Fund Objective

The Inverse OTC Strategy Fund seeks to provide investment results that match the performance of a specific benchmark.The Fund's current benchmark is the inverse of the performance of the Nasdaq 100 Index® (the "underlying index").

If the Fund meets its objective, the value of the Fund's shares will tend to increase during times when the value of the underlying index is decreasing. When the value of the underlying index is increasing, however, the value of the Fund's shares should decrease on a daily basis by an inversely proportionate amount (e.g., if the underlying index goes up by 5%, the value of the Fund's shares should go down by 5% on that day).

Principal Investment Strategy

Unlike a traditional index fund, the Inverse OTC Strategy Fund's benchmark is to perform exactly opposite the underlying index, and the Inverse OTC Strategy Fund will not own the securities included in the underlying index. Instead, as its primary investment strategy, the Inverse OTC Strategy Fund invests to a significant extent in short sales of securities or futures contracts and in options on securities, futures contracts, and stock indices, and also may enter into swap agreements. On a day-to-day basis, the Inverse OTC Strategy Fund holds U.S. Government securities or cash equivalents to collateralize these futures and options contracts. The Inverse OTC Strategy Fund also may enter into swap agreements.