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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 06/30/2018

US Treas Bill 7/12/18
912796PQ6
16.80
iShrs Edge USA Momentum Factor
MTUM
15.00
iShrs Russell 1000 Gr Idx
IWF
12.80
Cash
CASH
10.70
US Treas Bill 7/19/18
912796MK2
10.50
iShrs S&P 500 Growth Idx
IVW
9.60
Fidelity Contrafund
FCNTX
9.40
iShrs Russell 2000 Gr Idx
IWO
4.70
US Treas Bill 8/23/18
912796PV5
2.70
Goldman Sachs Commod Strat I
GCCIX
2.10
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First Trust DJ Internet
FDN
2.00
iShrs S&P SmCp 600 Growth
IJT
2.00
SPY US 7/20/18 P272
1.10
SPY US 7/20/18 P270
0.60
IWO US 7/20/18 P200
0.00

Global Allocation

as of 06/30/2018

North America
90.84%
Europe Developed
2.65%
Asia Emerging
1.58%
Japan
1.53%
Asia Developed
1.33%
United Kingdom
1.21%
Australasia
0.50%
Latin America
0.21%
Africa/Middle East
0.11%
Europe Emerging
0.04%

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 06/30/2018. 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 06/30/2018 1 Mo YTD 1 Yr
TACTX 0.61 5.86 10.08
S&P 500 Index 0.62 2.65 14.37
Long-Short Equity 0.87 -0.23 6.55
Gross expense ratio 1.80%
Net expense ratio 1.73%

(includes underlying fund expenses)
The advisor has contractually agreed to a fee waiver through January 31, 2019.

Quarter End
Performance % to 06/30/2018 1 Yr 5 Yrs 10 Yrs Annualized Cumulative
TACTX 10.08 5.46 0.86 0.75 7.97
S&P 500 Index 14.37 13.42 10.17 9.49 155.11
Long-Short Equity 6.55 4.03 2.03 2.14 24.23
Gross expense ratio 1.80%
Net expense ratio 1.73%

(includes underlying fund expenses)
The advisor has contractually agreed to a fee waiver through January 31, 2019.

Top holdings

as of 06/30/2018

US Treas Bill 7/12/18
912796PQ6
16.80
iShrs Edge USA Momentum Factor
MTUM
15.00
iShrs Russell 1000 Gr Idx
IWF
12.80
Cash
CASH
10.70
US Treas Bill 7/19/18
912796MK2
10.50
iShrs S&P 500 Growth Idx
IVW
9.60
Fidelity Contrafund
FCNTX
9.40
iShrs Russell 2000 Gr Idx
IWO
4.70
US Treas Bill 8/23/18
912796PV5
2.70
Goldman Sachs Commod Strat I
GCCIX
2.10
First Trust DJ Internet
FDN
2.00
iShrs S&P SmCp 600 Growth
IJT
2.00
SPY US 7/20/18 P272
1.10
SPY US 7/20/18 P270
0.60
IWO US 7/20/18 P200
0.00

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 06/30/2018

North America
90.84%
Europe Developed
2.65%
Asia Emerging
1.58%
Japan
1.53%
Asia Developed
1.33%
United Kingdom
1.21%
Australasia
0.50%
Latin America
0.21%
Africa/Middle East
0.11%
Europe Emerging
0.04%
Month End
Performance % to 06/30/2018 1 Mo YTD 1 Yr
TACTX 0.61 5.86 10.08
S&P 500 Index 0.62 2.65 14.37
Long-Short Equity 0.87 -0.23 6.55
Gross expense ratio 1.80%
Net expense ratio 1.73%

(includes underlying fund expenses)
The advisor has contractually agreed to a fee waiver through January 31, 2019.

Quarter End
Performance % to 06/30/2018 1 Yr 5 Yrs 10 Yrs Annualized Cumulative
TACTX 10.08 5.46 0.86 0.75 7.97
S&P 500 Index 14.37 13.42 10.17 9.49 155.11
Long-Short Equity 6.55 4.03 2.03 2.14 24.23
Gross expense ratio 1.80%
Net expense ratio 1.73%

(includes underlying fund expenses)
The advisor has contractually agreed to a fee waiver through January 31, 2019.

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. Performance data quoted is current to the most recent month end. Returns shown are cumulative, unless otherwise noted.

The S&P 500 Index is a broad based unmanaged index of 500 stocks, which is widely recognized as representative of the equity market in general. 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