ALFA

The investment seeks to track the price and yield, before fees and expenses, of the AlphaClone Hedge Fund Masters Index. The fund uses a "passive management" approach to track the performance, before fees and expenses, of the index. The index utilizes a proprietary, quantitative Clone Score methodology developed by AlphaClone, Inc., the fund's index provider, to replicate the U.S. equity securities favored as investments by hedge funds and institutional investors. At least 80% of the fund's total assets (exclusive of any collateral held from securities lending) will be invested in the component securities of the index.