Fund Objective

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

• Have a moderate risk tolerance
• Primarily seek growth from their investment
• Are willing to assume some short-term price fluctuations in exchange for potentially higher returns over time

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 commodityrelated securities, and alternative investment strategies, such as absolute return, leveraged, and sector-based strategies, in an attempt to improve riskadjusted returns and lower portfolio volatility. The Fund will typically have a moderate allocation to underlying funds that invest in stocks, and a moderate allocation to underlying funds that invest in bonds 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: Russell 2000® 2x Strategy, Large-Cap Growth, Large-Cap Value, Mid-Cap 1.5x Strategy, Mid-Cap Growth, Mid-Cap Value, Multi-Cap Core Equity, OTC, Nova, Russell 2000® 1.5x Strategy, Sector Rotation, Small-Cap Growth and Small-Cap Value Funds
• Fixed-Income Fund: Government Long Bond 1.2x Strategy Fund
• International 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.