Standpoint Multi-Asset Fund Brochure
BLNDX / REMIX

The Standpoint Multi-Asset Fund is a mutual fund for U.S. investors seeking an all-weather investment solution.

Download PDF

What is all-weather?

The Standpoint Multi-Asset Fund utilizes an all-weather approach to investment management. The goal of the Fund is to provide investors with stable returns in a wide range of potential economic conditions, specifically market conditions that have historically been difficult for traditional equity and bond portfolios. To achieve this, the Fund seeks diversification across geographic regions, independent asset classes, and complementary investment strategies.

Endowment style multi-asset and multi-strategy diversification

Decades of proven resiliency across varied economic environments

Disciplined rebalancing between uncorrelated, independent assets

Reasons to invest

Increased Diversification

An all-weather approach can diversify a portfolio against over-reliance on traditional equity and fixed income investments and prepare investors for a wide range of market environments.

Intelligently Packaged

The Multi-Asset Fund was developed with the investor top of mind; investing in a low fee, tax efficient, all-weather portfolio can enhance investor results.

A Desired OUtome

An all-weather approach captures returns from multiple asset classes potentially allowing for low volatility returns that can help investors stay invested for the long term.

The Fund

The Standpoint Multi-Asset Fund utilizes an all-weather approach to investment management. The goal of the Fund is to provide investors with stable returns in a wide range of potential economic conditions, specifically market conditions that have historically been difficult for traditional equity and bond portfolios. To achieve this, the Fund seeks diversification across geographic regions, independent asset classes, and complementary investment strategies.

Global Equities

Market-cap weighted equity positions with active risk management designed to deliver equity market exposure to developed countries.

Commodities & Currencies

Investments in commodities and currencies have the potential to add value to the portfolio during periods of inflation or deflation.

Fixed Income

Fixed income holdings seek to enhance returns and act as a risk reducer in a variety of market conditions.

Equity Exposure

Standpoint uses a market-cap weighted equity strategy with active risk management designed to deliver equity market exposure to developed markets.

Characteristics

  • Participates in global equity markets using exchange traded funds (ETFs) and equity futures contracts.
  • ETFs help to optimize tax efficiency and minimizes fees.
  • Ability to be long, short, or flat futures contracts can help enhance returns and reduce declines.
  • Designed to perform well during periods of growth and inflation and become more defensive during periods of prolonged economic contraction.

Exposure to 25+ countries

  • USA
  • Canada
  • Austria
  • Belgium
  • Denmark
  • Finland
  • Luxembourg
  • France
  • Germany
  • Israel
  • Italy
  • Netherlands
  • Portugal
  • Norway
  • Spain
  • Sweden
  • Switzerland
  • United Kingdom
  • Australia
  • Hong Kong
  • Japan
  • New Zealand
  • Singapore
  • + Others

Commodity and Currency Exposure

Investments in commodities and currencies have the potential to add value to the portfolio during periods of inflation or deflation. By participating in markets around the world that are not typically found in portfolios, the Standpoint Multi-Asset Fund can deliver returns that are unavailable to traditional portfolios of equity and fixed income.

Characteristics

  • Comprised of exchange traded futures contracts.
  • Futures positions are actively managed with the ability to establish long, short, or flat positions.
  • Opportunities are identified using a systematic and risk managed approach.
  • Designed to perform well during periods of inflation or deflation, specifically when traditional investments like equities and bonds struggle.

Exposure to multiple sectors

  • Grains
  • Energy
  • Metals
  • Meats
  • Soft Commodities
  • Currencies

Fixed Income Exposure

The Standpoint Multi-Asset Fund employs a fixed income strategy which seeks to enhance returns and act as a risk reducer in a variety of market conditions. Historically, low risk bonds and access to foreign interest rates have protected portfolios during periods of deflation.

Characteristics

  • The fund uses a variety of financial instruments for fixed income, including: U.S. treasuries, foreign sovereign debt, ETFs, and futures contracts.
  • Futures positions are actively managed with the ability to establish long, short, or flat positions.
  • Treasury bills and ETFs are used to capture a portfolio of continuously rolled fixed income instruments, seeking to add positive returns.
  • Capital efficiency provides the opportunity to collect higher returns as interest rates rise.

