The investment objective of the Morgan Creek Tactical Allocation Fund is to provide long-term total return while utilizing a strategy that seeks lower volatility than a traditional portfolio of equities and fixed income securities. The Fund will incorporate a broad set of global strategies across asset classes, geographies and sectors, including directional as well as long-short strategies. Investment ideas will be generated in collaboration with Morgan Creek’s global network of alternative asset managers. The Fund’s multi-strategy, multi-asset class structure allows it to dynamically shift capital to pursue and attempt to take advantage of potential investment opportunities identified by Morgan Creek’s investment team, seeking to appropriately hedge risks in the market in an effort to minimize losses in times of stress. The Fund will express Morgan Creek’s views on global asset allocation through a number of asset classes including equities, fixed income, currencies, commodities and cash. Morgan Creek has developed this custom investment solution for investors by combining our extensive experience in asset allocation and portfolio construction with a disciplined investment process focused on extracting what we believe to be the most attractive opportunities from our global investment network and a systematic risk management program that seeks to dampen volatility.

Thematic Exposures1

as of 04/30/16
Long Short Gross Net
Discretionary Equities10.8%-10.7%21.5%0.1%
Emerging & Frontier Markets4.8%-4.8%4.8%
Energy & Natural Resources----
European Recovery14.3%-14.3%14.3%
Japan Reflation----
Japan Reflection4.5%-4.5%4.5%
Systematic Equities-MC Direct20.2%-20.2%20.2%
Large vs. Small Cap2.2%-1.3%3.5%1.0%
Qualitative Top Five0.9%-1.0%1.8%-0.1%
Fixed Income20.7%-20.7%20.7%
Total Notional Exposure78.2%-13.2%91.4%65.0%

Geographic Exposures1

as of 04/30/16
Long Short Gross Net
Emerging & Frontier Markets10.6%-10.6%10.6%
Total 78.2%-13.2%91.3%91.3%

Asset Class Exposures1

as of 04/30/16
Long Short Gross Net
Fixed Income20.7%-20.7%20.7%

1-Fund holdings are subject to change and should not considered investment advice.

Fund Terms

Class A Class B
(1)- Subject to the discretion of the advisor
(2-) For Class A shares. a 1% contingent deferred sales charge (CDSC) is only imposed on Class A shares that were purchased at net asset vallue ("NAV") for $1 million of more that are subsequently redeemed within 12 months of purchase.
(3)- Other Expenses are estimated for the Fund for the current fiscal year and are based on Fund assets of $40.000.000
Distribution/Service Fee (12b-1)0.25%NONE
Management Fee0.25%0.25%
Maximum Sales Charge (Load) imposed on purchases (as a 5 of offering price) (2) 5.75%NONE
Minimum Investment Amount$2.000 $1.000.000 (1)
Other Expenses(3)2.48%-
Total Annual Fund Operation Expenses3.70%3.46%

Performance Summary

as of 03/31/16 (annualized for periods longer than one year)
Performance (Net) Ticker Last Month QI 2016 1 Year Since Inception
70% MSCI ACWI / 30% Barclays Aggregate4.79%1.31%-1.97%4.22%
Class 1MIGTX2.29%-6.19%-21.27%-7.08%
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. The Fund’s investment adviser has contractually agreed to reduce its fees and/or absorb expenses of the Fund, until at least July 31st, 2016, to ensure that the net annual fund operating expenses will not exceed 2.00% for Class A and 1.75% for Class I excluding interest and dividend expense associated with securities sold short, subject to possible recoupment from the Fund in future years. Without these waivers, the Fund’s total annual operating expenses would be 3.70% and 3.46% respectively. Please review the fund’s prospectus for more information regarding the fund’s fees and expenses. Performance shown is for Class A and I shares (please see a prospectus for information about other share classes). For performance information current to the most recent month-end, please call toll-free 855-623-8637.MSCI ACWI Index— this is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The MSCI ACWI consists of 46 country indices comprising 23 developed and 23 emerging market country indices. Source: MSCI Barra.Barclays Aggregate Bond Index — this is a composite index made up of the Barclays Government/Corporate Bond Index, Mortgage-Backed Securities Index and Asset-Backed Securities Index, which includes securities that are of investment-grade quality or better, have at least one year to maturity and have an outstanding par value of at least $100 million. Definition is from Barclays


