Strategy. The Fund seeks to achieve its investment objective by balancing long and short positions. To do this, the Fund will invest in pairs of equity securities, such as leveraged and inverse exchange -traded funds (ETFs) as well as equities of U.S. companies, in equalized long and short exposures for which AXS Investments LLC, the Funds investment advisor (the Advisor), believes that the long position of the pairing will outperform the short position over a longer -term basis (at least one -year ). Leveraged ETFs are designed to produce returns that are a multiple of the index or security to which they are linked. Inverse ETFs are constructed by using various derivatives for the purpose of profiting from a decline in … Show more… The Fund seeks to achieve its investment objective by balancing long and short positions. To do this, the Fund will invest in pairs of equity securities, such as leveraged and inverse exchange -traded funds (ETFs) as well as equities of U.S. companies, in equalized long and short exposures for which AXS Investments LLC, the Funds investment advisor (the Advisor), believes that the long position of the pairing will outperform the short position over a longer -term basis (at least one -year ). Leveraged ETFs are designed to produce returns that are a multiple of the index or security to which they are linked. Inverse ETFs are constructed by using various derivatives for the purpose of profiting from a decline in the value of underlying index or underlying security. The Fund may invest in the securities of issuers of any size. When the Fund takes a long position, it purchases shares of a stock or ETF outright. The Fund increases in value when the market price of the stock or ETF exceeds the cost per share to acquire the stock or ETF. In addition, the Fund will earn dividend income when dividends are paid on stocks and ETFs owned by the Fund. When the Fund takes a short position, it either: (1) sells at the current market price a stock it does not own but has borrowed, or (2) buys an inverse ETF in anticipation that the market price of the stock or inverse ETFs underlying index or underlying security will decline or underperform the corresponding long positions in the Funds portfolio. To complete, or close out, a short sale transaction, the Fund buys the same stock in the market at a later date and returns it to the lender. To complete or close out an inverse ETF position, the Fund will sell its shares. In a short sale transaction, the Fund will make money if the market price of the borrowed stock goes down further than the borrowing costs, including dividend expenses when stocks held short pay dividends, and the Fund is able to replace the borrowed stock. While it is not guaranteed, the Advisor expects that dividend income will exceed dividend expense on an annual basis. Alternatively, if the price of the stock goes up after the short sale and before the short position is closed, the Fund will lose money on that position because it will have to pay more to replace the borrowed stock than the Fund received when the Fund sold the stock short. Under normal circumstances, the Fund intends to generally remain market neutral on an exposure -adjusted basis. As used here, exposure -adjusted means that the Fund will periodically equalize the leverage exposure used by the long position in each pair with the short or inverse position of that pair. For example, when the leverage of the short positions is higher than the leverage of the long positions, fewer dollars of short positions are needed to offset the leverage of the long positions. In this case, the Fund will be net long on a dollar basis (i.e., more dollars invested in the long positions than in the short positions), but will still be market neutral on an exposure -adjusted basis. An exposure -adjusted market neutral strategy typically seeks to derive total returns strictly from stock picking Alpha, with none of the return over time coming from the general up and down movement of the broader stock market (described further below). Over time, since the Fund is exposure -adjusted market neutral, the Funds total return is expected to be largely independent of the positive or negative total returns of the broad stock market. An actively managed stock portfolios gross investment return is generally driven by three factors: (i) the overall stock markets return (i.e., in the Funds case, the overall stock markets return is measured using the S&P 500 Total Return Index, the Funds benchmark); (ii) the sensitivity of the portfolio to changes in prices in the overall stock market (i.e., the portfolios Beta relative to the stock market); and (iii) the Advisors ability to do better or worse than what would be predicted by multiplying the markets return by the portfolios Beta (i.e., (i) times (ii) above). This last component (iii) is called Alpha and is the risk -adjusted outperformance or underperformance of the portfolio relative to the stock market. Since the Fund has generally attempted to hedge all of the overall markets returns on an exposure -adjusted basis through its short positions, all of the Funds net return is expected to be solely the Alpha generated by the Advisor, less all of the Funds fees and expenses. By employing this long/short exposure -adjusted market neutral investment strategy, the Fund seeks to limit its volatility relative to movements in the overall stock market and limit downside risk during market declines. The Fund may achieve a gain if the securities in its long portfolio outperform the securities in its short portfolio, each taken as a whole, even if the short positions generate a loss, as long as the loss in the short portfolio does not exceed the gain in the long portfolio. Conversely, the Fund may incur a loss if the securities in its short portfolio outperform the securities in its long portfolio. The Advisor attempts to achieve returns for the Fund that at least exceed the return on short -term fixed -income securities, with the broader goal of generating attractive risk -adjusted total returns compared to the S&P 500 Total Return Index. The Fund may use borrowings or short sales for investment purposes (i.e., leverage). The Funds use of short positions will add financial leverage that is similar to borrowing money for investment purposes. In determining when and to what extent to employ leverage, the Advisor will consider factors such as the relative risks and returns expected from the portfolio as a whole and the costs of such transactions. Borrowings may be structured as secured or unsecured loans and may have fixed or variable interest rates. The Fund may borrow or use short sales (i.e., leverage) to the maximum extent permitted by the Investment Company Act of 1940, as amended (the 1940 Act). The Fund will use leverage when the Advisor believes the return from the additional investments will be greater than the costs associated with the borrowing. The Fund may at times hold long and short positions that in the aggregate exceed the value of its net assets (i.e., so that the Fund is effectively leveraged). The Advisor selects securities for purchase or short sale based on the Advisors volatility expectations, in an effort to capture spreads between certain securities. Spreads can occur as a result of the compounding of returns. Accordingly, the Fund may invest in leveraged ETFs that track a multiple of the quarterly or monthly returns of the underlying security or index, and short sell leveraged ETFs that track a multiple of the inverse daily returns of the underlying security or index. In addition, the Fund may hold long or short positions in stocks of U.S. companies and long positions in leveraged inverse ETFs of those companies. The Advisor will periodically reconstitute and rebalance the Funds portfolio, which may result in significant portfolio turnover. A higher rate of portfolio turnover increases transaction expenses, which may negatively affect the Funds performance. High portfolio turnover also may result in the realization of substantial net short -term capital gains, which, when distributed, are taxable to shareholders as ordinary income. Show less