Fund Objective

The Essential Portfolio Conservative Fund’s objective is to primarily seek preservation of capital and, secondarily, to seek long-term growth of capital. The Fund may be appropriate for investors who:

• Have a low risk tolerance
• Primarily seek preservation of capital from their investment

Principal Investment Strategy

The Fund seeks to achieve its investment objective by investing principally in a diversified portfolio of underlying funds that represent traditional asset classes, such as stocks, bonds and money market securities, a broad range of alternative assets, such as real estate investment trusts and commodity related securities, and alternative investment strategies, such as absolute return, leveraged, and sector-based strategies, in an attempt to improve risk adjusted returns and lower portfolio volatility. The Fund will typically have a conservative allocation to underlying funds that invest in stocks, and a greater allocation to underlying funds that invest in bonds and money market securities as compared to other Asset Allocation Funds.

The Fund may invest in, and thus have indirect exposure to the risks of, the following underlying funds all of which are described in more detail in this Prospectus. Please note that the Advisor may change the Fund’s asset class allocation, the underlying funds, or weightings without shareholder notice:

• Domestic Equity and Domestic Equity-Style Funds: Large-Cap Growth, Large-Cap Value, Mid-Cap Growth, Mid-Cap Value,Multi-Cap Core Equity, Sector Rotation, Small-Cap Growth and Small-Cap Value Funds
• Fixed-Income Fund and Money Market Fund: Government Long Bond 1.2x Strategy and U.S. Government Money Market Funds
• nternational Equity Funds: Europe 1.25x Strategy and Japan 1.25x Strategy Funds
• Alternative Investments Funds: Absolute Return Strategies, Hedged Equity, Real Estate and Commodities Strategy Funds

The Fund may also invest in ETFs to complement its investment in the underlying funds if there are asset classes not covered by the underlying funds or to better manage cash positions.