Stadion Tactical Defensive Fund

The Stadion Tactical Defensive Fund is a conservative equity strategy seeking to participate in expanding market cycles, with the ability to become 100% defensive as conditions deteriorate.

Prices as of 8/14/2017

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Share Class Ticker CUSIP Inception Date Current NAV Previous NAV Difference
A ETFRX 85235B202 09/15/06 $12.63 $12.57 0.48%
C ETFZX 85235B400 10/01/09 $11.84 $11.78 0.51%
I ETFWX 85235B608 05/28/10 $12.84 $12.77 0.55%

Prices as of 8/14/2017

Being Tactically Defensive Can Help

 

 

Stadion Tactical Defensive Fund can become 100% defensive.
The Stadion Tactical Defensive Fund brings together two complementary components to diversify equity allocations and attempt to reduce volatility over changing market cycles. The Fund is designed to react to changing market conditions, not predict them.

Component 1: Cyclical Trends

Objective: Designed to be fully invested during longer term growth cycles while becoming defensive during periods of decline

  • Technical analysis focused on intermediate and long-term measures
  • Construct portfolio of 3 - 6 holdings
  • Adjust allocation consistent with market cycle. Can hold defensive ETFs when market conditions change 


Component 2: Shorter-Term Trends

Objective: Seeks short-term equity appreciation with a secondary emphasis on capital preservation during shorter term pullbacks 

  • Daily, technical measures determine equity risk levels
  • Construct portfolio of 4 - 7 ETFs
  • Portfolio level dynamic sell criteria 
  • Unconstrained, can hold all cash


The Stadion Risk Level graphs above do not include Stadion’s performance. They set forth the “risk levels” in the market, as determined by Stadion’s investment models, for those periods.

Sample Portfolio Allocation Ranges

Max: 100% Equity
Min: 100% Cash/Defensive ETFs


Portfolio allocations are a historical reference and no guarantee of how the portfolio will be allocated in the future. Past performance is no guarantee of future results. Allocations are subject to change.

Markets Move in Cycles

The chart below shows cyclical market returns over time. Stadion recognizes that there are both opportunities and risks within a market cycle, and the Stadion Tactical Defensive Fund attempts to prepare investors for both. 


Diversification Can Break Down Cyclical Declines

Many investors think that diversification alone is the key to creating a resilient portfolio. However, history indicates otherwise: In 2002 and 2008, times of heightened market risk, diversification provided little shelter from gyrating markets. 

Instead of depending on diversification, Stadion makes data-driven investment decisions. Our continuous risk/return analysis helps us identify and choose ETFs with the most present-day potential and lowest risk—regardless of asset classes.



Emerging Markets: The MSCI Emerging Markets Index is an unmanaged free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. International: The MSCI EAFE Index (Europe, Australasia, Far East) is an unmanaged free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada. Large Cap Growth: S&P 500 Growth Index is a market-capitalization-weighted index developed by Standard and Poor’s consisting of those stocks within the S&P 500 Index that exhibit strong growth characteristics. Large Cap Value: S&P 500 Value Index is a market-capitalization-weighted index developed by Standard and Poor’s consisting of those stocks within the S&P 500 Index that exhibit strong value characteristics. The S&P 500 Index is the Standard & Poor’s Composite Index of 500 stocks and is widely recognized, unmanaged index of common stock prices. Small Cap: The Russell 2000 Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 8% of the total market capitalization of the Russell 3000 Index. Small Cap Growth: The Russell 2000 Growth Index measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values. Small Cap Value: The Russell 2000 Value Index measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values. It is not possible to invest directly in indexes (like the S&P 500) which are unmanaged and do not incur fees and charges.

ETF Risk
There are additional costs and potential risks associated with investing in domestic and international exchange-traded funds (ETFs). Investments in equities, including ETFs, are subject to market risks, sector risks, tracking risks, ETF net asset value and market price risks. Additionally, investors will indirectly bear fees and expenses charged by the underlying ETFs and investment companies in which a Stadion portfolio invests. International investing involves certain risks not usually associated with domestic investing, including currency fluctuation, economic and political volatility, foreign taxation and differences in financial standards.   

Performance as of 7/31/17 (%)

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3 Mo. YTD 1 YR 3 YR 5 YR 10 YR Since Inception
Class A NAV 2.73 7.92 13.06 3.86 5.72 2.98 3.71
Class A, Load -3.17 1.75 6.57 1.83 4.48 2.38 3.15
Class C NAV 2.56 7.33 12.14 3.07 4.91 2.18 2.91
Class C, CDSC 1.56 6.33 11.14 3.07 4.91 2.18 2.91
Class I 2.84 8.05 13.22 4.12 5.94 3.20 3.93
S&P 500 Index 4.14 11.59 16.04 10.87 14.78 7.74 8.12
Morningstar Category: Tactical Allocation 2.52 6.86 7.29 2.04 4.33 2.76 3.27

