Spectrum Low Volatility Investor SVARX

The fund's adviser delegates execution of the fund's investment strategy to a sub-adviser. It invests in a diversified portfolio of primarily income-producing fixed income securities. The sub-adviser does not select individual bonds or other fixed income securities but instead, invests the fund's assets in open-end investment companies ("mutual funds") and exchange-traded funds ("ETFs") that each invests primarily in fixed rate or floating rate fixed income securities.