Navigator Tactical Investment Grade Bond Fund Class I NTIIX

The investment seeks total return with a secondary goal of current income. The fund will invest, under normal circumstances, 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 investment grade bonds or fixed income securities. The fund will invest primarily in investment grade bonds, rated by at least one nationally recognized statistical rating organization as investment grade, at the time of purchase. The fund may also invest up to 20% of its assets directly or have exposure to high yield bonds (“junk bonds”) that are rated as below investment grade.