Inception date used is 9/15/06. Maximum Sales Load 5.75%

Inception date used is 9/15/06. Maximum Sales Load 5.75%

Inception date used is 9/15/06. Maximum Sales Load 5.75%

Inception date used is 9/15/06. Maximum Sales Load 5.75%

Performance as of 7/31/17 (%)

Most Recent Quarter End Performance as of 6/30/17 (%)

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3 Mo. YTD 1 YR 3 YR 5 YR 10 YR Since Inception
Class A NAV 2.02 6.40 16.41 2.83 5.64 2.60 3.61
Class A, Load -3.88 0.32 9.73 0.82 4.41 1.99 3.04
Class C NAV 1.80 5.90 15.38 2.04 4.83 1.80 2.80
Class C, CDSC 0.80 4.90 14.38 2.04 4.83 1.80 2.80
Class I 2.07 6.56 16.62 3.07 5.89 2.82 3.83
S&P 500 Index 3.09 9.34 17.90 9.61 14.63 7.18 7.98
Morningstar Category: Tactical Allocation 1.82 5.23 7.94 1.00 4.26 2.52 3.21

Inception date used is 9/15/06. Maximum Sales Load 5.75%

Inception date used is 9/15/06. Maximum Sales Load 5.75%

Inception date used is 9/15/06. Maximum Sales Load 5.75%

Inception date used is 9/15/06. Maximum Sales Load 5.75%

Most Recent Quarter End Performance as of 6/30/17 (%)

Calendar Year Returns (%)

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2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Class A NAV 6.61 6.98 -23.29 14.43 14.30 -8.26 8.48 15.64 4.44 -9.82 10.42
Class C NAV 6.49 6.12 -23.91 13.63 13.32 -8.86 7.61 14.73 3.54 -10.42 9.60
Class I 6.61 7.10 -23.15 14.54 14.45 -7.90 8.64 15.79 4.66 -9.56 10.65
S&P 500 Index 6.70 5.49 -37.00 26.46 15.06 2.11 16.00 32.39 13.69 1.38 11.96
Morningstar Category: Tactical Allocation 4.72 6.30 -24.90 19.57 12.43 -2.91 9.28 8.47 2.74 -5.88 6.16

Performance data shown for 2006 represents a partial year, from the fund’s inception (9/15/06) through 12/31/06. Class A shares Inception Date: 9/15/06; Performance for Class I shares prior to 5/28/10 and for Class C prior to 10/01/09 is based on the performance of Class A Shares.

Performance data shown for 2006 represents a partial year, from the fund’s inception (9/15/06) through 12/31/06. Class A shares Inception Date: 9/15/06; Performance for Class I shares prior to 5/28/10 and for Class C prior to 10/01/09 is based on the performance of Class A Shares.

Performance data shown for 2006 represents a partial year, from the fund’s inception (9/15/06) through 12/31/06. Class A shares Inception Date: 9/15/06; Performance for Class I shares prior to 5/28/10 and for Class C prior to 10/01/09 is based on the performance of Class A Shares.

Performance data shown for 2006 represents a partial year, from the fund’s inception (9/15/06) through 12/31/06. Class A shares Inception Date: 9/15/06; Performance for Class I shares prior to 5/28/10 and for Class C prior to 10/01/09 is based on the performance of Class A Shares.

Calendar Year Returns (%)

Expense Ratio as of 7/31/17

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Gross 2.22%
Current3 1.81%
Gross 2.99%
Current3 2.59%
Gross 2.02%
Current3 1.63%

Expense Ratio as of 7/31/17

Shareholder Fees

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Maximum Sales Charge (Load)1 5.75%
Maximum Sales Charge (Load) Imposed on Purchases (as a Percentage of Offering Price) 5.75%
Maximum Deferred Sales Charge (Load) (as a percentage of the amount redeemed)5 1.00%
Redemption Fee None
Exchange Fee None
Maximum Sales Charge (Load) None
Maximum Sales Charge (Load) Imposed on Purchases (as a Percentage of Offering Price) None
Maximum Deferred Sales Charge (Load) (as a percentage of the amount redeemed)1 1.00%
Redemption Fee None
Exchange Fee None
Maximum Sales Charge (Load) None
Maximum Sales Charge (Load) Imposed on Purchases (as a Percentage of Offering Price) None
Maximum Deferred Sales Charge (Load) (as a percentage of the amount redeemed) None
Redemption Fee None
Exchange Fee None

