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2025-12-31 iso4217:USD pure false 485BPOS 2025-04-30 0001314414 2020-12-31 2024-06-30 2026-03-06 N-1A Northern Lights Fund Trust 2026-03-30 2026-03-06 FUND SUMMARY: TOEWS HEDGED OPPORTUNITY FUND Investment Objectives: <p id="xdx_A84_eoef--ObjectivePrimaryTextBlock_zzitpeBsybf9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks to provide long-term growth of capital. A secondary objective of the Fund is to limit risk during unfavorable market conditions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Fees and Expenses of the Fund: <p id="xdx_A8F_eoef--ExpenseNarrativeTextBlock_zMFm88p1zGYk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Shareholder Fees (fees paid directly from your investment) <div id="xdx_A85_eoef--ShareholderFeesTableTextBlock_zbnah8v90ncj"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zjVMlnHBDRWi" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 80%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Shareholder Fees"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #DDDDDD"> <td style="border: black 1pt solid; padding: 1pt 3pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Shareholder Fees<br/> </b><i>(fees paid directly from your investment)</i></span></td> <td id="xdx_496_20260306__20260306__dei--LegalEntityAxis__custom--S000027932Member__oef--ClassAxis__custom--C000084896Member_z0DqN40s8Lw5" style="border-top: black 1pt solid; padding: 1pt 3pt; font: 10pt Times New Roman, Times, Serif; width: 15%; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_405_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_z1ZyNJGYmeT2" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; padding: 1pt 3pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maximum Sales Charge (Load) Imposed on Purchases</span></td> <td style="border-right: black 1pt solid; padding: 1pt 3pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td></tr> <tr id="xdx_40E_eoef--MaximumDeferredSalesChargeOverOfferingPrice_dpn_zUglFh9mBbZ1" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; padding: 1pt 3pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maximum Deferred Sales Charge (Load)</span></td> <td style="border-right: black 1pt solid; padding: 1pt 3pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td></tr> <tr id="xdx_40E_eoef--MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther_dpn_zCTgkd01HVB4" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; padding: 1pt 3pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maximum Sales Charge (Load) Imposed on Reinvested Dividends and Other Distributions</span></td> <td style="border-right: black 1pt solid; padding: 1pt 3pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td></tr> <tr id="xdx_405_eoef--RedemptionFeeOverRedemption_dn_zRLjxnqpfH93" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; padding: 1pt 3pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Redemption Fee</span></td> <td style="border-right: black 1pt solid; padding: 1pt 3pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td></tr> </table> 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A83_eoef--AnnualFundOperatingExpensesTableTextBlock_zAUl2Fpnwg94"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_ziDc1acv4BYk" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 80%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #DDDDDD"> <td style="border-right: black 1pt solid; padding: 1pt 3pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left; width: 60%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses<br/> </b><i>(expenses that you pay each year as a percentage of the value of your investment)</i></span></td> <td id="xdx_496_20260306__20260306__dei--LegalEntityAxis__custom--S000027932Member__oef--ClassAxis__custom--C000084896Member_zY2fxJtvG0Th" style="border-right: black 1pt solid; padding: 1pt 3pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center; width: 15%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_400_eoef--ManagementFeesOverAssets_dpn_zVbY6610x4nb" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; padding: 1pt 3pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management Fees</span></td> <td style="border-right: black 1pt solid; padding: 1pt 3pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.00%</span></td></tr> <tr id="xdx_409_eoef--DistributionAndService12b1FeesOverAssets_dpn_zNCM119YfCwl" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; padding: 1pt 3pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution and/or Service (12b-1) Fees</span></td> <td style="border-right: black 1pt solid; padding: 1pt 3pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_405_eoef--OtherExpensesOverAssets_dpn_zlwY489oGoBl" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; padding: 1pt 3pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses</span></td> <td style="border-right: black 1pt solid; padding: 1pt 3pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.51%</span></td></tr> <tr id="xdx_400_eoef--Component1OtherExpensesOverAssets_dpn_zF9Lmriz739c" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 3pt 1pt 0.25in; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest Expense</span></td> <td style="border-right: black 1pt solid; padding: 1pt 3pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.01%</span></td></tr> <tr id="xdx_408_eoef--Component2OtherExpensesOverAssets_dpn_zo7PBC2lIi6g" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 3pt 1pt 0.25in; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Remaining Other Expenses</span></td> <td style="border-right: black 1pt solid; padding: 1pt 3pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.50%</span></td></tr> <tr id="xdx_402_eoef--ExpensesOverAssets_dpn_zq5Z0bJoBxl5" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; padding: 1pt 3pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses</span></td> <td style="border-right: black 1pt solid; padding: 1pt 3pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.51%</span></td></tr> <tr id="xdx_406_eoef--FeeWaiverOrReimbursementOverAssets_dp_zwuMlFROsdBf" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; padding: 1pt 3pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee Waiver and/or Expense Reimbursement<sup id="xdx_F43_zerDkLhNccG8">(1)</sup></span></td> <td style="border-right: black 1pt solid; padding: 1pt 3pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(0.25)%</span></td></tr> <tr id="xdx_40F_eoef--NetExpensesOverAssets_dpn_zDwZtHAiBHxk" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; padding: 1pt 3pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement</span></td> <td style="border-right: black 1pt solid; padding: 1pt 3pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.26%</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt auto; width: 80%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span id="xdx_F07_zxD0tEcdXb7g" style="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1)</span></td><td style="text-align: justify"><span id="xdx_F16_zpjoUZtwRlbk" style="font-family: Times New Roman, Times, Serif; font-size: 8pt">The Fund’s adviser has contractually agreed to reduce its fees and/or absorb expenses of the Fund, through at least <span id="xdx_900_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260306__20260306__dei--LegalEntityAxis__custom--S000027932Member_zNeykfG9uyO">August 31, 2027</span>, to ensure that Total Annual Fund Operating Expenses After Fee Waiver and/or Reimbursement (exclusive of any (i) front-end or contingent deferred loads; (ii) brokerage fees and commissions; (iii) acquired fund fees and expenses; (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses); (v) borrowing costs (such as interest and dividend expense on securities sold short); (vi) taxes; (vii) other fees related to underlying investments, (such as option fees and expenses or swap fees and expenses); or (viii) extraordinary expenses such as litigation (which may include indemnification of Fund officers and Trustees or contractual indemnification of Fund service providers (other than the adviser) will not exceed 1.25%; subject to possible recoupment from the Fund in future years on a rolling three year basis (within the three years after the fees have been waived or reimbursed), if such recoupment does not cause the Fund’s expense ratio (after the repayment is taken into account) to exceed both: (i) the Fund’s expense cap in place at the time such expenses were waived, and (ii) the Fund’s current expense cap at the time of recoupment. This agreement may be terminated only by the Board of Trustees, on 60 days’ written notice to the adviser.