Strategy. The Funds adviser, Tactical Fund Advisors, LLC (the Adviser), has engaged Heritage Capital Advisors, LLC (the Sub-Adviser) to perform the daily management of the Funds portfolio. The Sub-Adviser seeks to achieve the Funds investment objective by employing an active, risk-managed, multi-strategy investment approach. The Sub-Advisers philosophy is that utilizing multiple, complementary strategies may enhance portfolio diversification and smooth investment returns over a full market cycle. The Sub-Adviser employs multiple sub-strategies to manage the portfolio. Sub-strategy approaches may include: 1) Tactical allocation strategies designed to reduce equity exposure and increase fixed-income exposure when market risk is considered elevated. 2) Relative strength-based strategies identifying leading indices in equity and fixed income markets. 3) Directional strategies utilizing adaptive risk management. 4) Leadership-based equity … Show more… The Funds adviser, Tactical Fund Advisors, LLC (the Adviser), has engaged Heritage Capital Advisors, LLC (the Sub-Adviser) to perform the daily management of the Funds portfolio. The Sub-Adviser seeks to achieve the Funds investment objective by employing an active, risk-managed, multi-strategy investment approach. The Sub-Advisers philosophy is that utilizing multiple, complementary strategies may enhance portfolio diversification and smooth investment returns over a full market cycle. The Sub-Adviser employs multiple sub-strategies to manage the portfolio. Sub-strategy approaches may include: 1) Tactical allocation strategies designed to reduce equity exposure and increase fixed-income exposure when market risk is considered elevated. 2) Relative strength-based strategies identifying leading indices in equity and fixed income markets. 3) Directional strategies utilizing adaptive risk management. 4) Leadership-based equity selection strategies focused on top-rated individual stocks (as defined by the Sub-Advisers proprietary rating system) and sector exposures. 5) Hedging overlay strategies. 6) Equity selection strategies utilizing rules-based selection criteria. In selecting securities for the Funds portfolio, each Sub-Adviser strategy component first determines if equity markets offer the potential for acceptable risk-adjusted returns. If so, the Fund typically invests in equity securities, including exchange-traded funds (ETFs), mutual funds, and individual stocks. The Fund may invest in issues of any size. If not, the Fund seeks investments that are uncorrelated with the equity market returns such as fixed-income securities, including ETFs, mutual funds, cash or cash equivalents, and other asset classes. The Fund can invest in fixed-income securities of any maturity, duration, or quality (including junk bonds). The Fund may short equity and fixed income securities and ETFs. The Sub-Adviser uses a combination of discretionary, rules-based and quantitative processes to measure market risk and select securities. The Sub-Adviser uses all or parts of a multi-faceted approach in managing the Fund, including fundamental, technical, and quantitative analysis. Using its proprietary quantitative models that provide buy and sell signals, the Sub-Adviser sets the Funds market exposure based on a wide array of fundamental and technical factors. Fundamental factors include measures such as monetary conditions, economic growth rates and other economic indicators, inflation expectations, valuations, earnings growth rates, and dividend yield. Technical factors include measures such as price movement, momentum, breadth measures, volatility, investor sentiment, historical market cycles, mean reversion, and trading volume. The Fund seeks equity exposure between -30% and 150% and fixed income exposure between -10% and 35%. During periods when the Fund has limited investment opportunities, it may invest in money market funds and other cash-like securities. In managing the Funds portfolio, the Fund may utilize enhanced and inverse ETFs, and engage in frequent trading, resulting in a high portfolio turnover rate. The Funds partial hedging overlay is a quantitatively driven, structured hedging component that is designed to buffer the Fund against portfolio losses and volatility. Potential benefits include the ability to effectively manage cash, reduce costs and risk exposures, and express tactical views. Show less