Strategy. The Fund will normally invest at least 80% of its net assets (including investment borrowings) in securities that comprise the Index. The Fund, using an indexing investment approach, attempts to replicate, before fees and expenses, the performance of the Index. The Funds investment sub -adviser , Penserra Capital Management LLC ( Penserra or the Sub -Adviser ) seeks a correlation of 0.95 or better (before fees and expenses) between the Funds performance and the performance of the Index; a figure of 1.00 would represent perfect correlation. The Fund is classified as a diversified company under the 1940 Act. To the extent the Index concentrates ( i.e., holds 25% or more of its total assets) in the securities of a particular … Show more… The Fund will normally invest at least 80% of its net assets (including investment borrowings) in securities that comprise the Index. The Fund, using an indexing investment approach, attempts to replicate, before fees and expenses, the performance of the Index. The Funds investment sub -adviser , Penserra Capital Management LLC ( Penserra or the Sub -Adviser ) seeks a correlation of 0.95 or better (before fees and expenses) between the Funds performance and the performance of the Index; a figure of 1.00 would represent perfect correlation. The Fund is classified as a diversified company under the 1940 Act. To the extent the Index concentrates ( i.e., holds 25% or more of its total assets) in the securities of a particular industry or group of industries, the Fund will concentrate its investments to the same extent. As of the date of this prospectus, the Fund has significant exposure to the information technology sector. The IBD 50 Index is a weekly, rules -based , computer -generated stock index compiled and published by Investors Business Daily ( IBD or the Index Provider ) that seeks to identify the current top 50 growth stocks. The equity portion of the Index primarily includes U.S. common stocks, but may, to a lesser extent, include common stocks of non -U .S. companies that utilize American Depositary Receipts ( ADRs ) to trade on U.S. securities exchanges. The equity securities comprising the Index may be issued by small-, mid- and large -capitalization companies located in either developed or emerging markets. The Index is also designed to be responsive to downturns in the equities markets and incorporates a cash equivalents portion in response to certain market signals as described below. The Indexs initial universe of the approximately 7,000 equity securities that trade on the New York Stock Exchange, The Nasdaq Stock Market, LLC or NYSE American LLC is initially narrowed down by excluding those companies that do not meet certain baseline criteria. These criteria include minimum stock price, minimum trading volume, minimum upward price movement and minimum simple price moving average. IBD then narrows the universe further by screening out securities with price actions IBD views as undesirable. For instance, IBD removes securities with excessive price percentage moves in its 10 -week price moving average (6% or more), securities with a high number of positive price movement days over a 14 -day period (seven or more), securities with a high number of positive price movement weeks over an 8 -week period (six or more) and/or securities with a high number of consecutive positive price movement weeks (three or more). These criteria are explained in detail in Index Information. IBD then evaluates and scores the remaining securities on the below 11 factors. The first five factors comprise the base score for a security using a proprietary weighting of the following proprietary ratings published by IBD: Earnings Per Share Rating; Relative Price Strength Rating; Sales Margin Return on Equity Rating; Accumulation Distribution Rating; and Industry Group Relative Strength Rating. The next six metrics add to or subtract from the base score to derive the final aggregate score, and are: Growth in quarterly earnings per share and next quarter consensus estimates; 3 -to-5 year annual earnings per share growth rate and next fiscal years consensus estimates; Quarterly sales growth and next quarter consensus estimates; Acceleration in quarterly sales or earnings growth rates; Liquidity measured by share price and 50 -day average daily trading volume; and Annual return on equity metrics from the companys income statement. These factors are also explained in detail in Index Information. Each security is given a score for each factor. Each securitys 11 factor scores are then aggregated to provide a composite score. The 50 securities with the highest score are included in the Index and weighted according to their score. Securities with the ten highest scores are given a weight of 3.5%. Securities with the 11 th -20 th highest scores are given a weight of 3.0%. Securities with the 21 st -30 th highest scores are given a weight of 2.0%. Securities with the 31 st -40 th highest scores are given a weight of 1.0% and securities with the 41 st -50 th highest scores are given a weight of 0.5%. The Fund generally invests in all of the securities comprising the Index in proportion to the weightings of the securities in the Index. The Index is rebalanced and reconstituted on the last day of each trading week after the U.S. stock market closes. This weekly rebalancing and reconstituting of the Index will cause the Fund to have a higher portfolio turnover rate than similar funds. Show less