</span></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.0100 0.0000 0.0051 0.0001 0.0050 0.0151 -0.0025 0.0126 August 31, 2027 Example: <p id="xdx_A88_eoef--ExpenseExampleNarrativeTextBlock_zF3Glzpq17C1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example further assumes that the expense limitation described in the footnotes to the fee table is in effect only until the end of the 1-year period. Although your actual costs may be higher or lower, based upon these assumptions your costs would be: <div id="xdx_A89_eoef--ExpenseExampleWithRedemptionTableTextBlock_zToWQLvSbAY1"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zIsMTGwidLP3" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 60%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="width: 2%"> </td> <td id="xdx_484_eoef--ExpenseExampleYear01_zNu2xolsqi72" style="font: 10pt Times New Roman, Times, Serif; width: 24.5%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">1 Year</span></b></span></td> <td id="xdx_48A_eoef--ExpenseExampleYear03_zABKPPTGwBeg" style="font: 10pt Times New Roman, Times, Serif; width: 24.5%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">3 Years</span></b></span></td> <td id="xdx_489_eoef--ExpenseExampleYear05_zyVaRjHntcZh" style="font: 10pt Times New Roman, Times, Serif; width: 24.5%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">5 Years</span></b></span></td> <td id="xdx_48D_eoef--ExpenseExampleYear10_zZ0NQxsPvx7k" style="font: 10pt Times New Roman, Times, Serif; width: 24.5%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">10 Years</span></b></span></td></tr> <tr id="xdx_41C_20260306__20260306__dei--LegalEntityAxis__custom--S000027932Member__oef--ClassAxis__custom--C000084896Member_z5zoZlo5Wgs5" style="font: 10pt Times New Roman, Times, Serif"> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$128</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$453</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$800</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$1,780</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 128 453 800 1780 Portfolio Turnover: <p id="xdx_A8E_eoef--PortfolioTurnoverTextBlock_zqDKBh5qacCj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was <span id="xdx_90A_eoef--PortfolioTurnoverRate_dp_c20260306__20260306__dei--LegalEntityAxis__custom--S000027932Member_z2wK6UkSKGeh">422%</span> of the average value of its portfolio.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 4.22 Principal Investment Strategies: <p id="xdx_A89_eoef--StrategyNarrativeTextBlock_z4uXGolvNMK4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s adviser seeks to achieve the Fund’s investment objective by investing primarily in equity index futures contracts on equity indices compromised of U.S. and international stocks of any capitalization, and ETFs that primarily invest in U.S. and international stocks as well as investment grade fixed income securities, cash equivalents (such as US Treasury securities) and futures contracts on investment grade fixed-income securities and US Treasury securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may also invest in stocks of U.S. and international issuers and exchange traded funds (“ETFs”) that invest in such issuers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The adviser employs what it defines as a “tactical” strategy by investing in a combination of securities and derivatives that it believes will produce economic exposure along a continuum similar to that of the securities of broad-based US and international equity indices. The Fund’s secondary objective is to limit risk during unfavorable market conditions. During unfavorable market conditions there may be periods when the Fund will take a significant position in cash and/or cash equivalents. The adviser also may use a “representative sampling” indexing strategy to manage the Fund. This indexing strategy involves investing in a representative sample of securities that collectively has an investment profile similar to the U.S. and international equity indices.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund purchases/sells put and/or call options on broad-based market and futures market indices. A put option is a contract giving the owner the right, but not the obligation, to sell–or sell short–a specified amount of an underlying security at a pre-determined price within a specified time frame. A call option is a contract giving the option buyer the right, but not the obligation, to buy an asset or instrument at a specified price within a specific time period. The Fund may sell short ETFs that primarily invest in equities including equity index ETFs as well as futures contracts and derivatives on equities and equity indices. Short selling is an investment strategy that speculates on the decline in the price of a security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The adviser primarily uses technical analysis of U.S. and international equity markets. The adviser monitors, including monitoring price movements and momentum, U.S. and international equity markets in an effort to identify the proper weighting of the Fund’s portfolio. The adviser buys and sells securities and derivatives to increase or decrease the Fund’s exposure to the broad-based US and interntional indices. The adviser’s decision to buy or sell a Fund holding will be made based on current market conditions and the adviser’s determination of the appropriate exposure level to said indices. Equity index futures contracts trade on margin. To gain exposure to an equity index futures contract, a certain percentage of the Fund’s assets may be allocated to a futures broker as collateral. This collateral amount is much less than the notional exposure to the underlying index. The Fund may allocate the cash or securities not needed for collateral to fixed income ETFs or other fixed income securities and/or in an addition to fixed income derivatives. The Fund’s allocation to fixed income ETFs and/or other fixed income securities may be significant. The Fund’s adviser may engage in active and frequent trading of the Fund’s portfolio securities and derivatives to achieve the Fund’s investment objective.</span></p> <p id="xdx_A8B_eoef--RiskTextBlock_gRBRTB-VOGG_zkLSwHK9E9s5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s net asset value and performance.</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--AllocationRiskMember_zkuUfoMYlNKf"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Allocation Risk: </i>The risk that if the Fund’s strategy for allocating assets among different assets classes does not work as intended, the Fund may not achieve its objective or may underperform other funds with the same or similar investment strategy.