DF Tactical Allocation Fund
Ticker: GTAIX • GLACX • GTAAX
Fund Goal
The Fund’s investment objective is to provide long-term capital appreciation.
Potential Benefits
- Global exposure with diversification
- Active management of risk
- Portfolios adapt to evolving risks and opportunities
There is no guarantee that any investment strategy will achieve its objectives, generate profits or avoid losses
Portfolio’s 4 Fundamental Principles
Global Allocation
Global diversification across asset classes seeks to reduce portfolio risk and volatility by limiting exposure to individual risk factors
Fundamental Analysis
Forward-looking risk assessment through fundamental analysis seeks to anticipate market events and trends rather than reacting to them
Tactical Management
The Fund seeks to adapt to evolving risks and opportunities, rather than switching quickly between assets
Risk Management
All Donoghue Forlines portfolios have the ability to raise cash or short-term Treasuries to help reduce the risk during volatile market downturns
Performance
| Fund Prices & YTD Returns as of January 16, 2026 | Performance Through January 16, 2026 | Average Annual Returns Through December 31, 2025 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DF Tactical Allocation Fund Class A | ||||||||||||
| NAV | NAV Daily Change | % Daily Change(1) | % YTD Return(2) | One Month | Three Months | Six Months | Since Inception(4) | One Year | Three Years | Five Years | Ten Years | Since Inception(4) |
| $11.81 | ($0.01) | -0.08% | 2.79% | 3.06% | 5.80% | 9.27% | 4.55% | 13.26% | 12.18% | 5.59% | N/A | 4.21% |
| With Sales Charge(3) | -2.08% | 0.55% | 3.78% | 3.86% | 7.63% | 10.27% | 4.52% | N/A | 3.51% | |||
| DF Tactical Allocation Fund Class C | ||||||||||||
| NAV | NAV Daily Change | % Daily Change(1) | % YTD Return(2) | One Month | Three Months | Six Months | Since Inception(4) | One Year | Three Years | Five Years | Ten Years | Since Inception(4) |
| $11.61 | ($0.02) | -0.17% | 2.74% | 3.00% | 5.60% | 8.83% | 3.77% | 12.44% | 11.35% | 4.81% | N/A | 3.42% |
| DF Tactical Allocation Fund Class I | ||||||||||||
| NAV | NAV Daily Change | % Daily Change(1) | % YTD Return(2) | One Month | Three Months | Six Months | Since Inception(4) | One Year | Three Years | Five Years | Ten Years | Since Inception(4) |
| $11.76 | ($0.02) | -0.17% | 2.80% | 3.06% | 5.90% | 9.45% | 4.81% | 13.50% | 12.45% | 5.84% | N/A | 4.47% |
- Represents the percentage increase/decrease in the net asset value from the prior trading day.
- Performance for periods less than one year is not annualized.
- The maximum sales charge for Class A Shares is 5.00%. Class A Share investors may be eligible for a reduction in sales charges.
- Inception date of all classes is April 6, 2018.
The Fund’s total annual operating expenses is 1.97% for Class A shares, 2.72% for Class C shares, 1.72% for Class I shares.
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. Please review the fund’s prospectus for more information regarding the fund’s fees and expenses. For performance information current to the most recent month-end, please call toll-free 877-779-7462.
Keys to Our Approach
The DF Tactical Allocation Fund (The Fund) is designed to be a core, long-term investment, presenting moderate growth potential and risk management across several asset classes. This strategy seeks to provide long-term capital appreciation.
- Donoghue Forlines believes that diversifying assets globally while actively managing exposure to all three major asset classes: equities, fixed income, and alternatives is critical to both short- and longterm investment success for global strategies.
- The strategy is unconstrained and treats cash as a tactical asset class and has the ability to raise cash levels as high as 100% as a defensive measure against volatile market downturns.
- The Fund does not short or use levered ETFs.
Asset Allocation Ranges1 |
|
|---|---|
| Equities | 0-80% |
| Fixed Income | 0-90% |
| Alternatives | 0-30% |
A Global View
Long-term, secular view of global trends and opportunities multiyear horizon
We focus on credit, value, and macro analysis 6-24 months
We review risk, positions, and opportunities monthly
Research-based decision-making
We base decisions on fundamental credit driven research that supports our long-term secular views and investment themes.
Credit is the best price indicator
We believe credit is the best indicator for the direction of interest rates, which in turn drive asset prices.
Long-term global trends
We seek to identify long-term global trends and invest in asset classes we feel will appreciate as these trends unfold. We invest in other positions over shorter cycles when conditions are favorable.
Curated ETFs
We choose ETFs that best express these views, focusing on the underlying holdings and exposure of each ETF and its liquidity.
Portfolio Statistics
| Class A Shares | Class C Shares | Class I Shares |
|---|---|---|
| Cusip Number: 66538J 662 |
Cusip Number: 66538J 654 |
Cusip Number: 66538J 647 |
| Ticker: GTAAX |
Ticker: GLACX |
Ticker: GTAIX |
| Fund Assets*: $3.0MM |
Fund Assets*: $0.6MM |
Fund Assets*: $22.4MM |
*As of 9/30/2025
| Class A Shares | Class C Shares | Class I Shares | |
|---|---|---|---|
| Min. Investment | $1,000 | $1,000 | $10,000 |
| Subsequent Min. | $100 | $100 | $0 |
Check with your platform or broker dealer for I share aggregation potential.
