Strategy. The Fund employs an allocation strategy by investing in three asset classes: equity, fixed income and cash or cash equivalents. The Fund may also invest in exchange-traded funds (ETFs) that invest in equity securities, fixed income securities, and money market instruments. The proportion the Fund invests in each asset class at any given time depends on analysis of market factors, including economic growth, inflation, credit spreads and relative valuations, by Knowledge Leaders Capital, LLC (the Advisor), the Funds advisor. At any point, the Funds investment in any of the asset classes could be underweight or overweight relative to the following target allocations, based on the Advisors discretion. Allocation percentages are measured at the time of purchase. The Fund may invest … Show more… The Fund employs an allocation strategy by investing in three asset classes: equity, fixed income and cash or cash equivalents. The Fund may also invest in exchange-traded funds (ETFs) that invest in equity securities, fixed income securities, and money market instruments. The proportion the Fund invests in each asset class at any given time depends on analysis of market factors, including economic growth, inflation, credit spreads and relative valuations, by Knowledge Leaders Capital, LLC (the Advisor), the Funds advisor. At any point, the Funds investment in any of the asset classes could be underweight or overweight relative to the following target allocations, based on the Advisors discretion. Allocation percentages are measured at the time of purchase. The Fund may invest in securities of U.S. and foreign issuers. Asset Class Target Allocation Percentage Equity Securities and Equity ETFs 10% to 90% Fixed Income Securities and Fixed Income ETFs 10% to 90% Cash or Cash Equivalents and Money Market ETFs 0% to 80% Equity Securities and Equity ETFs In selecting the Funds equity investments, the Advisor focuses on equity securities of U.S. and foreign companies with market capitalizations of over $500 million that the Advisor considers to be knowledge leader companies. The Fund may invest in stocks of companies in all industry groups and geographic locations, although the Fund may have a significant portion of its assets invested in the securities of companies in one or a few countries or regions. The Advisor considers knowledge leaders to be companies that have demonstrated histories of successfully employing their research and development and have built competitive advantages using their own firm-specific resources such as proprietary knowledge, intellectual property or a unique distribution mechanism. Based on academic research, the Advisor believes the market is generally inefficient at valuing such high growth companies because traditional financial data overlooks hidden value in such companies assets. The Advisor seeks to identify knowledge leaders through a proprietary, quantitative process. First, the Advisor employs a quantitative screen designed to identify those companies that exceed specific criteria which demonstrate innovation intensity, profitability and financial stability. The Advisor then uses proprietary financial models to re-calculate financial data, and considers other factors, including valuation and quality, and uses technical analysis to seek to identify undervalued companies for investment by the Fund. The Fund may also invest in ETFs that invest in equity securities. ETFs are investment companies that invest in portfolios of securities designed to track particular market segments or indices, the shares of which are bought and sold on securities exchanges. The Fund may invest in securities of companies engaged in the precious metals industry and in financial instruments that provide exposure to precious metals. Investments related to precious metals are considered speculative and are affected by a variety of worldwide economic, financial and political factors. Fixed Income Securities and Fixed Income ETFs The Fund also invests in ETFs that primarily invest in fixed income securities and in alternative ETFs that invest in government, municipal, corporate and mortgage-related fixed income securities. In selecting these investments, the Advisor considers various factors, including opportunities for appreciation, income and diversification. The fixed income ETFs in which the Fund invests may invest in fixed income investments of any maturity and credit quality. The Fund may also invest in U.S. Government securities and other fixed income securities of any maturity and credit quality including high yield securities, commonly referred to as junk bonds, that are rated below investment grade by a nationally recognized statistical rating organization such as Moodys Investors Service, Inc. (Moodys), Standard & Poors, a division of McGraw Hill Companies Inc. (S&P) or Fitch Ratings Ltd. (Fitch) (or if unrated, are determined by the Advisor to be of comparable credit quality). Cash or Cash Equivalents and Money Market ETFs The Funds investment in cash equivalents may include money market funds, money market instruments and repurchase agreements. The Fund may also invest in ETFs that invest in money market instruments. The money market instruments in which the Fund may invest include: obligations of the U.S. Government, its agencies or instrumentalities; commercial paper rated A-1 or higher by S&P or Prime-1 by Moodys; and certificates of deposit, bankers acceptances and bank time deposits issued by domestic branches of U.S. banks that are members of the Federal Deposit Insurance Corporation. The Advisors sell discipline seeks to limit downside volatility and provide capital preservation. The Fund may sell a position for various reasons, including: 1) to allocate capital to a new idea, 2) if a company no longer meets the criteria of a knowledge leader, or the Advisors other investment-related criteria, 3) to reduce stock specific risk, or 4) to raise cash to meet redemption requests. Show less