</span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--CommonStockRiskMember_zOqmEkTCHg82"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Common Stock Risk: </i>The net asset value of the Fund will fluctuate based on changes in the value of the U.S. and/or foreign common stocks held by the Fund. Stock prices can fall rapidly in response to developments affecting a specific company or industry, or to changing economic, political or market conditions.</span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditRiskMember_zZjib4PGVFQl"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Credit Risk: </i>Issuers of fixed-income securities may default on interest and principal payments due to the Fund. Generally, securities with lower debt ratings have speculative characteristics and have greater risk the issuer will default on its obligation. For high-yield bonds, changes in economic conditions or other circumstances are more likely to lead to a weakened capacity of those issuers to make principal or interest payments, as compared to issuers of more highly-rated securities. These securities can also be thinly traded or have restrictions on resale, making them difficult to sell at an acceptable price.</span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zM5DP5MsN3O5"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Derivatives Risk: </i>The Fund may execute an investment strategy or hedge by entering into derivative contracts such as futures and swaps, which can be riskier than traditional investments because they involve leverage, may be illiquid, may suffer counterparty default and may limit gains.</span></span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketRiskMember_zlPuaFOtGYG7"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Emerging Market Risk: </i>Emerging market countries may have relatively unstable governments, weaker economies, and less-developed legal systems with fewer security holder rights. Emerging market economies may be based on only a few industries and security issuers may be more susceptible to economic weakness and more likely to default. Emerging market securities also tend to be less liquid.</span></span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfAndUnderlyingFundRiskMember_zFmnjho2McO8"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>ETF and Underlying Fund Risk: </i>ETFs and Underlying Funds are subject to investment advisory fees and other expenses, which will be indirectly paid by the Fund. As a result, your cost of investing in the Fund will be higher than the cost of investing directly in ETFs and may be higher than other mutual funds that invest directly in securities. Each ETF is subject to specific risks, depending on its investments. ETFs in which the Fund invests will not be able to replicate exactly the performance of the indices they track because the total return generated by the securities will be reduced by transaction costs incurred in adjusting the actual balance of the securities. The market value of the ETF shares may differ from their net asset value. This difference in price may be due to the fact that the supply and demand in the market for ETF shares at any point in time is not always identical to the supply and demand in the market for the underlying basket of securities. Accordingly, there may be times when an ETF share trades at a premium or discount to its net asset value.</span></td></tr></table></div><p id="xdx_A91_zKgJfzZcx4o9" style="margin-top: 0; margin-bottom: 0"> </p><div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeRiskMember_z8dZm2Esl2C8"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Fixed Income Risk: </i>When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of bond funds owned by the Fund. In general, the market price of debt securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Issuers of fixed-income securities may default on interest and principal payments due to the Fund. Generally, securities with lower debt ratings have speculative characteristics and have greater risk the issuer will default on its obligation.</span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignRiskMember_zEWnuZKswJca"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Foreign Risk:</i> The Fund could be subject to greater risks because the Fund’s performance may depend on issues other than the performance of a particular company or U.S. market sector. Changes in foreign economies and political climates are more likely to affect the Fund than a mutual fund that invests exclusively in U.S. companies. The value of foreign securities is also affected by the value of the local currency relative to the U.S. dollar.</span></span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignCurrencyRiskMember_zASAYrcIQ2b"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Foreign Currency Risk: </i>To the extent the Fund invests in securities that are denominated in foreign currencies, the value of securities denominated in foreign currencies can change significantly when foreign currencies strengthen or weaken relative to the U.S. dollar.</span></span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--FuturesRiskMember_z4JVxEesrPUg"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Futures Risk: </i>The Fund’s use of futures contracts involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) leverage risk (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the futures contract may not correlate perfectly with the underlying index. Investments in futures involve leverage, which means a small percentage of assets invested in futures can have a disproportionately large impact on the Fund. This risk could cause the Fund to lose more than the principal amount invested.</span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--HedgingRiskMember_zk1tPiktOwJg"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Hedging Risk: </i>When the adviser believes market conditions are unfavorable, the adviser may attempt to “hedge” with defensive positions and strategies including holding substantial positions in foreign or domestic fixed-income securities and/or cash equivalents, which may limit potential gains when compared to unhedged funds.</span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--InterestRateRiskMember_zOVU4mGh0Qm"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Interest Rate Risk: </i>When the Fund invests in fixed-income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of the fixed-income securities owned by the Fund. In general, the market price of debt securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities.</span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentGradeCorporateBondsMember_zVj2pOC0s991"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Investment-Grade Corporate Bonds: </i>Debt securities of industrial, utility, banking and other financial institutions that are rated at or above investment grade (BBB/Baa or higher). These securities are backed by the credit of the corporation issuing the fixed-income instrument as to the timely repayment of principal and interest.</span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--IssuerRiskMember_zOBbnrgVUCt6"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Issuer Risk: </i>Fund value might decrease in response to the activities and financial prospects of an individual company or issuer in the Fund’s portfolio. The value of an individual issuer can be more volatile than the market as a whole and can perform differently from the value of the market as a whole. The value of certain types of companies or issuers can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments.