Strategy. SMI Advisory Services, LLC (the Advisor), the adviser to the Dynamic Allocation Fund, uses a Dynamic Asset Allocation strategy to achieve the Dynamic Allocation Funds investment objective. This strategy involves investing in open-end mutual funds, exchange-traded funds (ETFs), and publicly traded partnerships (PTPs) (collectively, Underlying Funds) that invest in securities including, but not limited to, the following asset classes U.S. Equities, International Equities, Fixed Income Securities, Commodities, Alternative Investments, and Cash. The Underlying Funds may include one or more ETFs that employ momentum and trend-based investing strategies, including the SMI 3Fourteen REAL Asset Allocation ETF, managed by the Advisor or an affiliate of the Advisor. The strategy may result in the Fund investing a significant portion of its assets in … Show more… SMI Advisory Services, LLC (the Advisor), the adviser to the Dynamic Allocation Fund, uses a Dynamic Asset Allocation strategy to achieve the Dynamic Allocation Funds investment objective. This strategy involves investing in open-end mutual funds, exchange-traded funds (ETFs), and publicly traded partnerships (PTPs) (collectively, Underlying Funds) that invest in securities including, but not limited to, the following asset classes U.S. Equities, International Equities, Fixed Income Securities, Commodities, Alternative Investments, and Cash. The Underlying Funds may include one or more ETFs that employ momentum and trend-based investing strategies, including the SMI 3Fourteen REAL Asset Allocation ETF, managed by the Advisor or an affiliate of the Advisor. The strategy may result in the Fund investing a significant portion of its assets in one or a few Underlying Funds. Markets experience times of inflation, deflation, economic growth and recession. The Advisor believes value can be added by adjusting portfolio exposure between the asset classes as changes in market environments are identified. The factors considered in determining asset class weighting include, but are not limited to, each classs total returns for the most recent one, three, six, and twelve months, changes in those returns, asset flows, regression analysis and historical volatility. The Advisor periodically rebalances the Dynamic Allocation Funds asset allocation in response to market conditions as well as to balance the Dynamic Allocation Funds exposure to the asset classes. The Dynamic Allocation Funds investment strategy involves active trading, which may result in a high portfolio turnover rate. The Dynamic Allocation Fund obtains its exposure to the particular asset classes by investing in the instruments below: U.S. Equities The Dynamic Allocation Fund may invest in Underlying Funds that invest primarily in the equity securities of companies located in the United States. The Underlying Funds may invest in companies of any market capitalization. The Dynamic Allocation Fund may also invest in Underlying Funds that utilize derivatives, such as investing in futures contracts. International Equities The Dynamic Allocation Fund may invest in Underlying Funds that invest primarily in the equity securities of companies located outside of the United States, including issuers located in emerging market countries. The Underlying Funds may invest in companies of any market capitalization. The Dynamic Allocation Fund may also invest in Underlying Funds that utilize derivatives, such as investing in futures contracts. Fixed Income Securities The Dynamic Allocation Fund may invest in Underlying Funds that invest primarily in fixed income securities of varying maturities and credit qualities including high-risk debt securities (or junk bonds). There are no limits on the level of investment in which the Dynamic Allocation Fund may invest with respect to high-risk debt securities and there is no average weighted maturity of the securities in which the Dynamic Allocation Fund must invest. The Underlying Funds may invest in fixed income securities denominated in foreign currencies. The Underlying Funds may also invest in derivative instruments, such as options, futures contracts, currency forwards or credit default swap agreements. Commodities The Dynamic Allocation Fund may invest in Underlying Funds that invest primarily in precious metals, in energy-related and other commodities, including, but not limited to oil, natural gas and gasoline, and in mining and other commodity/precious metal related companies. The Dynamic Allocation Fund may also invest in Publicly Traded Partnerships (PTPs) that invest in commodities. PTPs are traded on stock exchanges or markets such as the New York Stock Exchange and NASDAQ. They are generally treated as pass-through entities for tax purposes; they do not ordinarily pay income taxes, but pass their earnings on to unit holders. Alternative Investments The Dynamic Allocation Fund may invest in Underlying Funds that invest in alternative investments, such as real estate securities or real estate investment trusts (REITs), Bitcoin, and other alternative assets and strategies. The Dynamic Allocation Fund may invest in Underlying Funds that use alternative strategies. Alternative strategies may include, but are not limited to, strategies such as: Long/Short, Market Neutral, Global Macro, Trend-Following, Merger Arbitrage, Convertible Arbitrage, and Event Driven. An Underlying Fund may use one of these strategies or a combination of such strategies. A brief description of each strategy follows: ? Long/Short Strategy is an investment strategy that seeks to take a long position in underpriced stocks while selling short, overpriced shares. A Long/Short strategy seeks to augment traditional long-only investing by taking advantage of profit opportunities from securities identified as both under-valued and over-valued. ? A Market Neutral Strategy seeks to profit regardless of an upward or downward market environment, typically through the use of paired long and short positions or derivatives. These strategies can potentially serve to mitigate market risk as they seek to generate positive returns in all market environments. ? A Global Macro Strategy is a hedge fund or mutual fund strategy that bases its holdings primarily on the overall economic and political views of various countries or their macroeconomic principles. ? A Trend-Following Strategy or trend trading is a trading strategy according to which one should buy an asset when its price trend goes up, and sell when its trend goes down, expecting price movements to continue. ? Merger Arbitrage, otherwise known as risk arbitrage, is an investment strategy that aims to generate profits from successfully completed mergers and/or takeovers. It is a type of event-driven investing that aims to capitalize on differences between stock prices before and after mergers. ? Convertible Arbitrage is a relative value strategy in which a fund profits based on the pricing discrepancy between a companys convertible bonds and its underlying stock. ? An Event-Driven strategy refers to an investment strategy in which an institutional investor attempts to profit from a stock mispricing that may occur during or after a corporate event. The Dynamic Allocation Fund may invest in Underlying Funds that utilize derivatives, such as investing in futures contracts. Cash (and cash equivalents) The Dynamic Allocation Fund may invest in short-term cash instruments including U.S. Treasury securities, repurchase agreements, short-term debt instruments, money market deposit accounts, and money market funds and ETFs that focus on investing in the foregoing. The Dynamic Allocation Fund indirectly will bear its proportionate share of all management fees and other expenses of the Underlying Funds in which it invests. Therefore, the Dynamic Allocation Fund will incur higher expenses than other mutual funds that invest directly in securities. Actual expenses are expected to vary with changes in the allocation of the Dynamic Allocation Funds assets among the various Underlying Funds in which the Dynamic Allocation Fund invests. Show less