The Fund is primarily comprised of (i) equity securities of domestic companies of any market capitalization, domestic equity futures contracts and/or unaffiliated exchange traded funds (“ETFs” and sometimes referred to in this Prospectus as “Underlying Funds”) that are actively or passively managed that invest in those companies (“Equity ETFs”), (ii) put and call options on equity indices and Equity ETFs, (iii) 5- and 10-Year Treasury Note futures contracts and (iv) investment grade short-term fixed income securities (i.e., short-term U.S. Treasuries) and ETFs that invest in those fixed income securities (“Fixed Income ETFs”).

The Adviser utilizes rules-based, quantitative systems to measure market risk and select securities to buy and sell for the Fund. The Adviser adjusts the Fund’s equity market exposure based upon its proprietary models as necessary. These models may utilize factors including, but not limited to, momentum and trend (e.g., price return), market structure (e.g., liquidity), volatility, cross-asset signals (e.g., correlation), seasonality, and fundamentals (e.g., earnings growth) to determine whether the domestic equity market offers the potential for acceptable risk-adjusted returns (lower volatility and higher price momentum) that the Adviser deems in its judgment to likely produce positive returns to the Fund. If so, the Fund invests in domestic equities, domestic equity futures contracts and/or Equity ETFs.

If not, the Fund invests in investment grade short-term fixed income securities or Fixed Income ETFs. The Fund may invest in 5- and 10-Year U.S. Treasury Note futures contracts when the Adviser’s proprietary models indicate that such a position may offer a positive expected return or meaningful diversification benefits for the portfolio. These models may utilize factors including, but not limited to, value (e.g., real yield), trend (e.g., price return), carry (e.g., steepness of the yield curve), and correlation. The Fund is “Return Stacked”® because the returns of the risk managed fixed income strategy are stacked on top of the returns of the risk managed equity strategy.

The Fund may buy (or sell) contracts that give the Fund the right to sell an underlying asset at a specific time, i.e., put options (or put spreads) on equity indices and Equity ETFs when the Adviser’s proprietary models indicate that such a position may offer a hedge against a sharp decline in domestic or foreign equity markets. The Fund may buy (or sell) contracts that give the Fund the right to buy an underlying asset at a specific time, i.e., call options (or call spreads) on equity indices and equity ETFs when the Adviser’s proprietary models indicate that the domestic markets may experience a sharp rally in domestic or foreign equity markets. Under normal circumstances, the Fund invests 1-5% of its portfolio in a combination of put and call options. These investments may be used for hedging purposes.

The Fund has the flexibility to invest in any combination of the securities described in the first paragraph above. Under normal circumstances, the Fund invests at least 80% of its net assets, plus borrowings for investment purposes, in (a) domestic equity securities, domestic equity futures contracts and ETFs that, in the aggregate, provide exposure to the U.S. equity markets, and (b) U.S. Treasuries and/or U.S. Treasury future contracts that provide the Fund with indirect exposure to the performance of the U.S. treasury bond market. For purposes of complying with its “80%” policy, the Fund will use the market value of any put or call options in which it invests. Market value refers to the current price at which an option can be bought or sold on an exchange or through a broker. The Fund’s “80%” policy is non-fundamental and can be changed without shareholder approval. The Fund makes direct investments in U.S. Treasuries for capital preservation, capital appreciation and collateral for futures contracts.

The Fund may use investment leverage as part of its principal investment strategy. The Fund typically expects to invest an amount approximately equal to its net assets directly in a portfolio of equity securities and/or ETFs while also maintaining exposure to 5- and 10-Year U.S. Treasury Notes through futures contracts as part of this leverage strategy. The Fund’s total investment exposure is typically less than 200% of the Fund’s net asset value, with derivative exposure between 35-90% under normal circumstances.