</span></span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapRiskMember_zDyTSWyBocVl"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Large Cap Risk:</i> Large-capitalization companies may be less able than smaller capitalization companies to adapt to changing market conditions. Large-capitalization companies may be more mature and subject to more limited growth potential compared with smaller capitalization companies. During different market cycles, the performance of large capitalization companies has trailed the overall performance of the broader securities markets.</span></span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zsAT4voybhz1"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Management Risk: </i>The ability of the Fund to meet its investment objective is directly related to the adviser’s investment model. The models used by the adviser to determine or guide investment decisions may not achieve the objectives of the Fund. The adviser’s assessment of the attractiveness and potential appreciation of particular investments or markets in which the Fund invests may prove to be incorrect and there is no guarantee that the adviser’s investment strategy will produce the desired results.</span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarginRiskMember_zLzH1xwVIr4d"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Margin Risk: </i>Certain derivatives require the Fund to make margin payments, a form of security deposit intended to protect against nonperformance of the derivative contract. The Fund may have to post additional margin if the value of the derivative position changes in a manner adverse to the Fund. Derivatives may be difficult to value, which may result in increased payment requirements to counterparties or a loss of value to the Fund. If the Fund has insufficient cash to meet additional margin requirements, it might need to sell securities at a disadvantageous time.</span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndGeopoliticalRiskMember_zBFmcBDwUc61"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market and Geopolitical Risk: </i>The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate change and climate-related events, pandemics, epidemics, terrorism, tariff and trade wars, international conflicts, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as a worldwide pandemic, terrorist attacks, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund. For example, the COVID-19 global pandemic had negative impacts, and in many cases severe negative impacts, on markets worldwide. It is not known how long the impacts of the significant events described above, will or would last, but there could be a prolonged period of global economic slowdown, which may impact your investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. During a general market downturn, multiple asset classes may be negatively affected. Changes in market conditions and interest rates can have the same impact on all types of securities and instruments. In times of severe market disruptions you could lose your entire investment.</span></td></tr></table></div><p id="xdx_A95_z3WJ2SeDt0Cb" style="margin-top: 0; margin-bottom: 0"> </p><div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsRiskMember_zgm8JZBs5Qzd"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Options Risk: </i>There are risks associated with the sale and purchase of call and put options. As the buyer of a put or call option, the Fund risks losing the entire premium invested in the option if the Fund does not exercise the option. As a seller (writer) of a put option, the Fund will tend to lose money if the value of the reference index or security falls below the strike price. As the seller (writer) of a call option, the Fund will tend to lose money if the value of the reference index or security rises above the strike price.</span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_z9c5fSchhWP8"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Portfolio Turnover Risk: </i>Portfolio turnover results in higher brokerage commissions, dealer mark-ups and other transaction costs and may result in taxable capital gains. Higher costs associated with increased portfolio turnover may offset gains in the Fund’s performance.</span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--ShortSalesRiskMember_zynrkwEyKZmc"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Short Sales Risk: </i>The Fund will engage in short selling and short position derivative activities, which are significantly different from the investment activities commonly associated with conservative stock or bond funds. Positions in shorted securities and derivatives are speculative and more risky than “long” positions (purchases) because the cost of the replacement security or derivative is unknown. Therefore, the potential loss on an uncovered short is unlimited, whereas the potential loss on long positions is limited to the original purchase price. You should be aware that any strategy that includes selling securities short could suffer significant losses. Shorting will also result in higher transaction costs (such as interest and dividends), which reduce the Fund’s return, and may result in higher taxes.</span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallcapAndMidcapRiskMember_zsG9L4DdYM9b"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Small-Cap and Mid-Cap Risk: </i>Small-cap and mid-cap companies may be more vulnerable than larger, more established organizations to adverse business or economic developments. These companies may have limited product lines, markets or financial resources, and they may be dependent on a limited management group.</span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxInefficiencyRiskMember_zfgqb4YJPo12"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tax Inefficiency Risk: </i>The adviser expects that most of the gains generated by the Fund will be categorized as short-term capital gains which will be subject to higher tax rates than long-term capital gains. Given the potential tax-inefficiency of the Fund, investors should consider investing through a tax-deferred account and carefully consider the tax consequences before investing.</span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuryRiskMember_zZRTHXLYsD9l"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>U.S. Treasury Risk: </i>Although the Fund invests in short-term Treasury obligations, an investment in the Fund is subject to risk even if all securities in the Fund are paid in full at maturity. All money market instruments, including U.S. Treasury obligations, can change in value in response to changes in interest rates, and a major change in rates could cause the share price to change. While U.S. Treasury obligations are backed by the full faith and credit of the U.S. government, an investment in the Fund is neither insured nor guaranteed by the Federal Deposit Insurance Corporation, U.S. government or any other government agency.</span></td></tr></table></div> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--AllocationRiskMember_zkuUfoMYlNKf"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Allocation Risk: </i>The risk that if the Fund’s strategy for allocating assets among different assets classes does not work as intended, the Fund may not achieve its objective or may underperform other funds with the same or similar investment strategy.</span></td></tr></table></div><div id="xdx_C0D_gRBRTB-VOGG_zVM4YPI0fr98"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--CommonStockRiskMember_zOqmEkTCHg82"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Common Stock Risk: </i>The net asset value of the Fund will fluctuate based on changes in the value of the U.S. and/or foreign common stocks held by the Fund. Stock prices can fall rapidly in response to developments affecting a specific company or industry, or to changing economic, political or market conditions.