Exposure to multiple regions

  • U.S.
  • Eurozone
  • Japan
  • Canada
  • U.K.
  • Australia
  • Germany
  • Italy
  • Switzerland

Investment Universe

Fixed Income

  • 10-Year Australian Govt Bond
  • 2-Year Australian Govt Bond
  • 5-Year U.S. T-Note
  • 2-Year U.S. T-Note
  • 10-Year U.S. T-Note
  • Schatz
  • Euro German Bobl
  • Euro German Bund
  • Long Gilt
  • Canada 10-Year Govt Bond
  • 10-Year Japanese Govt Bond
  • Long-Term Italian Govt Bond
  • Euro-OAT
  • Euro Buxl
  • U.S. T-Bond
  • Listtra 10-Year U.S. T-Note
  • Listtra T-Bonds
  • Eurodollar
  • 3-Month EURIBOR
  • Canadian Bankers Acceptance
  • 3-Month Euro Swiss Franc
  • 3-Month Sterling

Equities

  • Diversified universe of global equity ETFs
  • e-mini S&P 500 Index
  • Euro STOXX 50 Index
  • FTSE 100 Index
  • Topix
  • Hang Seng Index
  • Nikkei 225 Index
  • S&P Canada 60
  • MSCI Singapore
  • CBOE Volatility Index
  • SPI 200 Index

Currencies

  • British Pound
  • United States Dollar
  • Canadian Dollar
  • Euro
  • Japanese Yen
  • Mexican Peso
  • Australian Dollar
  • New Zealand Dollar
  • Swiss Franc

Industrial Commodities

  • Gold
  • Copper (COMEX)
  • Aluminum
  • Nickel
  • Copper (LME)
  • Zinc
  • Platinum
  • Silver
  • WTI Crude Oil
  • Brent Crude
  • ECX EUA Emissions
  • Gas Oil
  • Crude Oil
  • NY Harbor ULSD
  • Henry Hub Natural Gas
  • Gasoline RBOB

Agricultural Commodities

  • Soybean Oil
  • Corn
  • Soybeans
  • Soybean Meal
  • Wheat
  • Milling Wheat
  • KC Wheat
  • Canola
  • Feeder Cattle
  • Live Cattle
  • Lean Hogs
  • Cocoa
  • Coffee
  • Sugar #11
  • Cotton #2
  • Robusta Coffee
  • London Cocoa
  • White Sugar (#5)

All-Weather Historical Performance

A core objective of the Standpoint Multi-Asset Fund is to help mitigate investor loss during hostile market conditions and participate in the upside of equity markets.

BLNDX vs. Global EquitiesJan 2020 - Jun 2021
PerformanceBLNDXGlobal Equities
Annualized Return21.54%20.52%
1-Year Return31.40%39.67%
Annualized Volatility1.9%24.7%
Max Decline-9.3%-34.0%
Sharpe1.780.81
Beta0.311.00

As of: 06/30/2021

Fund Inception: 12/30/2019

Source: Morningstar Direct

Portfolio Manager Experience

The following is a third-party review of the portfolio management team's experience managing a strategy similar to the Standpoint Multi-Asset Fund.

The Trustees next reviewed and discussed the performance of another mutual fund investing in managed futures for which one of the portfolio managers served as portfolio manager through September 28, 2018. The Trustees observed that the prior fund had outperformed the Morningstar Managed Futures Category, the Credit Suisse Managed Futures Liquid Index, and the SG Trend Index (a proposed component of the new Fund’s blended benchmark index), for the period during which the proposed portfolio manager served as portfolio manager for such other fund. It was the consensus of the Trustees that it was reasonable to conclude that Standpoint has the ability to manage the Fund successfully from a performance standpoint."Unified Series Trust Board of Trustees

Portfolio Management Team

Eric Crittenden

Eric Crittenden

Chief Investment Officer and Portfolio Manager
Standpoint Asset Management, August 2019 –

Prior to founding Standpoint, Eric was a co-founder and the Chief Investment Officer for Longboard Asset Management, where he helped launch two alternative mutual funds. During his tenure at Longboard, Eric managed over $600 million in assets and maintained performance in the top quartile of the funds’ Morningstar investment categories. Earlier in Eric’s career, he was a portfolio manager for a family office and managed a hedge fund for private investors for over 15 years.

Shawn Serikov

Shawn Serikov

Portfolio Manager
Standpoint Asset Management, August 2019 –

Prior to founding Standpoint, Shawn was a systems developer at Longboard Asset Management, where he solidified his expertise in programming trading systems. At Longboard, Shawn was able to bring together his experience in risk management and software development for financial instruments. Much of his experience as a software developer and risk analyst was acquired at financial institutions such as the commodities and futures clearing merchant, INTL FC Stone, LLC.

