Strategy. The Fund may invest in equity securities of domestic and foreign issuers of any size, equity-related securities such as options on equity indices or index exchange-traded funds (ETFs), and exchange-traded notes (ETNs) linked to the VIX (market volatility) index. Fixed income securities include corporate bonds, municipal securities, and U.S. Treasury securities. The Funds ETF investments include leveraged ETFs and ETFs that invest in fixed-income securities of any duration or credit quality, including high-yield bonds (commonly known as junk bonds). High yield bonds are securities that are generally rated below investment grade by the primary rating agencies (BBB- or lower by S&P and Baa3 or lower by Moodys). The Fund may short shares of equity and fixed income ETFs and foreign … Show more… The Fund may invest in equity securities of domestic and foreign issuers of any size, equity-related securities such as options on equity indices or index exchange-traded funds (ETFs), and exchange-traded notes (ETNs) linked to the VIX (market volatility) index. Fixed income securities include corporate bonds, municipal securities, and U.S. Treasury securities. The Funds ETF investments include leveraged ETFs and ETFs that invest in fixed-income securities of any duration or credit quality, including high-yield bonds (commonly known as junk bonds). High yield bonds are securities that are generally rated below investment grade by the primary rating agencies (BBB- or lower by S&P and Baa3 or lower by Moodys). The Fund may short shares of equity and fixed income ETFs and foreign equity securities or ETFs, including issuers from emerging market countries. The Fund considers emerging market countries to be those found in the MSCI EAFE Index. Under normal circumstances, the Fund intends to target a long-term equity beta relative to the S&P 500 Index (the S&P 500) within a range of 0.80 to 0.90. Beta is a statistical measure of the sensitivity of a companys stock price to the movement of a broad market index, like the S&P 500. A beta greater than 1.0 means a security moves up and down more than the movement of the index. A beta less than 1.0 means that a security moves up and down less than the movement of the stock market. The tactical nature of the Funds underlying investment methodology may temporarily result in wider variations depending on current market conditions. The Fund expects to have a high portfolio turnover, which may result in higher transactional costs. 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 Funds sub-advisers invest the assets delegated to them by the Adviser as follows: Synergy Asset Management, LLC (Synergy) Synergy invests its allocation of the Funds assets primarily in a diversified portfolio of global equity securities and ETFs that seeks to outperform the S&P 500. Heritage Capital Advisors, LLC (Heritage) Heritage invests its allocation of the Funds assets in a diversified portfolio of global equity securities and short, intermediate, and long-term bonds. Howard Capital Management, Inc. (Howard) Howard invests its allocation of the Funds assets in domestic equity securities of any market capitalization, other investment companies, closed-end funds, ETFs, cash and cash equivalents and options. These investment companies invest in equity securities of companies in sectors, styles, and asset classes selected by the Advisers proprietary quantitative model, which indicates which investments are outperforming at any given time based on the Advisers proprietary strength criteria. The Fund expects to have a high portfolio turnover which may result in higher transactional costs. Show less