</span></td></tr></table></div><div id="xdx_C02_gRBRTB-VOGG_zrnpibb1Y8fg"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditRiskMember_zZjib4PGVFQl"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Credit Risk: </i>Issuers of fixed-income securities may default on interest and principal payments due to the Fund. Generally, securities with lower debt ratings have speculative characteristics and have greater risk the issuer will default on its obligation. For high-yield bonds, changes in economic conditions or other circumstances are more likely to lead to a weakened capacity of those issuers to make principal or interest payments, as compared to issuers of more highly-rated securities. These securities can also be thinly traded or have restrictions on resale, making them difficult to sell at an acceptable price.</span></td></tr></table></div><div id="xdx_C03_gRBRTB-VOGG_zK6lUxt5eLZi"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zM5DP5MsN3O5"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Derivatives Risk: </i>The Fund may execute an investment strategy or hedge by entering into derivative contracts such as futures and swaps, which can be riskier than traditional investments because they involve leverage, may be illiquid, may suffer counterparty default and may limit gains.</span></span></td></tr></table></div><div id="xdx_C0D_gRBRTB-VOGG_zWVLAhTFUVrb"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketRiskMember_zlPuaFOtGYG7"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Emerging Market Risk: </i>Emerging market countries may have relatively unstable governments, weaker economies, and less-developed legal systems with fewer security holder rights. Emerging market economies may be based on only a few industries and security issuers may be more susceptible to economic weakness and more likely to default. Emerging market securities also tend to be less liquid.</span></span></td></tr></table></div><div id="xdx_C0C_gRBRTB-VOGG_zuX3t24Cur92"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfAndUnderlyingFundRiskMember_zFmnjho2McO8"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>ETF and Underlying Fund Risk: </i>ETFs and Underlying Funds are subject to investment advisory fees and other expenses, which will be indirectly paid by the Fund. As a result, your cost of investing in the Fund will be higher than the cost of investing directly in ETFs and may be higher than other mutual funds that invest directly in securities. Each ETF is subject to specific risks, depending on its investments. ETFs in which the Fund invests will not be able to replicate exactly the performance of the indices they track because the total return generated by the securities will be reduced by transaction costs incurred in adjusting the actual balance of the securities. The market value of the ETF shares may differ from their net asset value. This difference in price may be due to the fact that the supply and demand in the market for ETF shares at any point in time is not always identical to the supply and demand in the market for the underlying basket of securities. Accordingly, there may be times when an ETF share trades at a premium or discount to its net asset value.</span></td></tr></table></div> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeRiskMember_z8dZm2Esl2C8"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Fixed Income Risk: </i>When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of bond funds owned by the Fund. In general, the market price of debt securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Issuers of fixed-income securities may default on interest and principal payments due to the Fund. Generally, securities with lower debt ratings have speculative characteristics and have greater risk the issuer will default on its obligation.</span></td></tr></table></div><div id="xdx_C03_gRBRTB-VOGG_z7C9zrYgI4R4"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignRiskMember_zEWnuZKswJca"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Foreign Risk:</i> The Fund could be subject to greater risks because the Fund’s performance may depend on issues other than the performance of a particular company or U.S. market sector. Changes in foreign economies and political climates are more likely to affect the Fund than a mutual fund that invests exclusively in U.S. companies. The value of foreign securities is also affected by the value of the local currency relative to the U.S. dollar.</span></span></td></tr></table></div><div id="xdx_C00_gRBRTB-VOGG_z9e1Y6ga5Kd6"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignCurrencyRiskMember_zASAYrcIQ2b"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Foreign Currency Risk: </i>To the extent the Fund invests in securities that are denominated in foreign currencies, the value of securities denominated in foreign currencies can change significantly when foreign currencies strengthen or weaken relative to the U.S. dollar.</span></span></td></tr></table></div><div id="xdx_C0B_gRBRTB-VOGG_zv6CoNxiPYe5"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--FuturesRiskMember_z4JVxEesrPUg"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Futures Risk: </i>The Fund’s use of futures contracts involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) leverage risk (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the futures contract may not correlate perfectly with the underlying index. Investments in futures involve leverage, which means a small percentage of assets invested in futures can have a disproportionately large impact on the Fund. This risk could cause the Fund to lose more than the principal amount invested.</span></td></tr></table></div><div id="xdx_C0E_gRBRTB-VOGG_zn0k7G8ynsHj"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--HedgingRiskMember_zk1tPiktOwJg"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Hedging Risk: </i>When the adviser believes market conditions are unfavorable, the adviser may attempt to “hedge” with defensive positions and strategies including holding substantial positions in foreign or domestic fixed-income securities and/or cash equivalents, which may limit potential gains when compared to unhedged funds.</span></td></tr></table></div><div id="xdx_C06_gRBRTB-VOGG_zwiSbzFAgLaf"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--InterestRateRiskMember_zOVU4mGh0Qm"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Interest Rate Risk: </i>When the Fund invests in fixed-income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of the fixed-income securities owned by the Fund. In general, the market price of debt securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities.</span></td></tr></table></div><div id="xdx_C01_gRBRTB-VOGG_z1fA7zJ5LY39"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentGradeCorporateBondsMember_zVj2pOC0s991"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Investment-Grade Corporate Bonds: </i>Debt securities of industrial, utility, banking and other financial institutions that are rated at or above investment grade (BBB/Baa or higher). These securities are backed by the credit of the corporation issuing the fixed-income instrument as to the timely repayment of principal and interest.