Rational NuWave Enhanced Market Opportunity Fund Institutional Shares (NUXIX) Exchange: NMFQS

The Fund invests in a portfolio of equity securities (the “Equity Component”) in combination with long and short positions in commodities and financial futures (the “Futures Component”). The Fund’s investments in the Futures Component will result in economic leverage, which means the sum of the Fund’s investment exposures through the Futures Component may significantly exceed the amount of assets invested in the Futures Component, although these exposures may vary over time. Under normal market conditions, the Fund’s sub-advisor, NuWave Investment Management, LLC (the “Sub-Advisor”), generally expects that the notional exposure to each of the Equity Component and Futures Component will be approximately 50% (through the allocation of (i) approximately 75% of the Fund’s net assets to the Equity Component by investing in equity securities and (ii) approximately 25% of the Fund’s net assets to the Futures Component by investing in commodity and financial futures, as well as cash and cash equivalents, as described below). Such percentages will vary based upon the Sub-Advisor’s investment outlook and assessment of prevailing market conditions. The combined portfolio is structured to be broadly diversified across markets, time horizons and trading styles, and the Sub-Advisor aims to achieve a substantial degree of non-correlation between the Equity Component and the Futures Component.  Equity Component. The Equity Component is comprised primarily of common stocks and exchange-traded funds (“ETFs”) invested in common stock of domestic and foreign companies traded on US stock exchanges. Although the Fund may invest in companies of any market capitalization without limit, the Fund expects to be invested predominately in companies with market capitalizations of $5 billion or more at the time of purchase.  The Equity Component of the strategy employs a systematic process to identify repetitive patterns of price behavior that are indicative of prevailing market sentiment and/or institutional money flows into or out of individual securities and sectors. These factors are often indicative of large scale asset allocation shifts, sector rotation opportunities, and/or shifting sentiment indicators. Individual stocks that are expected to outperform the benchmark index are targeted for inclusion in the portfolio, while those that are expected to underperform are either liquidated or excluded. The systematic portfolio selection process is further constrained real-time with respect to individual position size and sector exposure in order to ensure a meaningful variety of market exposures. Holding periods range from intraday to several weeks in length (depending upon the persistence of trending price behaviors).  Futures Component. The Futures Component of the Fund’s portfolio holds long and short positions on futures contracts and maintains cash and cash equivalents, including money market funds, to be utilized as margin or collateral. The Futures Component of the Fund’s assets will be allocated among various asset classes, including exposure to both financial futures (stock indices, fixed income and currencies) and commodity futures (energies, metals, grains, softs and meats). Investments may be made in domestic and foreign markets. Investment in these instruments may be made by the Fund directly or indirectly by investing through its Subsidiary (as described below).  The Futures Component of the strategy employs a multi-model trend-based approach to invest both long and short across a diverse selection of liquid financial and commodities futures markets. This component of the strategy seeks to identify price trends through the application of hundreds of individual trading models, which collectively provide exposure to short-, intermediate- and long-term trading opportunities. The underlying trading models are selected based upon their individual risk/return characteristics, as well as their ability to smooth/diversify overall portfolio returns. While each of the trading models trades the same set of broadly diversified futures markets, each is also differentiated by a unique trading style and time frame.  Investments in Subsidiary. The Advisor executes a portion of the Fund’s strategy by investing up to 25% of its total assets in a wholly owned and controlled subsidiary (the “Subsidiary”). The Subsidiary invests the majority of its assets in commodities and other futures contracts. The Subsidiary is subject to the same investment restrictions as the Fund, when viewed on a consolidated basis. The Advisor and Sub-Advisor to the Fund are also Advisor and Sub-Advisor to the Subsidiary.  The Sub-Advisor may engage in frequent trading of the Fund’s portfolio in pursuing its strategy for the Fund.  The Fund is classified as “non-diversified” for purposes of the Investment Company Act of 1940, as amended (the “1940 Act”), which means a relatively high percentage of the Fund’s assets may be invested in the securities of a limited number of companies that could be in the same or related economic sectors.