Navigator® Tactical Fixed Income Fund
Factsheet
Prospectus
Navigate Fixed Income with a Tactical Approach
As interest rates change, Clark Capital believes investors may benefit from a non-traditional, quantitative approach that targets opportunities and manages risk in fixed income.
Goal: Deliver Total Return
Provide investors the potential for higher returns by identifying market leadership and constantly pursuing alpha.
Goal: Reduce Portfolio Risk
Manage portfolio risk through the ability to shift to what we believe to be less risky fixed income sectors when necessary.
Goal: Take a Tactical Fixed Income Approach
Utilize a quantitative and repeatable investment process that seeks to maintain a durable portfolio through various market cycles.
Ticker/Cusip
| Share Class | Ticker | Cusip |
|---|---|---|
| A share | NTBAX | 66538B594 |
| I share | NTBIX | 66538B578 |
| C share | NTBCX | 66538B586 |
Fund Information
Advisor:
Clark Capital Management Group, Inc.
Inception Date: 3/27/2014
Total Annual Fund Operating Expenses:
| A shares | I Shares | C Share |
|---|---|---|
| 1.34% | 1.09% | 2.09% |
The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than their original cost. Total return is calculated assuming reinvestment of all dividends. Total returns would have been lower had the Adviser, the Distributor, the Administrator, and Custodian not waived or reimbursed a portion of their fees. For more performance numbers current to the most recent month-end please call 1-800-766-2264.
What You Pay Now:
| A shares | I Shares | C Share |
|---|---|---|
| 1.32% | 1.07% | 2.07% |
Net expense ratio after fee waiver/expense reimbursement contractual through February 28, 2026.
Minimum Investment Amount:
| A shares | I Shares | C Share |
|---|---|---|
| $5,000 | $25,000 | $5,000 |
Annual Trail Commission
(12b-1):
| A shares (3.75% Load) |
I Shares | C Share |
|---|---|---|
| 0.25% | None | 1.00% |
Transfer Agent: Ultimus Fund Solutions LLC.
Distributor: Northern Lights Distributors LLC.
Custodian: BNY Mellon
Registered in all 50 States and DC & PR.
NSCC Participant Number: 5394
(Levels 0-4)
Disclaimer
Morningstar Disclosure
Under normal conditions, the Fund expects to invest in securities and derivatives to replicate exposure to the three asset classes: high yield, treasuries, and cash. For more information about the Fund’s use of derivatives, please see the end disclosures.
The Morningstar RatingTM for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics.
Morningstar Rating is for the I share class only; other classes may have different performance characteristics.
©2025 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.
About the Lipper Award
The Thomson Reuters Lipper Fund Awards, granted annually, highlight funds and fund companies that have excelled in delivering consistently strong risk-adjusted performance relative to their peers. The Lipper Fund Awards are based on the Lipper Leader for Consistent Return rating, which is a risk-adjusted performance measure calculated over 36, 60 and 120 months. The fund with the highest Lipper Leader for Consistent Return (Effective Return) value in each eligible classification wins the Lipper Fund Award. For more information, see lipperalpha.financial.thomsonreuters.com/lipper Although Lipper makes reasonable efforts to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Lipper.
Awards and rankings are only one form of performance measurement.
Final Disclosure
Under normal conditions, the Fund expects to invest in securities and derivatives. When the high yield asset class is favored, the Fund will normally use a combination of securities and derivatives designed to create an investment return that tracks the return of the Fund’s primary benchmark index, currently the Bloomberg U.S. Corporate High Yield index. When the treasury asset class is favored, the Fund will normally sell and/or hedge its high yield exposure and increase the Fund’s exposure to treasuries through securities and derivatives. When the cash asset class is favored, the Fund will normally sell and/or hedge its high yield and/or treasury exposure and increase the Fund’s exposure to cash equivalents through securities and derivatives.
Due to the structure of the derivatives the Fund expects to use, the Fund will hold a portion of its assets in highly liquid securities as collateral and still have excess cash to invest regardless of whether the favored asset class is high yield, treasuries or cash (or a combination of these asset classes). The Fund will normally invest this excess cash in a mix of investment grade corporate bonds, treasury bills, notes, municipal bonds and other instruments to seek to obtain additional return. As a result, when the high yield asset class is favored, a portion of the Fund’s assets will be invested in non-high yield investments. Similarly, when the treasury asset class is favored, the Fund will hold a portion of its assets in non-treasury investments, and when the cash asset class is favored, the fund will hold a portion of its assets in non-cash investments. Please see the “Principal Investment Strategies” section of the Fund’s Prospectus for more information on the types of investments normally used by the Fund.
Important risk information. An investment in the Fund(s) is subject to risks, and you could lose money on your investment in the Fund(s). There can be no assurance that the Fund(s) will achieve its investment objective. Your investment in the Fund(s) is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. The Fund(s) also has specific principal risks, which are described below. More detailed information regarding these risks can be found in the Fund’s prospectus. The principal risks of investing in the Navigator Tactical Fixed Income Fund include: Interest Rate Risk, High-Yield Bond Risk, Derivatives Risk, Credit Risk, Fixed Income Risk, Small and Mid-sized Company Risk, and Portfolio Selection Risk. Interest Rate Risk — The value of the Fund may fluctuate based on changes in interest rates and market conditions. As interest rates rise, the value of income producing instruments may decrease. This risk increases as the term of the note increases. High-Yield Bond Risk — Lower-quality bonds, known as high-yield bonds or “junk bonds,” present a significant risk for loss of principal and interest. These bonds offer the potential for higher return, but also involve greater risk than bonds of higher quality, including an increased possibility that the bond’s issuer, obligor or guarantor may not be able to make its payments of interest and principal (credit quality risk). Derivatives Risk — The Fund may execute an investment strategy or hedge by entering into derivative contracts such as futures, options and swaps, which can be riskier than traditional investments because they may involve leverage, be illiquid, suffer counterparty default and limit gains. Credit Risk — The issuer of a fixed income security may not be able to make interest or principal payments when due.
