Fund Description

The fund invests at least 80% of net assets in U.S.-traded equity securities of telecommunications companies and in derivatives, primarily futures and options on securities, futures, and stock indices. The advisor uses a proprietary quantitative and qualitative process, screening for price, liquidity, and tradability, then applies a proprietary modified capitalization weighting, with adjustments for regulatory limits or as deemed appropriate. The fund may significantly invest in small- to mid-cap telecommunications firms, may use ADRs for foreign exposure, and may hold U.S. government securities. Derivatives may create leverage, magnifying gains or losses and increasing volatility; leverage limits, margin or collateral needs, or redemptions may prompt sales. It is non-diversified.