Strategy. The Fund seeks to achieve its investment objective, utilizing a ?fund of funds? structure, by allocating assets among various strategies based on the adviser?s research and analysis regarding market trends. A market trend is the movement of a financial market in a particular direction over time. Under normal market conditions, the Fund invests at least 40% of its assets (plus the amount of borrowings, if any) in long and short positions in exchange-traded funds (?ETFs?) and mutual funds (collectively, ?Underlying Funds?) and derivative instruments registered and offered in the U.S with underlying holdings in non-U.S. companies. The Fund primarily takes long and short positions in ETFs that are highly correlated to regional and country specific indices based on the adviser?s … Show more… The Fund seeks to achieve its investment objective, utilizing a ?fund of funds? structure, by allocating assets among various strategies based on the adviser?s research and analysis regarding market trends. A market trend is the movement of a financial market in a particular direction over time. Under normal market conditions, the Fund invests at least 40% of its assets (plus the amount of borrowings, if any) in long and short positions in exchange-traded funds (?ETFs?) and mutual funds (collectively, ?Underlying Funds?) and derivative instruments registered and offered in the U.S with underlying holdings in non-U.S. companies. The Fund primarily takes long and short positions in ETFs that are highly correlated to regional and country specific indices based on the adviser?s long, intermediate, and short-term price trends analysis. The Fund is invested primarily in: (1) Underlying Funds that primarily invest in or are otherwise exposed to domestic and worldwide markets; (2) derivative instruments, including options, futures, and total return swaps, designed to replicate some or all of the features of an underlying portfolio of equity securities; (3) Underlying Funds that are other U.S. or foreign equity securities of any market capitalization; and (4) U.S. or foreign cash equivalents. The adviser seeks to achieve the Fund?s objective by managing risk through hedging the Fund?s investment portfolio when it believes security prices will decline. The adviser hedges the Fund?s portfolio by: (i) increasing allocations to cash equivalents or U.S. Treasury securities; (ii) selling short ETFs or securities the adviser believes have demonstrated a high correlation to the broader global equity indices; and (iii) purchasing inverse mutual funds or inverse ETFs. The Fund may invest in inverse funds linked to equity securities or indices when the adviser believes this strategy will provide an effective hedge to manage risk offer the Fund?s equity investments. Generally, the adviser does not attempt to evaluate individual securities. The adviser uses technical analysis, including monitoring price movements and price trends, of equity markets in an effort to achieve the Fund?s objective through proper allocation of the Fund?s portfolio securities. The adviser?s decisions to buy or sell a Fund holding are made based on adviser developed trend and risk models that evaluate current market conditions, and this analysis guides the adviser?s determination of the appropriate exposure level to the equity market. The adviser buys and sells securities and derivatives to increase or decrease the Fund?s exposure to the equity market. Show less