</span></td></tr></table></div><div id="xdx_C0A_gRBRTB-VOGG_zqhbA6OQapVi"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--IssuerRiskMember_zOBbnrgVUCt6"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Issuer Risk: </i>Fund value might decrease in response to the activities and financial prospects of an individual company or issuer in the Fund’s portfolio. The value of an individual issuer can be more volatile than the market as a whole and can perform differently from the value of the market as a whole. The value of certain types of companies or issuers can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments.</span></span></td></tr></table></div><div id="xdx_C08_gRBRTB-VOGG_zY9iU1jQP8tb"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapRiskMember_zDyTSWyBocVl"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Large Cap Risk:</i> Large-capitalization companies may be less able than smaller capitalization companies to adapt to changing market conditions. Large-capitalization companies may be more mature and subject to more limited growth potential compared with smaller capitalization companies. During different market cycles, the performance of large capitalization companies has trailed the overall performance of the broader securities markets.</span></span></td></tr></table></div><div id="xdx_C0A_gRBRTB-VOGG_zMf6BIb7y0sb"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zsAT4voybhz1"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Management Risk: </i>The ability of the Fund to meet its investment objective is directly related to the adviser’s investment model. The models used by the adviser to determine or guide investment decisions may not achieve the objectives of the Fund. The adviser’s assessment of the attractiveness and potential appreciation of particular investments or markets in which the Fund invests may prove to be incorrect and there is no guarantee that the adviser’s investment strategy will produce the desired results.</span></td></tr></table></div><div id="xdx_C04_gRBRTB-VOGG_zgF5IiBZ4Tla"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarginRiskMember_zLzH1xwVIr4d"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Margin Risk: </i>Certain derivatives require the Fund to make margin payments, a form of security deposit intended to protect against nonperformance of the derivative contract. The Fund may have to post additional margin if the value of the derivative position changes in a manner adverse to the Fund. Derivatives may be difficult to value, which may result in increased payment requirements to counterparties or a loss of value to the Fund. If the Fund has insufficient cash to meet additional margin requirements, it might need to sell securities at a disadvantageous time.</span></td></tr></table></div><div id="xdx_C0F_gRBRTB-VOGG_zudNAifgI0n4"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndGeopoliticalRiskMember_zBFmcBDwUc61"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market and Geopolitical Risk: </i>The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate change and climate-related events, pandemics, epidemics, terrorism, tariff and trade wars, international conflicts, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as a worldwide pandemic, terrorist attacks, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund. For example, the COVID-19 global pandemic had negative impacts, and in many cases severe negative impacts, on markets worldwide. It is not known how long the impacts of the significant events described above, will or would last, but there could be a prolonged period of global economic slowdown, which may impact your investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. During a general market downturn, multiple asset classes may be negatively affected. Changes in market conditions and interest rates can have the same impact on all types of securities and instruments. In times of severe market disruptions you could lose your entire investment.</span></td></tr></table></div> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsRiskMember_zgm8JZBs5Qzd"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Options Risk: </i>There are risks associated with the sale and purchase of call and put options. As the buyer of a put or call option, the Fund risks losing the entire premium invested in the option if the Fund does not exercise the option. As a seller (writer) of a put option, the Fund will tend to lose money if the value of the reference index or security falls below the strike price. As the seller (writer) of a call option, the Fund will tend to lose money if the value of the reference index or security rises above the strike price.</span></td></tr></table></div><div id="xdx_C04_gRBRTB-VOGG_zaSdN1nme3ag"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_z9c5fSchhWP8"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Portfolio Turnover Risk: </i>Portfolio turnover results in higher brokerage commissions, dealer mark-ups and other transaction costs and may result in taxable capital gains. Higher costs associated with increased portfolio turnover may offset gains in the Fund’s performance.</span></td></tr></table></div><div id="xdx_C05_gRBRTB-VOGG_ziBzQuphWXy3"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--ShortSalesRiskMember_zynrkwEyKZmc"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Short Sales Risk: </i>The Fund will engage in short selling and short position derivative activities, which are significantly different from the investment activities commonly associated with conservative stock or bond funds. Positions in shorted securities and derivatives are speculative and more risky than “long” positions (purchases) because the cost of the replacement security or derivative is unknown. Therefore, the potential loss on an uncovered short is unlimited, whereas the potential loss on long positions is limited to the original purchase price. You should be aware that any strategy that includes selling securities short could suffer significant losses. Shorting will also result in higher transaction costs (such as interest and dividends), which reduce the Fund’s return, and may result in higher taxes.</span></td></tr></table></div><div id="xdx_C01_gRBRTB-VOGG_z0y8vuAuepAd"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallcapAndMidcapRiskMember_zsG9L4DdYM9b"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Small-Cap and Mid-Cap Risk: </i>Small-cap and mid-cap companies may be more vulnerable than larger, more established organizations to adverse business or economic developments. These companies may have limited product lines, markets or financial resources, and they may be dependent on a limited management group.</span></td></tr></table></div><div id="xdx_C09_gRBRTB-VOGG_znr6EoZgr651"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxInefficiencyRiskMember_zfgqb4YJPo12"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tax Inefficiency Risk: </i>The adviser expects that most of the gains generated by the Fund will be categorized as short-term capital gains which will be subject to higher tax rates than long-term capital gains. Given the potential tax-inefficiency of the Fund, investors should consider investing through a tax-deferred account and carefully consider the tax consequences before investing.</span></td></tr></table></div><div id="xdx_C06_gRBRTB-VOGG_zBffA3YEe3a2"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuryRiskMember_zZRTHXLYsD9l"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>U.S. Treasury Risk: </i>Although the Fund invests in short-term Treasury obligations, an investment in the Fund is subject to risk even if all securities in the Fund are paid in full at maturity. All money market instruments, including U.S. Treasury obligations, can change in value in response to changes in interest rates, and a major change in rates could cause the share price to change. While U.S. Treasury obligations are backed by the full faith and credit of the U.S. government, an investment in the Fund is neither insured nor guaranteed by the Federal Deposit Insurance Corporation, U.S. government or any other government agency.