Fund Description

The fund invests substantially all (at least 80%) of net assets in U.S.-traded equity securities of retailing companies and in derivatives, primarily futures contracts and options on securities, futures contracts, and stock indices. The adviser uses proprietary quantitative and qualitative screens for price, liquidity, and tradability, then weights holdings using a proprietary modified capitalization approach, with portfolio adjustments for regulatory limits or adviser discretion. It can invest significantly in small- and mid-cap retailing companies, use ADRs for foreign retail exposure, and hold U.S. government securities. Derivatives can create leverage, magnifying volatility and potentially requiring sales to meet leverage, margin, collateral, or redemption needs. It may trade near market close to stay fully invested.