Strategy. The Fund is actively managed and seeks to provide enhanced returns across multiple market cycles that are broadly correlated to the U.S. equity markets. The Fund uses a proprietary quantitative investment model (the Model) developed by the Funds subadviser, Howard Capital Management, Inc. (Subadviser), to determine the Funds allocation to U.S. equity securities and/or cash and cash equivalents ( i.e ., U.S. money market funds, U.S. government securities and/or similar securities). The Fund will invest in, or have exposure to, U.S. equity securities in order to achieve capital appreciation, or will invest in cash or cash equivalents in order to attempt to preserve capital during market downturns. When the Model indicates a change in market trends, the Fund may be … Show more… The Fund is actively managed and seeks to provide enhanced returns across multiple market cycles that are broadly correlated to the U.S. equity markets. The Fund uses a proprietary quantitative investment model (the Model) developed by the Funds subadviser, Howard Capital Management, Inc. (Subadviser), to determine the Funds allocation to U.S. equity securities and/or cash and cash equivalents ( i.e ., U.S. money market funds, U.S. government securities and/or similar securities). The Fund will invest in, or have exposure to, U.S. equity securities in order to achieve capital appreciation, or will invest in cash or cash equivalents in order to attempt to preserve capital during market downturns. When the Model indicates a change in market trends, the Fund may be invested in a combination of U.S. equities and cash or cash equivalents. When allocated to U.S. equities, the Fund will seek leveraged exposure of its net assets through investments in derivatives, such as swaps, in order to achieve enhanced returns. The Model utilizes the HCM-BuyLine , a tactical proprietary indicator to identify broad trends in the U.S. equity markets, to determine whether to invest in U.S. equity securities or cash and cash equivalents. When the Model indicates that the market trend is down, the Adviser reduces the Funds exposure to equities, and, when the Model indicates that the market trend is up, the Adviser increases the Funds exposure to equities. The Adviser uses its discretion to determine the percentage of the Fund will be in or out of the market based on the strength of the trend identified by the HCM-BuyLine. When the Fund is allocated to U.S. equity securities, it will have approximately the following daily exposures (obtained directly by investing in U.S. equity securities or indirectly through investments in derivatives): ? Up to 80% exposure to all of the securities of the S&P 500 Index (S&P Allocation), which measures the performance of 500 large capitalization companies listed on stock exchanges in the U.S.; ? Up to 80% exposure to all of the securities of the NASDAQ-100 Index (NASDAQ Allocation), which measures the performance of the 100 largest, U.S.-based, non-financial companies listed on the NASDAQ Stock Exchange; and ? Up to 40% exposure to the securities of a specific sector or industry (Sector Allocation). The Sector Allocation will be in one of the following 13 sectors or industries: industrial sector, communication services sector, consumer discretionary sector, consumer staples sector, energy sector, financial sector, health care sector, real estate sector, technology sector, utilities sector, materials sector, biotechnology industry and semiconductor industry. The Model determines the Sector Allocation based on a proprietary relative strength formula, which evaluates the volatility and momentum of each sector or industry to determine which is experiencing the strongest market trend relative to the other sectors or industries. The sector or industry showing the strongest upward market trend will be selected by the Model as the Sector Allocation. Only one sector or industry is selected by the Model at a time. The Sector Allocation is expected to change in response to shorter-term market conditions, which may result in high portfolio turnover and increased costs. The Fund will utilize leverage to achieve total exposure of up to 200% of the Funds net assets to the S&P Allocation, NASDAQ Allocation and the Sector Allocation (together, the Allocations). The Subadviser will provide the Adviser with investment signals (Signals) pursuant to the Models determinations. The Adviser is responsible for investing the Funds assets pursuant to the Signals and may rebalance the Funds portfolio as frequently as daily so that its exposure to the Allocations is consistent with the Funds investment strategy. The Fund may invest directly in the securities of the Allocations, in addition to utilizing exchange-traded funds (ETFs) and swaps that use indices or ETFs as reference assets to provide exposure to the Allocations. Each Allocation is represented by a securities market index. The Fund intends to seek exposure to the Sector Allocations by investing directly in the securities of the index, investing in an ETF that tracks the performance of the index, or obtaining exposure to the index by investing in a swap that uses the index or an ETF that tracks the performance of the index as a reference asset. On a day-to-day basis, the Fund is expected to hold ETFs and money market funds, deposit accounts with institutions with high quality credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality credit profiles, including U.S. government securities and repurchase agreements. The Fund may invest in securities of any market capitalization. The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in U.S. equities or U.S. Dollar-based cash equivalents. The Fund will concentrate its investments ( i.e ., invest 25% or more of its total assets in companies in the same industry or group of industries) to approximately the same extent as the indices representing the Allocations are so concentrated. The Fund may lend securities representing up to one-third of the value of the Funds total assets (excluding the value of the collateral received). The terms daily, day, and trading day refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is non-diversified, meaning that a relatively high percentage of its assets may be invested in a limited number of issuers of securities. Additionally, the Funds investment objective is not a fundamental policy and may be changed by the Funds Board of Trustees without shareholder approval. Show less