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Tactical Upgrader Fund

The Tactical Upgrader Fund (TACTX) is a stock fund portfolio that uses options and other tools to hedge its stock market exposure. TACTX is designed for investors who are willing to forgo potential gains at times in exchange for potentially lower volatility. The fund also may be useful in a rising interest-rate environment.

Inception date

02/28/08

Invest directly or at major brokers

Minimum Investment

$1,000

No load
No redemption fee

Fund facts

Top holdings

as of 02/28/2019

US Treas Bill 3/28/19
13.70
US Treas Bill 2.374%
13.70
TRPrice Cap Appreciation I
TRAIX
10.20
Jensen Quality Growth Instl
JENIX
7.30
US Treas Bill 3/7/19
6.90
AMG Yacktman
YACKX
6.90
Invesco S&P 500 Low Volatility
SPLV
6.70
SPDR Gold Trust
GLD
5.10
Fidelity Real Estate Income
FRIFX
5.00
Merger Fund I
MERIX
5.00
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Calamos Market Neutral Income I
CMNIX
4.00
Vanguard Div Apprec Idx ETF
VIG
3.70
SPDR S&P Dividend
SDY
3.40
Cash
CASH
3.30
Vanguard Wellesley Inc Admiral
VWIAX
2.10
iShrs Cohen & Steers REIT
ICF
1.50
VanEck Vectors Gold Miners ETF
GDX
0.90
SPY US 3/15/19 P278
0.30
SPY US 3/15/19 P275
0.20
SPY US 3/15/19 P276
0.10
SPY US 3/15/19 P273
0.10
GDX US 3/15/19 C22
0.00
GDX US 3/15/19 P22
0.00
VIG US 3/15/19 C105
-0.10

Global Allocation

as of 02/28/2019

North America
78.48%
Europe Developed
6.42%
Japan
4.73%
Asia Developed
4.02%
United Kingdom
3.07%
Asia Emerging
1.33%
Australasia
1.25%
Africa/Middle East
0.44%
Latin America
0.20%
Europe Emerging
0.08%

Fund holdings are subject to change at any time and are not recommendations to buy or sell any of the underlying funds. References to other mutual funds should not be considered an offer of these securities.

This chart illustrates the performance of a hypothetical $10,000 investment made in the Fund for the period ending 02/28/2019. It assumes reinvestment of dividends and capital gains, but does not reflect the effect of any applicable sales charge or redemption fees. This chart does not imply any future performance.

Month End
Performance % to 02/28/2019 1 Mo YTD 1 Yr
TACTX -0.40 -0.30 4.74
Mnst GlbMkt Lrg-Mid 2.66 10.76 -0.82
Long-Short Equity 1.27 5.39 -1.80
Gross expense ratio 1.62%
Net expense ratio 1.63%

(includes underlying fund expenses)
The advisor has contractually agreed to a fee waiver through January 31, 2020. The net expense ratio is higher than the gross expense ratio as a result of expense reimbursements.

Quarter End
Performance % to 12/31/2018 1 Yr 5 Yrs 10 Yrs Annualized Cumulative
TACTX 7.47 5.17 5.16 0.85 9.62
Mnst GlbMkt Lrg-Mid -9.43 4.34 9.71 4.38 59.20
Long-Short Equity -6.61 1.17 3.15 1.40 16.28
Top holdings

as of 02/28/2019

US Treas Bill 3/28/19
13.70
US Treas Bill 2.374%
13.70
TRPrice Cap Appreciation I
TRAIX
10.20
Jensen Quality Growth Instl
JENIX
7.30
US Treas Bill 3/7/19
6.90
AMG Yacktman
YACKX
6.90
Invesco S&P 500 Low Volatility
SPLV
6.70
SPDR Gold Trust
GLD
5.10
Fidelity Real Estate Income
FRIFX
5.00
Merger Fund I
MERIX
5.00
Calamos Market Neutral Income I
CMNIX
4.00
Vanguard Div Apprec Idx ETF
VIG
3.70
SPDR S&P Dividend
SDY
3.40
Cash
CASH
3.30
Vanguard Wellesley Inc Admiral
VWIAX
2.10
iShrs Cohen & Steers REIT
ICF
1.50
VanEck Vectors Gold Miners ETF
GDX
0.90
SPY US 3/15/19 P278
0.30
SPY US 3/15/19 P275
0.20
SPY US 3/15/19 P276
0.10
SPY US 3/15/19 P273
0.10
GDX US 3/15/19 C22
0.00
GDX US 3/15/19 P22
0.00
VIG US 3/15/19 C105
-0.10

Fund holdings are subject to change at any time and are not recommendations to buy or sell any of the underlying funds. References to other mutual funds should not be considered an offer of these securities.

Global Allocation

as of 02/28/2019

North America
78.48%
Europe Developed
6.42%
Japan
4.73%
Asia Developed
4.02%
United Kingdom
3.07%
Asia Emerging
1.33%
Australasia
1.25%
Africa/Middle East
0.44%
Latin America
0.20%
Europe Emerging
0.08%
Month End
Performance % to 02/28/2019 1 Mo YTD 1 Yr
TACTX -0.40 -0.30 4.74
Mnst GlbMkt Lrg-Mid 2.66 10.76 -0.82
Long-Short Equity 1.27 5.39 -1.80
Gross expense ratio 1.62%
Net expense ratio 1.63%

(includes underlying fund expenses)
The advisor has contractually agreed to a fee waiver through January 31, 2020. The net expense ratio is higher than the gross expense ratio as a result of expense reimbursements.

Quarter End
Performance % to 12/31/2018 1 Yr 5 Yrs 10 Yrs Annualized Cumulative
TACTX 7.47 5.17 5.16 0.85 9.62
Mnst GlbMkt Lrg-Mid -9.43 4.34 9.71 4.38 59.20
Long-Short Equity -6.61 1.17 3.15 1.40 16.28
Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. For performance data current to the most recent month end, please call 866-455-3863. Returns shown are cumulative, unless otherwise noted.

The Morningstar Global Market Large-Mid Cap Index measures the performance of developed and emerging countries across the world, targeting the top 90% of stocks by market capitalization. Morningstar Long-Short equity funds hold sizable stakes in both long and short positions. You cannot invest directly in an index.

How to Invest

Available at Charles Schwab, Fidelity, Etrade, TD Ameritrade and Vanguard.
Minimum investment: $1,000