An open-end mutual fund expressing Morgan Creek’s views on global asset allocation
Category: World Allocation
Opportunistic Approach: Broad global strategies across asset classes, geographies and sectors
Tactical positioning and active management in response to changing risk exposures & market conditions

Daily Nav

NAV 8.13
CHANGE -0.12%
As of date 03/09/2017
Inception 09/20/2013
NAV 8.50
CHANGE -0.12%
As of date 03/09/2017
Inception 08/15/2013

Fund Facts

Fiscal Year End March 31
Liquidity Daily
Terms See Table to Left
Minimum Investment $1 Million (Class I) *Subject to discretion of Advisor
Portfolio Manager Mark W. Yusko
Fund Fact Sheet
Fund Overview
2016 Annual Report
2015 Annual Report
2015 Semi Annual Report
2015 Tax Information


Regular Application
IRA Application
IRA Transfer of Assets Form
IRA Custodial Agreement/ Disclosure Statement
Roth IRA Custodial Agreement/ Disclosure

Important Legal Information

Prospectus Disclosure: Investors should carefully consider the investment objectives, risks, charges and expenses of the Morgan Creek Tactical Allocation Fund. This and other important information about the Fund is contained in the prospectus, which can be obtained at or by calling 855-623-8637. The prospectus should be read carefully before investing. The Morgan Creek Tactical Allocation Fund is distributed by Northern Lights Distributors, LLC member FINRA. Morgan Creek Capital Management, LLC and Morgan Creek Capital Distributors, LLC are unaffiliated with Northern Lights Distributors, LLC.

Fund Risk Disclosure: Mutual Funds involve risk including the possible loss of principal. In general, the price of a fixed income security falls when interest rates rise. Investments in convertible securities subject the Fund to the risks associated with both fixed-income securities and common stocks. There is a risk that issuers and counterparties will not make payments on securities and other investments held by the Fund, resulting in losses to the Fund. Certain transactions of the Fund, such as investment in derivative instruments, may give rise to leverage, causing the Fund to be more volatile than if it had not been leveraged. Securities of distressed companies are speculative in nature and are subject to greater levels of issuer, credit, and liquidity risk. Investments in private investment funds may be more illiquid than securities issued by other funds. The value of the Fund’s investment in short-term interest-bearing investments will vary from day-to-day, depending on short-term interest rates.

Foreign common stocks and currency strategies will subject the Fund to currency trading risks that include market risk, credit risk and country risk. Investments in foreign securities could subject the Fund to greater risks including, currency fluctuation, economic conditions, and different governmental and accounting standards. Mutual funds, closed-end funds and ETFs are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. As a result, the cost of investing in the Fund will be higher than the cost of investing directly in other investment companies and may be higher than other mutual funds that invest directly in stocks and bonds. Options and futures transactions involve risks. Price fluctuations, transaction costs, and limited liquidity of futures and options contracts may impact correlation with changes in the value of the underlying security, potentially reducing the return of the Fund.

An investor should consider investment objectives, risks, charges and expenses of the Fund(s) carefully before investing. Please read the prospectus for complete information before investing. Securities distributed through Morgan Creek Capital Distributors, LLC, Member FINRA/SIPC. Copyright © 2011 Morgan Creek Capital Management, LLC MORGAN CREEK is a registered service mark of Morgan Creek Capital Management, LLC. Morgan Creek Capital Management is also registered as a trade mark in the United Kingdom (registration number UK00003088978). All trademarks, service marks, and logos appearing on this Site are the exclusive property of their respective owners. The information on this Website is not an offer to sell or solicitation of an offer to buy an interest in any investment fund or for the provision of any investment management or advisory services. Morgan Creek Capital Management, LLC and its affiliates do not offer legal, accounting or tax advice.