Equity Securities. The Fund may invest in common stocks of U.S. and foreign companies without regard to the issuer’s location, size, market capitalization or industry sector, as well as ETFs with exposure to these
instruments. The Fund may invest in equity securities of any investment style, including value, core, and growth investing styles.
Fixed Income Instruments. The Fund may invest in fixed income instruments, including bonds and notes or other
debt securities issued by U.S. and foreign companies and governments, money market instruments, corporate
bonds, and convertible bonds. The Fund may invest in investment grade or below-investment-grade debt securities (commonly referred to as “junk bonds”). The Fund may invest without limit in securities that are rated below-investment-grade and at
times may invest substantial amounts of its assets in those securities. Investment-grade debt securities are rated in one of the top
four rating categories by nationally recognized statistical rating organizations (NRSROs) such as Moody’s Investors Service or S&P Global Ratings. The Fund may also invest in unrated securities, in which case the Adviser may internally assign ratings to certain
of those securities, after assessing their credit quality, in investment-grade or below investment-grade categories similar to those
of NRSROs. The Fund may also invest in other fixed income securities, including asset-backed securities, mortgage-backed securities,
participation interests in loans, pooled investment entities that invest in loans, and senior floating rate loans (collateralized
or uncollateralized). The Fund can also invest in ETFs with exposure to the above instruments.
Derivatives and Other Assets. The Fund may invest in derivative instruments and other assets, including options,
futures, forward contracts, swaps (including on equity and fixed income securities and indices,
commodities, interest rates, currencies and volatility), “structured” notes, mortgage-related securities, equity-linked debt securities (such as equity-linked notes), commodity-linked derivatives, and currency derivatives.
Cayman Islands Subsidiary. The Fund may invest up to 25% of its total assets in a wholly-owned subsidiary of
the Fund organized under the laws of the Cayman Islands (the Subsidiary). The Subsidiary may
invest in commodity-linked derivatives (including commodity futures, financial futures, options, and swap contracts), ETFs
and other exchange-traded products related to gold or other special minerals (Gold ETFs), and ETFs with exposure to other commodities
(Commodity ETFs). The Subsidiary may also invest in certain fixed-income investments and other investments that may serve
as margin or collateral for its derivatives positions. Investments in the Subsidiary are intended to provide the Fund with exposure
to commodities market returns within the limitations of the federal tax requirements that apply to the Fund. In managing the Subsidiary’s portfolio, the Adviser will be subject to the same operational guidelines that apply to the management of the Fund. The Fund
applies its investment restrictions and compliance policies and procedures, on a look-through basis, to the Subsidiary. The Fund’s investment in the Subsidiary may vary based on the portfolio managers’ use of different types of commodity-linked derivatives, fixed income investments, Gold ETFs, Commodity ETFs, and other investments. Since the Fund may invest a substantial portion
of its assets in the Subsidiary, which may hold certain of the investments described in this prospectus, the Fund may be considered
to be investing indirectly in those investments through its Subsidiary. Therefore, references in this prospectus to investments
by the Fund also may be deemed to include the Fund’s indirect investments through the Subsidiary, and the Fund will be subject to the risks associated with any investment by the Subsidiary.
Exchange-Traded Funds Risk. In addition to the risks associated with the underlying assets held by the exchange-traded fund, investments in exchange-traded funds are subject to the following additional risks: (1) the market price of an exchange-traded fund’s shares may trade above or below its net asset value; (2) an active trading market for the exchange-traded fund’s shares may not develop or be maintained; (3) trading an exchange-traded fund’s shares may be halted if the listing exchange’s officials deem such action appropriate; (4) a passively managed exchange-traded fund may not accurately track the performance of the reference asset; and (5) a passively managed exchange-traded fund would not necessarily sell a security because the issuer of the security was in financial trouble unless the security is removed from the index that the exchange-traded fund seeks to track. Investment in exchange-traded funds may involve duplication of management fees and certain other expenses, as the Fund indirectly bears its proportionate share of any expenses paid by the exchange-traded funds in which it invests. Further, certain exchange-traded funds in which the Fund may invest are leveraged. Investing in leveraged exchange-traded funds may result in economic leverage, which does not result in the possibility of the Fund incurring obligations beyond its investments, but nonetheless permits the Fund to gain exposure that is greater than would be the case in an unlevered instrument, which can result in greater volatility.