Fund Information

Share ClassTickerMinimum InvestmentNet Expense RatioGross Expense Ratio
InstitutionalBLNDX$25,0001.28%4.25%
InvestorREMIX$2,5001.53%4.50%

Fund Inception: December 30, 2019

Dividend Frequency: Annually

Morningstar Category: Macro Trading

The Fund’s adviser contractually has agreed to waive its management fee and/or reimburse expenses so that total annual Fund operating expenses, excluding portfolio transaction and other investment-related costs (including brokerage fees and commissions); taxes; borrowing costs (such as interest and dividend expenses on securities sold short); acquired fund fees and expenses; fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses); any amounts payable pursuant to a distribution or service plan adopted in accordance with Rule 12b-1 under the Investment Company Act of 1940; any administrative and/or shareholder servicing fees payable pursuant to a plan adopted by the Board of Trustees; expenses incurred in connection with any merger or reorganization; extraordinary expenses (such as litigation expenses, indemnification of Trust officers and Trustees and contractual indemnification of Fund service providers); and other expenses that the Trustees agree have not been incurred in the ordinary course of the Fund’s business, do not exceed 1.24% through February 28, 2022.

Standpoint Updates

Frequency

Important Risk Information

Past performance does not guarantee future results. Investors should carefully consider the investment objectives, risk, charges, and expenses of the Fund. Diversification does not ensure a profit or guarantee against loss. This and other important information about the Fund is contained in the prospectus, which can be obtained by calling (866) 738-1128 or at standpointfunds.com. The prospectus should be read carefully before investing. The Standpoint Multi-Asset Fund is distributed by Ultimus Fund Distributors, LLC.

Investing involves risk, including loss of principal. There is no guarantee that the fund will achieve its investment objective.

For the period since the Fund’s inception on 12/30/2019 to 6/30/2021, the Fund (BLNDX) returned 21.54% and the Fund’s primary benchmark (50% MSCI World/50% BAML 3-month T-Bill) returned 10.19%. The 1-year return for BLNDX as of 6/30/2020 is 31.40% and 19.88% for the Fund’s primary benchmark.

Investment in the Fund carries certain risks. Investing in underlying investment companies, including money market funds and ETFs, exposes the Fund to the investment performance (positive or negative) and risks of the investment companies. ETFs are subject to additional risks, including the risk that an ETF’s shares may trade at a market price that is above or below its NAV. The Fund will indirectly bear a portion of the fees and expenses of the underlying fund in which it invests, which are in addition to the Fund’s own direct fees and expenses.

The fund will invest a percentage of its assets in derivatives, such as futures and commodities. The use of such derivatives and the resulting high portfolio turnover may expose the Fund to additional risks that it would not be subject to if it invested directly in the securities and commodities underlying those derivates. The Fund may experience losses that exceed those experienced by funds that do not use futures contracts. The successful use of futures contracts draws upon the Adviser’s skill and experience with respect to such instruments and are subject to special risk considerations. The primary risks associated with the use of futures contracts are (a) the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the forward or futures contract; (b) possible lack of a liquid secondary market for a forward or futures contract and the resulting inability to close a forward or futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) the Adviser’s inability to predict correctly the direction of securities prices, interest rates, currency exchange rates, and other economic factors; (e) the possibility that the counterparty will default in the performance of its obligations; and (f) if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements, and the Fund may have to sell securities at a time when it may be disadvantageous to do so.

Foreign investing involves risks not typically associated with US investments, including adverse fluctuations in foreign currency values, adverse political, social, and economic developments, less liquidity, greater volatility, less developed or less efficient trading markets, political instability and differing auditing and legal standards.

Global equities are represented by the MSCI World Total Return Index. The MSCI World Total Return Index captures large and mid-cap representation across 23 Developed Markets countries. Comparisons to indexes have limitations because the results do not represent actual trading. It is not possible to invest directly in an index. Unmanaged index returns do not reflect any fees or expenses associated with the active management of an actual portfolio. Index performance is shown for illustrative purposes only and will change over time.

DEFINITIONS

Max Decline is the peak-to-trough decline during a specific period. Sharpe is the ratio which measures risk-adjusted performance. Beta is a measure of an investment's sensitivity to market movements.

