The Fund normally invests at least 80% of its assets in equity securities of issuers located outside of the United States or in investments that are economically tied to such equity securities. The Fund seeks to achieve its investment objective by investing under normal circumstances in a portfolio of equity securities of international companies that are believed to exhibit strong fundamental attributes. The Fund’s investment adviser, IronHorse Capital LLC (“IronHorse” or the “Adviser”), develops the composition of the Fund’s portfolio using technical, fundamental and quantitative analysis to select equity securities that meet specific value-oriented criteria. The Fund’s investment in shares of other investment companies, including exchange-traded funds (“ETFs”), and derivative instruments (marked-to-market) will be counted toward the 80% policy discussed above to the extent such investments have economic characteristics similar to equity securities. The Fund will consider the investments of underlying funds of such investment companies, including ETFs, when determining compliance with its 80% policy.

The Adviser employs a fundamentals-based quantitative factor model to attempt to identify investments that are undervalued by the market in comparison to the Adviser’s assessment of the investments’ intrinsic value. The model relies upon fundamental metrics which include, but are not limited to: cash flow generation, undervaluation relative to peers and the overall market across a range of fundamental ratios, and balance sheet metrics. The Fund incorporates macro-economic and macro-market analysis into the analytical process to complement the Fund’s fundamental analytical framework. Once investment opportunities meeting these fundamental criteria are identified, the Adviser employs a proprietary relative performance-based technical analysis model. The technical model evaluates the momentum, pricing behavior and chart patterns of each security to trigger buy and sell decisions. No individual securities will be purchased unless all specific fundamental and technical criteria are satisfied. Once in the portfolio, the Adviser regularly evaluates each portfolio investment against the relative performance-based technical analysis model used during the evaluation period. The Adviser will generally sell an investment whose price the Adviser believes is no longer undervalued by the market in comparison to the Adviser’s assessment of the investments’ intrinsic value, as a result of a material change in the business of the issuer or a material appreciation in the price of the security, or if the Adviser believes that a more attractive investment opportunity becomes available.

The Fund will be invested in a diversified portfolio of common stocks of issuers based in developed international markets and in emerging market countries, or equity-equivalent securities or derivatives whose values are based on common stocks, such as options (stock or stock index), futures contracts (stock or stock index) and index swaps. The Fund may invest in emerging market securities without limit. The Fund may invest in common stocks of large-cap companies, as well as small and mid-cap companies with market capitalization of at least $500 million. The Adviser typically purchases stocks on host exchanges of a company’s respective country of domicile, allowing the Fund to benefit from pure currency diversification.

The Fund prioritizes managing risk exposures. When the Adviser’s macro analysis indicates that market risks have risen, the Fund may employ hedges such as cash or simple index options to preserve portfolio returns. If employed, index derivatives will represent only a portion of the Fund’s expected investments. The Fund may also engage in short sales of equity index ETFs and similar instruments to manage risk. The Fund’s typical net exposure as a percentage of the Fund’s assets will range from 50% net long to 100% net long. The Fund may engage in active trading of portfolio securities to achieve its investment goal.

The Fund may also engage in securities lending to generate income.