Rational Tactical Return Fund

Rational Tactical Return Fund



The Fund invests primarily in long and short call and put options on futures contracts on the S&P 500 Index and in cash, and cash equivalents. The Fund’s investment objective is to seek total return consisting of long-term capital appreciation and income. The Fund seeks to achieve its investment objective in three ways: (1) Premium Collection – the Fund collects premiums on options it sells; (2) Volatility Trading – the Fund may enter into positions designed to hedge or profit from either an increase or a decrease in Index volatility; and (3) Trend Following – the Fund may increase or decrease the balance of puts and calls based on trending market direction. The Fund is designed to produce returns that are not correlated with equity market returns. The Fund employs strict risk management procedures, supported by both technical and fundamental analysis, that is intended to provide consistency of returns and to mitigate the extent of losses.

Portfolio Manager Insights

Important Risk Information
Investing in the Fund carries certain risks. The value of the Fund may decrease in response to the activities and financial prospects of an individual security in the Fund’s portfolio. There are risks associated with the sale and purchase of call and put options. As the buyer of a put option, the Fund assumes the risk of a rise in the market price of the underlying security above the exercise price of the option which will cause a loss of the premium paid for the option. As a seller (writer) of a put option, the Fund will lose money if the value of the security falls below the strike price. The Fund may experience losses that exceed those experienced by funds that do not use futures contracts, options and hedging strategies.


Fund Documents
Fact Sheet
Summary Prospectus
Semi-Annual Report
Annual Report
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