Standpoint Multi-Asset Fund Brochure
BLNDX / REMIX

The Standpoint Multi-Asset Fund is a mutual fund for U.S. investors seeking an all-weather investment solution.

Download PDF

What is all-weather?

The Standpoint Multi-Asset Fund utilizes an all-weather approach to investment management. The goal of the Fund is to provide investors with stable returns in a wide range of potential economic conditions, specifically market conditions that have historically been difficult for traditional equity and bond portfolios. To achieve this, the Fund seeks diversification across geographic regions, independent asset classes, and complementary investment strategies.

Endowment style multi-asset and multi-strategy diversification

Decades of proven resiliency across varied economic environments

Disciplined rebalancing between uncorrelated, independent assets

Reasons to invest

Increased Diversification

An all-weather approach can diversify a portfolio against over-reliance on traditional equity and fixed income investments and prepare investors for a wide range of market environments.

Intelligently Packaged

The Multi-Asset Fund was developed with the investor top of mind; investing in a low fee, tax efficient, all-weather portfolio can enhance investor results.

A Desired OUtome

An all-weather approach captures returns from multiple asset classes potentially allowing for low volatility returns that can help investors stay invested for the long term.

The Fund

The Standpoint Multi-Asset Fund utilizes an all-weather approach to investment management. The goal of the Fund is to provide investors with stable returns in a wide range of potential economic conditions, specifically market conditions that have historically been difficult for traditional equity and bond portfolios. To achieve this, the Fund seeks diversification across geographic regions, independent asset classes, and complementary investment strategies.

Global Equities

Market-cap weighted equity positions with active risk management designed to deliver equity market exposure to developed countries.

Commodities & Currencies

Investments in commodities and currencies have the potential to add value to the portfolio during periods of inflation or deflation.

Fixed Income

Fixed income holdings seek to enhance returns and act as a risk reducer in a variety of market conditions.

Equity Exposure

Standpoint uses a market-cap weighted equity strategy with active risk management designed to deliver equity market exposure to developed markets.

Characteristics

  • Participates in global equity markets using exchange traded funds (ETFs) and equity futures contracts.
  • ETFs help to optimize tax efficiency and minimizes fees.
  • Ability to be long, short, or flat futures contracts can help enhance returns and reduce declines.
  • Designed to perform well during periods of growth and inflation and become more defensive during periods of prolonged economic contraction.

Exposure to 25+ countries

  • USA
  • Canada
  • Austria
  • Belgium
  • Denmark
  • Finland
  • Luxembourg
  • France
  • Germany
  • Israel
  • Italy
  • Netherlands
  • Portugal
  • Norway
  • Spain
  • Sweden
  • Switzerland
  • United Kingdom
  • Australia
  • Hong Kong
  • Japan
  • New Zealand
  • Singapore
  • + Others

Commodity and Currency Exposure

Investments in commodities and currencies have the potential to add value to the portfolio during periods of inflation or deflation. By participating in markets around the world that are not typically found in portfolios, the Standpoint Multi-Asset Fund can deliver returns that are unavailable to traditional portfolios of equity and fixed income.

Characteristics

  • Comprised of exchange traded futures contracts.
  • Futures positions are actively managed with the ability to establish long, short, or flat positions.
  • Opportunities are identified using a systematic and risk managed approach.
  • Designed to perform well during periods of inflation or deflation, specifically when traditional investments like equities and bonds struggle.

Exposure to multiple sectors

  • Grains
  • Energy
  • Metals
  • Meats
  • Soft Commodities
  • Currencies

Fixed Income Exposure

The Standpoint Multi-Asset Fund employs a fixed income strategy which seeks to enhance returns and act as a risk reducer in a variety of market conditions. Historically, low risk bonds and access to foreign interest rates have protected portfolios during periods of deflation.

Characteristics

  • The fund uses a variety of financial instruments for fixed income, including: U.S. treasuries, foreign sovereign debt, ETFs, and futures contracts.
  • Futures positions are actively managed with the ability to establish long, short, or flat positions.
  • Treasury bills and ETFs are used to capture a portfolio of continuously rolled fixed income instruments, seeking to add positive returns.
  • Capital efficiency provides the opportunity to collect higher returns as interest rates rise.

