Tactical Income ETF (TBND) Exchange: NYSE ARCA

In pursuing the Fund’s investment objective, the Fund will invest in exchange-traded funds (“ETFs”) that primarily invest in fixed income securities, real estate investment trusts (“REITs”), master limited partnerships (“MLPs”), dividend paying equity stocks including utility stocks, and exchange-traded notes (“ETNs”). Fixed Income ETFs will include those that invest in domestic and foreign fixed income securities of any credit rating maturity and duration. Such fixed income securities will include high yield bonds (commonly known as “junk bonds”). The Fund considers high yield bonds to be those that are rated lower than Baa3 by Moody’s Investors Service or lower than BBB- by Standard & Poor’s rating group. High yield bonds have a higher expected rate of default than investment grade bonds.   The day-to-day portfolio management of the Fund is delegated to a sub-adviser by the Adviser. The sub-adviser follows a proprietary tactical model in managing the Fund’s assets. The sub-adviser’s model evaluates market trends in various asset classes across different time frames. When the sub-adviser’s model indicates a positive market trend, the Fund will be invested in fixed income, REIT, MLP and dividend-paying equity stock ETFs and ETNs. When the sub-advisers model indicates a negative market trend, the Fund will invest in money market funds or other cash equivalents.   The Fund may also invest in ETFs that provide the inverse of the return of high yield bonds, U.S. treasury securities, REITs, MLPs, utilities, and dividend stocks. The Fund may also invest in leveraged ETFs. In managing the Fund’s portfolio, the sub-adviser will engage in frequent trading, resulting in a high portfolio turnover rate.   The sub-adviser uses multiple investment models that combine market trend and counter trend following, and market analysis across asset classes to determine when to buy, sell, or hold a security. The sub-adviser uses trend following models to track and purchase securities that are perceived as increasing in value and to avoid securities that are perceived to be decreasing in value. Furthermore, the sub-adviser uses intermarket analysis to look for divergences between asset classes that tend to either move together or move apart.