Navigator Tactical Fixed Income A NTBAX

The fund will normally invest at least 80% of its assets, defined as net assets plus the amount of any borrowings for investment purposes, in long and/or short positions in fixed income securities. The adviser defines fixed income securities as including (i) bills, (ii) notes, (iii) structured notes, (iv) bonds, (v) preferred stocks, (vi) any other debt or debt-related securities of any maturities, (vii) fixed income derivatives, and (viii) underlying funds that invest primarily in fixed income securities, or (ix) other evidences of indebtedness.