Strategy. The Funds adviser, Tactical Fund Advisors, LLC (the Adviser), delegates the daily management of the Funds assets to multiple sub-advisers. The Adviser is responsible for the overall management of the Fund, overseeing the Funds sub-advisers and determining the amount of the Funds assets that each sub-adviser will manage, which will vary from time to time. The Fund pursues its objective by investing, under normal market conditions, in long, inverse, leveraged, and unleveraged mutual funds and exchange-traded funds (the Underlying Funds) focused on major global equity and fixed income indices, industry sectors, and factor styles. The Fund may invest in inverse funds, which are funds that are designed to provide returns that are the inverse, or opposite of a specific benchmark … Show more… The Funds adviser, Tactical Fund Advisors, LLC (the Adviser), delegates the daily management of the Funds assets to multiple sub-advisers. The Adviser is responsible for the overall management of the Fund, overseeing the Funds sub-advisers and determining the amount of the Funds assets that each sub-adviser will manage, which will vary from time to time. The Fund pursues its objective by investing, under normal market conditions, in long, inverse, leveraged, and unleveraged mutual funds and exchange-traded funds (the Underlying Funds) focused on major global equity and fixed income indices, industry sectors, and factor styles. The Fund may invest in inverse funds, which are funds that are designed to provide returns that are the inverse, or opposite of a specific benchmark or index. The Fund may invest in an underlying fund up to the limits permitted by the Investment Company Act of 1940 and the rules thereunder. The Adviser delegates the daily management of the Funds portfolio to the Sub-Advisers, whose models generate signals based on a quantitative analysis. The Sub-Advisers use these signals to invest in the Underlying Funds. Each models buy, sell, or hold signals are generated by its algorithmic, rules-based system. The Sub-Advisers models seek to anticipate a market advance, correction, or decline. The Sub-Advisers determine the final allocations among the Underlying Funds and other assets using short-term technical analysis and momentum indicators that track recent price changes in the Underlying Funds. See Sub-Advisers and Strategies on page 32 of the prospectus for more information on each Sub-Advisers investment process. In managing the Funds portfolio, the Fund will engage in frequent trading, resulting in a high portfolio turnover rate. Show less