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Investment Approach

One Fund's investment approach is based on the idea that low cost, buy and hold stock investing yields the best after-tax returns for the individual investor.

	Buy Stocks Stocks outperform. Stocks historically outperform other investments over the long term. Investors that can commit to owning stocks for a long period may see returns outpace real estate, bonds and cash by a sizeable margin. One Fund owns a broad-based stock portfolio of large and small companies in the United States and overseas for a widespread exposure to economic growth worldwide.

Hold Long Term Market timing does not work. You can’t accurately guess when the market will go up or down. Don’t enter and exit the stock market trying to time it. Your returns will suffer. For example, if you missed the 10 best days in the stock market over the last 30 years you would lose over 50% of your potential return.2 That's less than 0.02% of the more than 7,500 trading days in that period. Time, not timing, is the best way to capitalize on the stock market's gains. One Fund buys and holds its investments for the long term, seeking to minimize taxes and trading costs to try to achieve a return that closely tracks the overall market.

Own The Market Stock picking does not work. Over the long term viritually no investor–or mutual fund manager–can consistently pick stocks that achieve returns better than the overall market. Historical data shows that only 0.6% of stock picking mutual funds beat the market over the long haul.3 Instead of stock picking, One Fund follows an approach called "index investing" which invests in the entire stock market at the lowest possible cost as it strives for a return that closely tracks the overall market.

¹ Source: Stocks, bonds, cash: Ibbotson Associates, historical data 1926-2009. Real estate: “The Equity Risk Premium,” Goetzmann and Ibbotson, 2006. Stocks are 80/20 split of U.S. large and small company stocks. U.S. large company stocks are defined by Ibbotson Associates as the S&P 500 Composite Index with dividends reinvested (S&P 500, 1957-Present; S&P 90, 1926-1956). U.S. small company stocks are defined by Ibbotson Associates as either fifth (lowest) capitalization quintile of stocks on the NYSE (1926-81), performance of the DFA U.S. 9-10 Small Company Portfolio (Jan. 1982-Mar 2001) or performance of the DFA U.S. Micro Cap Portfolio (April 2001-Present). Bonds are intermediate term U.S. government bonds with 5-year average maturity. Cash is U.S. Treasury bills with 30-day average maturity.

² Source: S&P 500 Index, 1/1/79 - 12/31/08. Data is historical. Past performance is not a guarantee of future results.

³ “False Discoveries in Mutual Fund Performance: Measuring Luck in Estimated Alphas" by Laurent Barras, Olivier Scaillet, and Russ Wermer, April 2009, compared 2,076 U.S. open-end stock mutual funds over 32 years from January 1975 to December 2006.

Before investing you should carefully consider the Fund’s investment objectives, risks, charges and expenses. This and other information is in the prospectus. Please read the prospectus carefully before you invest.

An investment in the Fund is subject to risk, including the possible loss of principal amount invested. Other Fund risks include asset allocation risk, foreign securities and currency risk, emerging markets risk, small-cap, mid-cap and large-cap risk, trading risk, and turnover risk that can increase Fund expenses and may decrease Fund performance. The Fund is, also, subject to the risks, which can result in higher volatility, associated with the underlying ETFs that comprise this “fund of funds”. Newly organized, actively managed Funds have no trading history and there can be no assurance that active trading markets will be developed or maintained. Brokerage costs will reduce returns. When the Fund invests in Underlying ETFs, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the Underlying ETFs’ expenses (including operating costs and management fees). Consequently, an investment in the Fund entails more direct and indirect expenses than a direct investment in the Underlying ETF.

Distributed by Foreside Fund Services, LLC.