Please consider the investment objectives, risks, charges, and expenses of the Cougar Global Tactical Investment Strategies carefully before investing.

Risk Considerations: Investments in Exchange Trades Funds (ETFs) include holdings of equity securities (stocks) or debt securities (bonds). Equity ETFs include mid-cap and small-cap companies generally involve greater risks than investing in larger capitalization companies. Mid-cap companies often have narrower commercial markets, more limited managerial and financial resources, and more volatile trading than larger, more established companies. Mid-cap and small-cap stocks may temporarily fall out of favor or perform poorly relative to other types of investments. While stocks of mid-cap companies may be slightly less volatile than those of small-cap companies, they still involve substantial risk. Debt ETFs include corporate, mortgage backed, municipal and government bonds and each have risks associated with liquidity, interest rates, maturity and default. Bonds typically have ratings assigned by rating agencies that range from investment grade to below investment grade.

ETFs that hold foreign investments present additional risks due to currency fluctuations, economic and political factors, government regulations, differences in accounting standards and other factors. Investments in emerging markets involve even greater risks. Groups of stocks, such as value and growth, go in and out of favor, which may cause certain funds to underperform other equity funds.

The portfolios may, at times, experience higher-than-average portfolio turnover, which may generate significant taxable gains and increased trading expenses, which, in turn, may lower the return.

The information provided should not be construed as a recommendation to buy, sell or hold any particular security. The data is shown for informational purposes only and is not indicative of future portfolio characteristics or returns. Portfolio holdings are not stagnant and may change over time without prior notice.

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