The Fund’s net expense ratio excludes acquired fund fees and expenses of 1.78% and 1.78% for the N and I class, respectively which includes dividend and interest expense on short sales in underlying funds of 0.48%. By investing in the Fund you incur the expenses and risks of the underlying funds it invests in.
The LASSO® strategy is intended to produce long-term total returns with less volatility than the overall stock market and reduced correlation to conventional asset classes, across a variety of market climates.
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The Fund seeks to provide long-term total return with reduced correlation to the conventional stock and bond markets.
The Fund also incurs the risks of the underlying funds it invests in. Potential risks include the use of aggressive investment techniques and instruments such as options and futures, derivatives, commodities, credit-risk, leverage, and short-sales that taken alone are generally considered riskier than conventional market strategies. Use of aggressive investment techniques may expose an underlying fund to potentially dramatic changes (losses) in the value of its portfolio. Short sales may involve the risk that an underlying fund will incur a loss by subsequently buying a security at a higher price than the price at which the fund previously sold the security short. Volatility is found by calculating the annualized standard deviation of daily change in price. Drawdown helps to determine the peak-to-trough decline during a specific period of an investment quoted as the percentage between the peak the trough. Stop loss guidelines are designed to limit an investor’s loss on a security position. It is a practice of selling a security when it reaches a certain price.