Exposure to multiple regions

  • U.S.
  • Eurozone
  • Japan
  • Canada
  • U.K.
  • Australia
  • Germany
  • Italy
  • Switzerland

Investment Universe

Fixed Income

  • 10-Year Australian Govt Bond
  • 2-Year Australian Govt Bond
  • 5-Year U.S. T-Note
  • 2-Year U.S. T-Note
  • 10-Year U.S. T-Note
  • Schatz
  • Euro German Bobl
  • Euro German Bund
  • Long Gilt
  • Canada 10-Year Govt Bond
  • 10-Year Japanese Govt Bond
  • Long-Term Italian Govt Bond
  • Euro-OAT
  • Euro Buxl
  • U.S. T-Bond
  • Listtra 10-Year U.S. T-Note
  • Listtra T-Bonds
  • Eurodollar
  • 3-Month EURIBOR
  • Canadian Bankers Acceptance
  • 3-Month Euro Swiss Franc
  • 3-Month Sterling

Equities

  • Diversified universe of global equity ETFs
  • e-mini S&P 500 Index
  • Euro STOXX 50 Index
  • FTSE 100 Index
  • Topix
  • Hang Seng Index
  • Nikkei 225 Index
  • S&P Canada 60
  • MSCI Singapore
  • CBOE Volatility Index
  • SPI 200 Index

Currencies

  • British Pound
  • United States Dollar
  • Canadian Dollar
  • Euro
  • Japanese Yen
  • Mexican Peso
  • Australian Dollar
  • New Zealand Dollar
  • Swiss Franc

Industrial Commodities

  • Gold
  • Copper (COMEX)
  • Aluminum
  • Nickel
  • Copper (LME)
  • Zinc
  • Platinum
  • Silver
  • WTI Crude Oil
  • Brent Crude
  • ECX EUA Emissions
  • Gas Oil
  • Crude Oil
  • NY Harbor ULSD
  • Henry Hub Natural Gas
  • Gasoline RBOB

Agricultural Commodities

  • Soybean Oil
  • Corn
  • Soybeans
  • Soybean Meal
  • Wheat
  • Milling Wheat
  • KC Wheat
  • Canola
  • Feeder Cattle
  • Live Cattle
  • Lean Hogs
  • Cocoa
  • Coffee
  • Sugar #11
  • Cotton #2
  • Robusta Coffee
  • London Cocoa
  • White Sugar (#5)

All-Weather Historical Performance

A core objective of the Standpoint Multi-Asset Fund is to help mitigate investor loss during hostile market conditions and participate in the upside of equity markets.

BLNDX vs. Global EquitiesJan 2020 - Jun 2021
PerformanceBLNDXGlobal Equities
Annualized Return21.54%20.52%
1-Year Return31.40%39.67%
Annualized Volatility1.9%24.7%
Max Decline-9.3%-34.0%
Sharpe1.780.81
Beta0.311.00

As of: 06/30/2021

Fund Inception: 12/30/2019

Source: Morningstar Direct

Portfolio Manager Experience

The following is a third-party review of the portfolio management team's experience managing a strategy similar to the Standpoint Multi-Asset Fund.

The Trustees next reviewed and discussed the performance of another mutual fund investing in managed futures for which one of the portfolio managers served as portfolio manager through September 28, 2018. The Trustees observed that the prior fund had outperformed the Morningstar Managed Futures Category, the Credit Suisse Managed Futures Liquid Index, and the SG Trend Index (a proposed component of the new Fund’s blended benchmark index), for the period during which the proposed portfolio manager served as portfolio manager for such other fund. It was the consensus of the Trustees that it was reasonable to conclude that Standpoint has the ability to manage the Fund successfully from a performance standpoint."Unified Series Trust Board of Trustees

Portfolio Management Team

Eric Crittenden

Eric Crittenden

Chief Investment Officer and Portfolio Manager
Standpoint Asset Management, August 2019 –

Prior to founding Standpoint, Eric was a co-founder and the Chief Investment Officer for Longboard Asset Management, where he helped launch two alternative mutual funds. During his tenure at Longboard, Eric managed over $600 million in assets and maintained performance in the top quartile of the funds’ Morningstar investment categories. Earlier in Eric’s career, he was a portfolio manager for a family office and managed a hedge fund for private investors for over 15 years.

Shawn Serikov

Shawn Serikov

Portfolio Manager
Standpoint Asset Management, August 2019 –

Prior to founding Standpoint, Shawn was a systems developer at Longboard Asset Management, where he solidified his expertise in programming trading systems. At Longboard, Shawn was able to bring together his experience in risk management and software development for financial instruments. Much of his experience as a software developer and risk analyst was acquired at financial institutions such as the commodities and futures clearing merchant, INTL FC Stone, LLC.

