Fund Description

The fund invests at least 80% of net assets in U.S.-traded equity securities of energy services companies and in derivatives, primarily futures and options on securities, futures, and stock indices. The advisor uses a proprietary quantitative and qualitative process with screens for price, liquidity, and tradability, then applies a proprietary modified capitalization weighting, with adjustments for regulatory limits or as deemed appropriate. It may invest significantly in small- to mid-cap companies, may use ADRs for foreign exposure, and may hold U.S. government securities. Derivatives may create financial leverage that magnifies the fund's exposure to increases or decreases in prices associated with a reference asset and increases the volatility of the fund's portfolio, and while such leverage has the potential to produce greater gains, it also may result in greater losses. The fund is non-diversified.