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.

Nasdaq

ASFIX

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

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 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

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.

CLAYX

The fund's objective is to generally match the performance of the Credit Suisse Liquid Alternative Beta Index. This index aims to replicate the overall returns of the universe of hedge funds, as indicated by the Dow Jones Credit Suisse Hedge Fund Index, through liquid investments.

Other OTC

CSQAX

The adviser pursues its investment objective by utilizing a macro-aware investment process to allocate capital across a range of investment strategies. The fund primarily will gain exposure to commodities and commodity-linked instruments through investments in the Credit Suisse Cayman Multialternative Strategy Fund, Ltd. It may invest globally (including in emerging markets) and there are no geographic limits on the fund's holdings.

CSQIX

The manager pursues the fund's investment objective by allocating the fund's assets among different asset managers that use multiple investment styles and strategies across different markets. The Investment Manager and the Subadvisers employ a variety of investment strategies, techniques and practices that are designed to seek positive returns, with a low correlation to the performance of the broad equity and fixed income markets over a complete market cycle. The fund may invest in early stage companies and initial public offerings (IPOs).

CZAMX

The investment seeks capital appreciation with reduced correlation to equity and fixed income markets.  The adviser employs a strategy intended to generate long term growth across market cycles with reduced correlation to the equity and fixed income markets. The adviser employs a "multi-manager" strategy whereby the Adviser allocates the fund&#39;s assets among professional money managers, each of which is responsible for investing its allocated portion of the fund&#39;s assets. The fund may invest a significant portion of its assets in a particular geographic region or country, including emerging markets countries.

DMSFX

The investment seeks capital appreciation with lower volatility relative to the broad equity markets. The fund seeks to achieve its investment goal by allocating its assets across multiple non-traditional or "alternative" strategies, including, but not limited to, some or all of the following strategies: Long Short Equity, Relative Value, Event Driven and Global Macro. It may invest in a wide range of securities and other investments including, but not limited to: equity securities (which may include common stocks, preferred stocks and convertible securities) and debt securities.

FABZX

The fund seeks to achieve its investment objective by actively allocating its assets across a broad spectrum of alternative investment strategies. It will seek to provide exposure to alternative strategies with low correlation to equity and fixed income markets, which can enhance portfolio diversification. The strategy will be implemented through a rigorous quantitative and qualitative process intended to select high quality Underlying Managers and Alternative Beta Strategies.

FSMSX

The fund invests directly or indirectly (through other GMO Funds) in a combination of GMO investment strategies. The fund typically has exposure to many underlying strategies, and at any given time the fund may have significant exposure to a single or a few strategies. The fund gains exposure to commodities and some other asset classes by investing through a wholly-owned subsidiary advised by GMO, which does not receive any additional management or other fees for its services. It is non-diversified.

GAAVX

The fund seeks to achieve long and short exposure to global equity, bond, currency and commodity markets through a wide range of derivative instruments and direct investments. Normally, the adviser typically will make extensive use of derivative instruments, in particular futures, forward contracts and swaps on global equity and fixed-income securities, securities indices, currencies, commodities and other instruments.

GAFYX

The fund pursues its investment objective by utilizing "alternative" or non-traditional principal investment strategies, managed by the fund's investment sub-advisers ("Sub-Advisers") under the ultimate supervision of GuideStone Capital Management, LLC (the "Adviser"). The principal strategies, when combined, are intended to result in obtaining absolute (i.e., positive) returns with both lower volatility than and low correlation with traditional equity and fixed income markets.

GFSYX

The fund generally seeks to achieve its investment objective by allocating its assets among multiple investment managers who are unaffiliated with the Investment Adviser and who employ one or more non-traditional and alternative investment strategies including, but not limited to, Equity Long Short, Dynamic Equity, Event Driven and Credit, Relative Value, Tactical Trading, and Opportunistic Fixed Income Strategies.

GIMMX

The fund's Investment Adviser believes that hedge funds derive a large portion of their returns from exposure to sources of market risk and "Trading Strategies" involving long and/or short positions in Market Exposures and/or individual securities or baskets of securities. It uses a dynamic investment process to seek to identify the appropriate weights to Market Exposures and Trading Strategies that approximate the return and risk patterns of specific hedge fund sub-strategies.

GSRTX

The investment seeks long-term growth of capital. The fund allocates its assets among other affiliated and unaffiliated underlying funds, including exchange-traded funds (ETFs), that emphasize alternative or nontraditional asset categories or investment strategies such as international small-cap stocks, emerging-market equity, commodities, market neutral (long/short), global real estate, natural resources, TIPS (Treasury Inflation-Protected Securities), global bonds, high yield, bank loans, foreign currency trading strategies, absolute return strategies, managed futures, arbitrage strategies, tactical investment strategies, and emerging-market debt.

JAAAX

The fund employs a flexible investment strategy, meaning it has the freedom to invest globally in companies of all sizes and in all sectors, long or short, in equities, fixed income, certain derivatives, and cash. To achieve its investment objectives, the fund invests principally in domestic and foreign equity securities (common stock and depository receipts), exchange traded funds, swaps, futures and options.

KCMTX

The adviser allocates the fund's assets among a "Managed Futures" strategy, a "Long U.S. Equity" strategy, and a "Fixed Income" strategy. The Managed Futures strategy will be achieved by the fund investing in managed futures investments. The Long U.S. Equity strategy will be achieved by the adviser targeting an allocation of approximately 50% of the fund's total assets in a portfolio of one or more U.S. equity index futures. The fund is non-diversified.

MAFIX

Over the long term, the goal of the advisor to the fund, is to achieve an annualized return of LIBOR plus a range of 4% to 8%. The fund invests in a mix of strategies that the advisor believes offer risk-return characteristics that are attractive individually and even more compelling collectively.

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