Generally, the lower the credit rating of a security, the greater the risk is that the issuer will default on its obligation. The Fund invests in exchange traded funds (ETFs) and performance is subject to underlying investment weightings which will vary. ETFs are subject to expenses, which will be indirectly paid by the fund. The cost of investing in a Fund that invests in ETFs will generally be higher than the cost of investing in a Fund that invests directly in individual stocks and bonds. Exchange traded notes (ETNs) are unsecured obligation of the issuer and are not secured debt. ETNs are riskier than ordinary unsecured debt securities and have no principal protection. ETNs include limited portfolio diversification, trade price fluctuations, uncertain principal repayment, and illiquidity. Investing in the ETNs is not equivalent to investing directly in an index or in any particular index components. The investor fee will reduce the amount of your return at maturity or on redemption, and as a result you may receive less than the principal amount of your investment at maturity or upon redemption of your ETNs even if the level of the relevant index has increased or decreased (as may be applicable to the particular series of ETNs). An investment in an ETNs may not be suitable for all investors.
Standard Deviation (Std Dev): A statistical measure of performance fluctuations-generally the higher the standard deviation, the greater the expected volatility of returns. Standard deviation, a historical measure, cannot be used to predict fund performance.
Beta: Measures a fund’s sensitivity to market movements by comparing a fund’s excess return (over a benchmark) to the market’s excess return. By definition, the beta of the market is 1.00. For example, a beta that is lower than 1.00 would normally indicate that a fund’s excess return is expected to be above the market’s excess return in a down year and below in an up year. However, beta is a measure of historical volatility and cannot predict a fund’s actual volatility.
Derivative: A derivative is a contract whose value is derived from, or dependent on, another asset, a group of assets, or a benchmark. These contracts are agreements between two parties, and their value changes based on the underlying asset’s performance.
Alpha: A measure of the difference between a portfolio’s actual returns and its expected performance, given its level of risk as measured by beta. A positive alpha figure indicates the portfolio has performed better than its beta would predict. In contrast, a negative alpha indicates the portfolio has underperformed, given the expectations established by beta. Alpha is calculated by taking the excess average monthly return of the investment over the risk free rate and subtracting beta times the excess average monthly return of the benchmark over the risk free rate.
Sharpe Ratio: A risk-adjusted measure developed by Nobel Laureate William Sharpe. It is calculated by using standard deviation and excess return to determine reward per unit of risk. The higher the Sharpe Ratio, the better the composite’s historical risk-adjusted performance. The Sharpe ratio is calculated for the past 36-month period by dividing a composite’s annualized excess returns by the standard deviation of a composite’s annualized excess returns. Since this ratio uses standard deviation as its risk measure, it is most appropriately applied when analyzing a composite that is an investor’s sole holding. The Sharpe Ratio can be used to compare two composites directly on how much risk a composite had to bear to earn excess return over the risk-free rate.
Clark Capital Management Group, Inc. and Northern Lights Distributors, LLC are not affiliated.
The Fund’s primary benchmark is the Bloomberg U.S. Corporate High-Yield Index. The Bloomberg U.S. Corporate High-Yield Index measures the market of USD-denominated, non-investment grade, fixed-rate, taxable corporate bonds. Securities are classified as high yield if the middle rating of Moody’s, Fitch, and S&P is Ba1/BB+/BB+ or below, excluding emerging market debt. The Bloomberg U.S. Corporate High-Yield Index was created in 1986, with history backfilled to July 1, 1983, and rolls up into the Bloomberg U.S. Universal and Global High-Yield Indices. The Fund’s secondary benchmark is the Bloomberg US Aggregate Bond Index. The Bloomberg US Aggregate Bond Index covers investment grade bonds being traded in United States. It is an unmanaged market value-weighted index for U.S dollar denominated investment-grade fixed-rate debt issues, including government, corporate, asset-backed, and mortgage-backed securities with maturities of at least one year. The Bloomberg US Aggregate Index was created in 1986 with history backfilled to January 1, 1976. You cannot invest directly in an index and unmanaged index returns do not reflect any fees, expenses or sales charges.
The Adviser has contractually agreed to reduce its fees and to reimburse expenses for the Navigator Tactical Fixed Income Fund at least until February 28, 2026.
†In 2025, Clark Capital Management Group Inc. was awarded the Best Fund over 10 Years for Navigator Tactical Fixed Income Fund; I Shares in the Alternative Credit Focus Funds category. The Refinitiv Lipper Awards, formerly known as the Thomson Reuters Lipper Fund Awards, granted annually, highlight funds and fund companies that have excelled in delivering consistently strong risk-adjusted performance relative to their peers. The Lipper Fund Awards are based on the Lipper Leader for Consistent Return rating, which is a risk-adjusted performance measure calculated over 36, 60 and 120 months. The fund with the highest Lipper Leader for Consistent Return (Effective Return) value in each eligible classification wins the Lipper Fund Award. For more information, see www.lipperfundawards.com Although Lipper makes reasonable efforts to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Lipper. Awards and rankings are only one form of performance measurement. Clark Capital was not financially compensated for this award.
Investors should carefully consider the investment objectives, risks, charges and expenses of the Navigator Tactical Fixed Income Fund. This and other important information about the Fund is contained in the prospectus, which can be obtained by calling 800.766.2264. The prospectus should be read carefully before investing. The Navigator Tactical Fixed Income Fund is distributed by Northern Lights Distributors, LLC, member FINRA/SIPC.