The fund invests primarily in common stocks of companies that are selected using the investment advisor’s alpha trends factor strategy. The manager defines foreign companies as those (i) organized outside the U.S., or (ii) that derive a majority of revenue or profits outside the U.S., or (iii) that have a majority of their assets or employees outside the U.S. Alpha is an investment industry term referring to the performance of a portfolio or asset class relative to its benchmark or index. It is non-diversified.