Niemann's use of tactical allocation is based on the philosophy of reallocating (or rebuilding) the investment components of the Fund in direct response to movements in the market.

In this way, Niemann moves your money into those market segments that we believe (based on our proprietary analytics) maximize your opportunity to benefit from an upswing, while minimizing your exposure to the downturn.

For example, if Large Cap stocks are failing, our tactical approach enables us to move your money out of Large Cap and into whatever segment of the market we believe is gaining strength at that time.

Why Choose Tactical Management?

Tactical management is characterized by flexibility, changing the allocation of assets as market conditions change. Tactical managers can employ many investment tools and alternatives. For example, tactical managers can:

• Underweight or overweight sectors, or simply avoid sectors entirely.
• Respond to the market by allocating among styles to move your money away from weakness in the market, to strength: I.E., Large Cap versus Small Cap, Growth versus Value, etc.
• Implement defensive measures which seek to protect assets in down markets. In adverse market conditions, or in the absence of a prevailing trend or "theme", the Fund will take a defensive or cash position and/or we will rotate out of a weakening investment into a sector or theme that is showing greater relative strength.

Clearly, in today's increasingly fluid market, tactical management offers the mutual fund investor several alternatives for directly responding to changes in the market.