The fund involves various risks including potential loss of principal, greater volatility than traditional securities, risk of issuers defaulting on securities, risks associated with derivatives, falling prices when interest rates rise, currency risks, foreign investment risks, and risks of foreign government actions. The fund may use leverage which magnifies gains and losses, focus investments in a single sector, and involve short positions which are speculative in nature. Underlying funds involve additional expenses which increase costs for investors in this fund.

1. Mutual Funds involve risk including the possible loss ofprincipal.Investing in the commodities markets maysubject
the Fund to greater volatility than investments in traditional securities.There is a risk that issuers and counter parties
will not make payments on securities and other investments held bythe Fund, resulting in losses to the Fund.
Derivative instruments involve risks differentfrom,or possiblygreater than,the risks associated with investing directly
in securities and other traditional investments.In general,the price of a fixed income securityfalls when interestrates
rise.Foreign common stocks and currencystrategies will subjectthe Fund to currency trading risks thatinclude
marketrisk,credit risk and country risk.Investments in foreign securities could subjectthe Fund to greater risks
including,currencyfluctuation, economic conditions,and differentgovernmental and accounting standards.
Nationalization,expropriation or confiscatory taxation, currency blockage,marketdisruption,political changes,
security suspensions,potential restrictions on the flow of international capital,or diplomatic developments could
adversely affect the Fund's investments in certain securities.Using derivatives to increase the Fund's combined long
and shortexposure creates leverage, which can magnify the Fund's potential for gain or loss.Non-diversification risk,
as the Funds are more vulnerable to events affecting a single issuer.The Fund may focus its investments in
securities ofa particular sector.Economic,legislative or regulatory developments mayoccur that significantlyaffect
the entire sector. This may cause the Fund's net assetvalue to fluctuate more than that of a fund that does notfocus
in a particular sector.Short positions maybe considered speculative transactions and involve special risks,including
greater reliance on the ability to accurately anticipate the future value of a security or instrument.Underlying Funds
are subjectto investmentadvisory and other expenses,which will be indirectlypaid by the Fund. As a result,the cost
of investing in the Fund will be higher than the costof investing directly in an Underlying Fund and may be higher
than other mutual funds that invest directly in stocks and bonds.The Subsidiarywill notbe registered under the
InvestmentCompanyAct of 1940 ("1940 Act") and, unless otherwise noted in this Prospectus,will notbe subjectto
all of the investor protections of the 1940 Act.
Returns presented reflectreinvestmentofall dividends,interestand realized gains.Pastperformance should notbe
considered predictive offuture performance.Given the inherentvolatility of the securities markets generally,it should
not be assumed thatinvestors will experience returns comparable to those shown here.Investor returns may vary
due to the timing ofinvestmentand the activity during the period being considered.Performance results for the
months commencing September 2008 were obtained during periods ofextreme marketvolatility and uncertainty.
Results obtained during these periods maynotbe reflective of performance thatwould have been obtained during
normal marketconditions.As with any investment,there can be no assurance thatthe investmentobjective will be
achieved or that an investor will not lose a portion or all of its investment.Index returns have been provided by Mount
Yale relying on data received from outside sources.MountYale has not independentlyverified this information,and
cannotguarantee its accuracy or completeness.Definitions ofthe indexes and related definitions used in this
presentation are as follows.
Annualized Return
is a hypothetical rate of return that, if achieved annually,would have produced the same cumulative return if the
performance had been constantover the entire time period.

2. Standard Deviation
is a statistical measure ofportfolio risk.It reflects the average deviation of the observations from their sample mean.
Standard Deviation is used as an estimate ofrisk since itmeasures how wide the range of returns typically is.The
wider the typical range of returns,the higher standard deviation ofreturns,and the higher the portfolio risk.
Maximum Draw Down
is defined as the percentage decline from the highestaccountvalue to the lowes taccountvalue over a specified
period of time.
Correlation
is a measure thatillustrates the extent to which two investments or securities move in relation to each other. Two
investments or securities are positivelycorrelated if positive changes ofone are likely to be associated with positive
changes ofthe other. They are negatively correlated if positive changes ofone are likely to be associated with
negative changes ofthe other.
Beta
is a quantitative measure ofthe risk of a particular inves tmentin relation to a marketindex. It describes the sensitivity
of the investmentto broad marketmovements.The higher the beta, the more sharplythe value of the investmentcan
be expected to fluctuate in relation to a marketindex.
The Barclay CTA Index
measures the combined performance ofall CTAs with more than four years of performance.These managers will
invest in listed financial and commodityfutures markets and currency markets around the world with either a
systematic or discretionarytrading discipline.References to marketor composite indexes,benchmarks or other
measures ofrelative marketperformance (indexes) over a specified period oftime are provided for your information
only and do not imply that a portfolio will achieve similar returns,volatility or other results.An investor cannot invest
directly in the index.
The MSCI World Index
is an unmanaged indexcommonlyused as a benchmark to measure global manager performance and
characteristics.The index’s performance does notreflectthe deduction of transaction costs,managementfees,or
other costs which would reduce returns.References to marketor composite indexes,benchmarks or other measures
of relative marketperformance (indexes) over a specified period oftime are provided for your information only and do
not implythat a portfolio will achieve similar returns,volatility or other results.An investor cannotinvest directly in the
index.
The S&P 500 Index
is an unmanaged indexcommonlyused as a benchmark to measure large cap core stock performance and
characteristics.The index’s performance does notreflectthe deduction of transaction costs,managementfees,or
other costs which would reduce returns.References to marketor composite indexes,benchmarks or other measures

3. of relative marketperformance (indexes) over a specified period oftime are provided for your information only and do
not implythat a portfolio will achieve similar returns,volatility or other results.An investor cannotinvest directly in the
index.
The Russell 2000 Index
is an unmanaged indexcommonlyused as a benchmark to measure small cap core manager performance and
characteristics.The index’s performance does notreflectthe deduction of transaction costs,managementfees,or
other costs which would reduce returns.References to marketor composite indexes,benchmarks or other measures
of relative marketperformance (indexes) over a specified period oftime are provided for your information only and do
not implythat a portfolio will achieve similar returns,volatility or other results. An investor cannotinvest directly in the
index.
The MSCI EAFE Index
is an unmanaged indexcommonlyused as a benchmark to measure international manager performance and
characteristics.The index’s performance does notreflectthe deduction of transaction costs,managementfees,or
other costs which would reduce returns.References to marketor composite indexes,benchmarks or other measures
of relative marketperformance (indexes) over a specified period oftime are provided for your information only and do
not implythat a portfolio will achieve similar returns,volatility or other results.An investor cannotinvest directly in the
index.