Fund Information

Share ClassTickerMinimum InvestmentNet Expense RatioGross Expense Ratio
InstitutionalBLNDX$25,0001.28%4.25%
InvestorREMIX$2,5001.53%4.50%

Fund Inception: December 30, 2019

Dividend Frequency: Annually

Morningstar Category: Macro Trading

The Fund’s adviser contractually has agreed to waive its management fee and/or reimburse expenses so that total annual Fund operating expenses, excluding portfolio transaction and other investment-related costs (including brokerage fees and commissions); taxes; borrowing costs (such as interest and dividend expenses on securities sold short); acquired fund fees and expenses; fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses); any amounts payable pursuant to a distribution or service plan adopted in accordance with Rule 12b-1 under the Investment Company Act of 1940; any administrative and/or shareholder servicing fees payable pursuant to a plan adopted by the Board of Trustees; expenses incurred in connection with any merger or reorganization; extraordinary expenses (such as litigation expenses, indemnification of Trust officers and Trustees and contractual indemnification of Fund service providers); and other expenses that the Trustees agree have not been incurred in the ordinary course of the Fund’s business, do not exceed 1.24% through February 28, 2022.

Standpoint Updates

Frequency

Important Risk Information

Past performance does not guarantee future results. Investors should carefully consider the investment objectives, risk, charges, and expenses of the Fund. Diversification does not ensure a profit or guarantee against loss. This and other important information about the Fund is contained in the prospectus, which can be obtained by calling (866) 738-1128 or at standpointfunds.com. The prospectus should be read carefully before investing. The Standpoint Multi-Asset Fund is distributed by Ultimus Fund Distributors, LLC.

Investing involves risk, including loss of principal. There is no guarantee that the fund will achieve its investment objective.

For the period since the Fund’s inception on 12/30/2019 to 6/30/2021, the Fund (BLNDX) returned 21.54% and the Fund’s primary benchmark (50% MSCI World/50% BAML 3-month T-Bill) returned 10.19%. The 1-year return for BLNDX as of 6/30/2020 is 31.40% and 19.88% for the Fund’s primary benchmark.

Investment in the Fund carries certain risks. Investing in underlying investment companies, including money market funds and ETFs, exposes the Fund to the investment performance (positive or negative) and risks of the investment companies. ETFs are subject to additional risks, including the risk that an ETF’s shares may trade at a market price that is above or below its NAV. The Fund will indirectly bear a portion of the fees and expenses of the underlying fund in which it invests, which are in addition to the Fund’s own direct fees and expenses.

The fund will invest a percentage of its assets in derivatives, such as futures and commodities. The use of such derivatives and the resulting high portfolio turnover may expose the Fund to additional risks that it would not be subject to if it invested directly in the securities and commodities underlying those derivates. The Fund may experience losses that exceed those experienced by funds that do not use futures contracts. The successful use of futures contracts draws upon the Adviser’s skill and experience with respect to such instruments and are subject to special risk considerations. The primary risks associated with the use of futures contracts are (a) the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the forward or futures contract; (b) possible lack of a liquid secondary market for a forward or futures contract and the resulting inability to close a forward or futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) the Adviser’s inability to predict correctly the direction of securities prices, interest rates, currency exchange rates, and other economic factors; (e) the possibility that the counterparty will default in the performance of its obligations; and (f) if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements, and the Fund may have to sell securities at a time when it may be disadvantageous to do so.

Foreign investing involves risks not typically associated with US investments, including adverse fluctuations in foreign currency values, adverse political, social, and economic developments, less liquidity, greater volatility, less developed or less efficient trading markets, political instability and differing auditing and legal standards.

Global equities are represented by the MSCI World Total Return Index. The MSCI World Total Return Index captures large and mid-cap representation across 23 Developed Markets countries. Comparisons to indexes have limitations because the results do not represent actual trading. It is not possible to invest directly in an index. Unmanaged index returns do not reflect any fees or expenses associated with the active management of an actual portfolio. Index performance is shown for illustrative purposes only and will change over time.

DEFINITIONS

Max Decline is the peak-to-trough decline during a specific period. Sharpe is the ratio which measures risk-adjusted performance. Beta is a measure of an investment's sensitivity to market movements.