 80% of its assets (plus the amount of borrowings, if any) in long and short positions in equity instruments of any market capitalization. Equity instruments include domestic and foreign common stock, preferred stock, depositary receipts, equity swaps (including single-name, index, and basket swaps), options, equity index futures, and other investment companies (such as ETFs, mutual funds, and closed-end funds) that invest in these types of securities.

CPIEX

The investment seeks strong, risk-adjusted and absolute returns in the context of prevailing market conditions across the global equity universe. The fund aims to achieve its investment objective primarily by investing globally in publicly listed equity securities, including common stock and American Depositary Receipts, of issuers of all market capitalizations that operate in the knowledge-based sectors such as technology, communications and media, as well as financial services and healthcare, and other investment companies, including exchange-traded funds, that track or otherwise provide exposure to such sectors.

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