Investment Committee
John A. Forlines, III • Jeffrey R. Thompson • Richard E. Molari
Investment Advisor to the Fund
Donoghue Forlines LLC is a tactical investment firm that has specialized in risk-managed portfolios since 1986. Our tactical strategies are based upon rigorous analysis of decades of historical data. The Donoghue Forlines Funds utilize technical indicators to recognize shifts in market momentum and uses proprietary tactical signals to help mitigate losses in down trending markets and potentially offer strong client-centric risk-adjusted returns over a full market cycle.
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Donoghue Forlines LLC | 125 High Street, Suite 220 | Boston, MA 02110 | 1.800.642.4276
The Donoghue Forlines Funds are distributed by Northern Lights Distributors, LLC. Member FINRA / SIPC. Donoghue Forlines LLC is not affiliated with Northern Lights Distributors, LLC.
Important Risk Information
Mutual funds involve risk including the possible loss of principal. The net asset value of the Fund will fluctuate based on changes in the value of the securities in which it invests. The Fund operates as a fund of funds. Underlying Funds are subject to investment advisory and other expenses will be indirectly paid by the Fund. As a result, your cost of investing may be higher than the cost of investing directly in Underlying Funds and may be higher than other mutual funds that do not invest in Underlying Funds. Diversification does not ensure a profit or guarantee against a loss.
Credit Risk
There is a risk that issuers will not make payments on fixed income securities held by the Fund or a fund in which the Fund invests, resulting in losses to the Fund. In addition, the credit quality of fixed income securities may be lowered if an issuer’s financial condition changes. The issuer of a fixed income security may also default on its obligations.
Duration Risk
Longer-term securities may be more sensitive to interest rate changes. Duration is the measure of the sensitivity of a debt security to changes in market interest rates. For example, if interest rates increase by 1%, a fixed income security with a duration of two years will decrease in value by approximately 2%.
Emerging Markets Risk
Investing in emerging markets involves not only the risks described below with respect to investing in foreign securities, but also other risks, including exposure to economic structures that are generally less diverse and mature, and to political systems that can be expected to have less stability, than those of developed countries. The typically small size of the markets of securities of issuers located in emerging markets and the possibility of a low or nonexistent volume of trading in those securities may also result in a lack of liquidity and in price volatility of those securities.
Foreign Securities Risk
Because the Fund’s investments may include exposure to foreign securities, the Fund is subject to risks beyond those associated with investing in domestic securities. Foreign companies are generally not subject to the same regulatory requirements of U.S. companies thereby resulting in less publicly available information about these companies. In addition, foreign accounting, auditing and financial reporting standards generally differ from those applicable to U.S. companies.
Equity Risk
The net asset value of the Fund will fluctuate based on changes in the value of the equity securities in which it invests. Equity prices can fall rapidly in response to developments affecting a specific company or industry, or to changing economic, political or market conditions.
ETF and Mutual Fund Risk
ETFs and mutual funds are subject to investment advisory fees and other expenses, which will be indirectly paid by the Fund. As a result, your cost of investing in the Fund will be higher than the cost of investing directly in ETFs and other mutual funds and may be higher than other funds that invest directly in equity and fixed income securities. Each ETF and mutual fund is subject to specific risks, depending on the nature of the fund. ETF shares may trade at a discount to or a premium above net asset value if there is a limited market in such shares. ETFs and index-tracking mutual funds in which the Fund invests will not be able to replicate exactly the performance of the indexes they track. ETFs are also subject to brokerage and other trading costs, which could result in greater expenses to the Fund.
Interest Rate Risk
Interest rate risk is the risk that fixed income security prices overall, including the prices of securities held by the Fund or a fund in which the Fund invests, will decline over short or even long periods of time due to rising interest rates. Bonds with longer maturities tend to be more sensitive to interest rates than bonds with shorter maturities.
Junk Bond Risk
Lower-quality bonds, known as “high yield” or “junk” bonds, are speculative and present greater risk than bonds of higher quality, including an increased risk of default. An economic downturn or period of rising interest rates could adversely affect the market for these bonds and reduce the ability to sell bonds. The lack of a liquid market for these bonds could decrease the Fund’s share price.
Large Capitalization Company Risk
Large-capitalization companies may be less able than smaller capitalization companies to adapt to changing market conditions. Large-capitalization companies may be more mature and subject to more limited growth potential compared with smaller capitalization companies. During different market cycles, the performance of large capitalization companies has trailed the overall performance of the broader securities markets.
Management Risk
The adviser’s tactical strategy and judgments about the potential attractiveness, value and potential appreciation of particular security in which the Fund invests or sells short may prove to be incorrect and may not produce the desired results.
U.S. Treasury Risk
The Fund has investment exposure to short-term U.S. Treasury securities through its investment in short-term treasury exchange-traded funds or direct investment in U.S. Treasury securities. All money market instruments, including U.S. Treasury obligations, can change in value in response to changes in interest rates, and a major change in rates could cause the share price to change. While U.S. Treasury obligations are backed by the full faith and credit of the U.S. government, an investment in the Fund is neither insured nor guaranteed by the Federal Deposit Insurance Corporation, U.S. government or any other government agency.
Definitions
Volatility refers to the degree of fluctuation or uncertainty in the price of an asset over a specific period.