</span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Performance: <p id="xdx_A84_eoef--PerformanceNarrativeTextBlock_zCEwAwECqKCl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The bar chart and performance table below show the variability of the Fund’s returns, which is some indication of the risks of investing in the Fund. The bar chart shows performance of the Fund’s shares for each full calendar year since the Fund’s inception. The performance table compares the performance of the Fund’s shares over time to the performance of a broad-based securities market index and a supplemental index. You should be aware that the Fund’s past performance (before and after taxes) may not be an indication of how the Fund will perform in the future. Updated performance information is available at no cost by calling 1-877-558-6397.</span></p> Performance Bar Chart Calendar Years Ended December 31   <div id="xdx_A82_eoef--BarChartTableTextBlock_zrNOV7sXNLs3"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zyefHoCnlg3j" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; display: none" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top; text-align: left"> <td style="width: 10%"> </td> <td id="xdx_495_20160101__20161231_zueAZIhnetkj" style="width: 9%">2016</td> <td id="xdx_495_20170101__20171231_zhQSrTiTMUp7" style="width: 9%">2017</td> <td id="xdx_495_20180101__20181231_zsv40sdztc0h" style="width: 9%">2018</td> <td id="xdx_495_20190101__20191231_zKTLIyLdfp9" style="width: 9%">2019</td> <td id="xdx_495_20200101__20201231_zujrDKgWIw45" style="width: 9%">2020</td> <td id="xdx_495_20210101__20211231_zV72hU0Bm0U1" style="width: 9%">2021</td> <td id="xdx_495_20220101__20221231_zTV6IPZWrfb" style="width: 9%">2022</td> <td id="xdx_495_20230101__20231231_zlw4wKwhjNu" style="width: 9%">2023</td> <td id="xdx_495_20240101__20241231_zdJp1R8HMeUl" style="width: 9%">2024</td> <td id="xdx_495_20250101__20251231_z23oHwqfMZGj" style="width: 9%">2025</td></tr> <tr id="xdx_402_eoef--AnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000027932Member__oef--ClassAxis__custom--C000084896Member_zaf18xfWIm62" style="vertical-align: top; text-align: left"> <td> </td> <td>-5.28%</td> <td>11.26%</td> <td>-8.51%</td> <td>10.05%</td> <td>34.68%</td> <td>-1.37%</td> <td>-12.49%</td> <td>9.18%</td> <td>-5.37%</td> <td>8.77%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><img alt="(BAR GRAPH)" src="to002_v1.jpg"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> -0.0528 0.1126 -0.0851 0.1005 0.3468 -0.0137 -0.1249 0.0918 -0.0537 0.0877 <div id="xdx_A8D_eoef--BarChartClosingTextBlock_zvBtWJPFnuwk"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 50%; border-collapse: collapse; margin-right: auto"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_987_eoef--HighestQuarterlyReturnLabel_c20260306__20260306__dei--LegalEntityAxis__custom--S000027932Member_zXGqxRpOKr3c" style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Best Quarter:</span></td> <td id="xdx_984_eoef--BarChartHighestQuarterlyReturnDate_dxH_c20260306__20260306__dei--LegalEntityAxis__custom--S000027932Member_zzfepX0gTwv8" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: center" title="::XDX::2020-12-31"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12/31/2020</span></td> <td id="xdx_981_eoef--BarChartHighestQuarterlyReturn_dp_c20260306__20260306__dei--LegalEntityAxis__custom--S000027932Member_zSM1IENzjmb6" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.15%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_986_eoef--LowestQuarterlyReturnLabel_c20260306__20260306__dei--LegalEntityAxis__custom--S000027932Member_z9myiOn2qiHf" style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Worst Quarter:</span></td> <td id="xdx_98C_eoef--BarChartLowestQuarterlyReturnDate_dxH_c20260306__20260306__dei--LegalEntityAxis__custom--S000027932Member_zTJa7CqyMRm9" style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center" title="::XDX::2024-06-30"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6/30/2024</span></span></td> <td id="xdx_984_eoef--BarChartLowestQuarterlyReturn_dp_c20260306__20260306__dei--LegalEntityAxis__custom--S000027932Member_zGAVUne99nzg" style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(9.41)%</span></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_eoef--YearToDateReturnLabel_c20260306__20260306__dei--LegalEntityAxis__custom--S000027932Member_zbcO2yrAD2J1">The total return for Fund shares</span> from January 1, 2025 to <span id="xdx_908_eoef--BarChartYearToDateReturnDate_c20260306__20260306__dei--LegalEntityAxis__custom--S000027932Member_zTwRwnzaeDM7">June 30, 2025</span> was <span id="xdx_904_eoef--BarChartYearToDateReturn_dp_c20260306__20260306__dei--LegalEntityAxis__custom--S000027932Member_zFK7WsiUblZa">0.94%</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Best Quarter: 0.1915 Worst Quarter: -0.0941 The total return for Fund shares 2025-06-30 0.0094 Performance Table Average Annual Total Returns (For periods ended December 31, 2025)   <div id="xdx_A83_eoef--PerformanceTableTextBlock_zMfaOCRkXmhe"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_ziXDPoZScwxh" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 90%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #D9D9D9"> <td style="border: black 1pt solid; white-space: nowrap; padding: 1pt 3pt; font: 10pt Times New Roman, Times, Serif; width: 40%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_498_20250101__20251231_zBdGSbKZoI5d" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 3pt; white-space: nowrap; vertical-align: bottom; width: 10%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>One<br/> Year</i></b></span></td> <td id="xdx_499_20210101__20251231_zDHES2vwdcJ2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 3pt; white-space: nowrap; vertical-align: bottom; width: 10%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Five<br/> Years</i></b></span></td> <td id="xdx_49A_20160101__20251231_zmVfF5e16yZb" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 3pt; white-space: nowrap; vertical-align: bottom; width: 10%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Ten<br/> Years</i></b></span></td> <td id="xdx_495_20100604__20251231_zR8lbeQgasg6" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 3pt; white-space: nowrap; vertical-align: bottom; width: 10%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Since Inception<br/> of the Fund<br/> (<span id="xdx_907_eoef--PerfInceptionDate_c20250101__20251231__dei--LegalEntityAxis__custom--S000027932Member__oef--ClassAxis__custom--C000084896Member_zbBH3op9KBRe">6-4-10</span>)</i></b></span></td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000027932Member__oef--ClassAxis__custom--C000084896Member_zif4iO0Sbdpa" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; padding: 1pt 3pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_eoef--AverageAnnualReturnLabel_c20250101__20251231__dei--LegalEntityAxis__custom--S000027932Member__oef--ClassAxis__custom--C000084896Member_zd5ZkdlOuI9e">Return before taxes</span></span></td> <td style="border-right: black 1pt solid; vertical-align: bottom; padding: 1pt 3pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.77%</span></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 3pt; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(0.61)%</span></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 3pt; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.32%</span></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 3pt; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.48%</span></span></td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000027932Member__oef--ClassAxis__custom--C000084896Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zwSDgswHtTEd" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; padding: 1pt 3pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Return after taxes on distributions</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 3pt; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.65%</span></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 3pt; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2.35)%</span></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 3pt; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.33%</span></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 3pt; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.39%</span></span></td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000027932Member__oef--ClassAxis__custom--C000084896Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zpYFSZRumgp3" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; padding: 1pt 3pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Return after taxes on distributions and sale of Fund shares</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 3pt; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.22%</span></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 3pt; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(0.99)%</span></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 3pt; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.28%</span></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 3pt; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.44%</span></span></td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000027932Member__oef--PerformanceMeasureAxis__custom--SAndP500TotalReturnIndexMember_zQt2qahoFBvi" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; padding: 1pt 3pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">S&amp;P 500 Total Return Index<span id="xdx_F49_zz7uFXhO1pX4">*</span></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 3pt; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">17.88%</span></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 3pt; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.42%</span></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 3pt; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.82%</span></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 3pt; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.82%</span></span></td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000027932Member__oef--PerformanceMeasureAxis__custom--MorningstarUSSmallCapTotalReturnIndexMember_zshLeRfEcRM9" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; padding: 1pt 3pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Morningstar US Small Cap Total Return Index<span id="xdx_F42_zSdwoN8GWEW3">**</span></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 3pt; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.20%</span></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 3pt; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.29%</span></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 3pt; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.74%</span></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 3pt; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.95%</span></span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt auto; width: 90%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span id="xdx_F08_zzPG1hRanNP5" style="font-family: Times New Roman, Times, Serif; font-size: 8pt">*</span></td><td style="text-align: justify"><span id="xdx_F18_zMAhMTBUIME8" style="font-family: Times New Roman, Times, Serif; font-size: 8pt">The S&amp;P 500 Total Return Index is a capitalization-weighted index of 500 stocks. The index is designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. The Total Return version of the index is shown. Investors cannot invest directly in an index.</span></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt auto; width: 90%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span id="xdx_F06_zMwBpYOzR3Ag" style="font-family: Times New Roman, Times, Serif; font-size: 8pt">**</span></td><td style="text-align: justify"><span id="xdx_F14_z1dJslk3uYBi" style="font-family: Times New Roman, Times, Serif; font-size: 8pt">The Morningstar US Small Cap Total Return Index measures the performance of stocks issued by small-capitalization companies that are domiciled or principally traded in the United States. Investors cannot invest directly in an index or benchmark.</span></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 2010-06-04 Return before taxes 0.0877 -0.0061 0.0332 0.0348 0.0665 -0.0235 0.0233 0.0239 0.0522 -0.0099 0.0228 0.0244 0.1788 0.1442 0.1482 0.1482 0.1220 0.0729 0.0974 0.1095 <p id="xdx_A81_eoef--PerformanceTableClosingTextBlock_z0utDrHSPu9d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_eoef--PerformanceTableUsesHighestFederalRate_c20260306__20260306__dei--LegalEntityAxis__custom--S000027932Member_zzk7a9xWYXVh">After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes.</span> <span id="xdx_908_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260306__20260306__dei--LegalEntityAxis__custom--S000027932Member_zwSaJLY2AnT4">Actual after-tax returns depend on a shareholder’s tax situation and may differ from those shown. The after-tax returns are not relevant if you hold your Fund shares in tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRA”).</span></span></p> After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholder’s tax situation and may differ from those shown. The after-tax returns are not relevant if you hold your Fund shares in tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRA”). The Fund’s adviser has contractually agreed to reduce its fees and/or absorb expenses of the Fund, through at least August 31, 2027, to ensure that Total Annual Fund Operating Expenses After Fee Waiver and/or Reimbursement (exclusive of any (i) front-end or contingent deferred loads; (ii) brokerage fees and commissions; (iii) acquired fund fees and expenses; (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses); (v) borrowing costs (such as interest and dividend expense on securities sold short); (vi) taxes; (vii) other fees related to underlying investments, (such as option fees and expenses or swap fees and expenses); or (viii) extraordinary expenses such as litigation (which may include indemnification of Fund officers and Trustees or contractual indemnification of Fund service providers (other than the adviser) will not exceed 1.25%; subject to possible recoupment from the Fund in future years on a rolling three year basis (within the three years after the fees have been waived or reimbursed), if such recoupment does not cause the Fund’s expense ratio (after the repayment is taken into account) to exceed both: (i) the Fund’s expense cap in place at the time such expenses were waived, and (ii) the Fund’s current expense cap at the time of recoupment. This agreement may be terminated only by the Board of Trustees, on 60 days’ written notice to the adviser. The S&P 500 Total Return Index is a capitalization-weighted index of 500 stocks. The index is designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. The Total Return version of the index is shown. Investors cannot invest directly in an index. The Morningstar US Small Cap Total Return Index measures the performance of stocks issued by small-capitalization companies that are domiciled or principally traded in the United States. Investors cannot invest directly in an index or benchmark.