Shareholder Fees

Annual Fund Operating Expenses

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Management Fees 1.25%
Distribution and / or Service (12b-1) Fees6 0.25%
Other Expenses 0.46%
Acquired Fund Fees & Expenses 0.26%
Total Annual Fund Operating Expenses2 2.22%
Management Fee Waivers and Expense Reimbursements3 -0.01%
Total Annual Fund Operating Expenses after Management Fee Waivers and Expense Reiumbursements2 3 2.21%
Management Fees 1.25%
Distribution and / or Service (12b-1) Fees6 1.00%
Other Expenses 0.48%
Acquired Fund Fees & Expenses 0.26%
Total Annual Fund Operating Expenses2 2.99%
Management Fee Waivers and Expense Reimbursements3 -0.03%
Total Annual Fund Operating Expenses after Management Fee Waivers and Expense Reiumbursements2 3 2.96%
Management Fees 1.25%
Distribution and / or Service (12b-1) Fees N/A
Other Expenses 0.51%
Acquired Fund Fees & Expenses 0.26%
Total Annual Fund Operating Expenses2 2.02%
Management Fee Waivers and Expense Reimbursements1 -0.06%
Total Annual Fund Operating Expenses after Management Fee Waivers and Expense Reiumbursements1 2 1.96%

Annual Fund Operating Expenses

Performance data quotes represents past performance. Past performance is no guarantee of future results. Investments are subject to risk, and any of Stadion’s investment strategies may lose money. Stadion’s actively managed portfolios may underperform in bull markets. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance data may be lower or higher than the performance data quoted. To review our most recent monthly performance, please visit www.stadionfunds.com. The performance data with sales load reflects the 5.75% maximum sales charge (load) imposed on purchases (as a % of offering price). Return figures include changes in principal value and assume reinvestment of all dividends and capital gain distributions. For periods of less than 1 year, return figures are not annualized and represent cumulative total return.

1A 1.00% CDSC will be assessed on shares redeemed within 12 months or purchase.

2"Total Annual Fund Operating Expenses" and "Total Annual Fund Operating Expenses After Management Fee Waivers and Expense Reimbursements" will not correlate to the Fund's Financial Highlights, which reflect the operating expenses of the Fund but do not include "Acquired Fund Fees and Expenses."

3Stadion Money Management, LLC (the "Adviser") has entered into an Expense Limitation Agreement with the Fund under which it has contractually agreed to waive Management Fees and to assume other expenses of the Fund, if necessary, in an amount that limits annual operating expenses (exclusive of interest, taxes, brokerage commissions, extraordinary expenses, Acquired Fund Fees and Expenses and payments, if any, under a Rule 12b-1 Distribution Plan) of Class A, Class C and Class I shares to not more than 1.70% of the average daily net assets allocable to each Class of the Fund. The Expense Limitation Agreement is currently in effect until October 1, 2017. The Expense Limitation Agreement may be terminated by the Trust or the Adviser at the end of its then-current term upon not less than 90 days' notice.

4The Current Expense Ratio listed above does not include Acquired Fund Fees and Expenses. The Current Expense Ratio is the expense ratio as a percentage of the Fund's average daily net assets as of the date listed above. The Current Expense Ratio may fluctuate based upon a number of factors, including changes in the Fund's net assets.

5In the case of investment at or above the $1 million breakpoint (where you do not pay an initial sales charge), a 1.00% contingent deferred sales charge ("CDSC") may be assessed on shares redeemed within 12 months of purchase.

6The 12b-1 fee may be used to compensate broker-dealers, banks, insurance companies, and other financial intermediaries for ongoing record keeping and administrative services that would otherwise be performed by the Funds' administrator or transfer agent.

Stadion Money Management, LLC (the “Adviser”) has entered into an Expense Limitation Agreement with the Fund under which it has contractually agreed to waive Management Fees and to assume other expenses of the Fund, if necessary, in an amount that limits annual operating expenses (exclusive of interest, taxes, brokerage commissions, extraordinary expenses, Acquired Fund Fees and Expenses and payments, if any, under a Rule 12b-1 Distribution Plan) of Class A, Class C and Class I shares to not more than 1.70% of the average daily net assets allocable to each Class of the Fund. The Expense Limitation Agreement is currently in effect until October 1, 2017. The Expense Limitation Agreement may be terminated by the Trust or the Adviser at the end of its then-current term upon not less than 90 days’ notice. The Fund’s performance has been positively impacted by these Expense Limitation Agreements. For any such purchases where a finder’s fee is paid by the Advisor a contingent deferred sales charge (CDSC) will be charged at the time of redemption if the shares are redeemed within 12 months of the purchase date. The CDSC will be based on the original purchase cost or the current market value of the shares being sold, whichever is less. A 1.00% CDSC will be assessed on class C shares purchased on or after October 1, 2012 and redeemed within 12 months of purchase. The Current Expense Ratio does not include Acquired Fund Fees and Expenses. The Current Expense Ratio is the expense ratio as a percentage of the Fund’s average daily net assets as of the date listed above. The Current Expense Ratio may fluctuate based upon a number of factors, including changes in the Fund’s net assets.

Risk Statistics as of 7/31/17

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Fund S&P 500 Index Morningstar Category: Tactical Allocation
Beta vs S&P 500 0.60 1.00 0.57
Downside Risk 7.25% 11.34% 6.98%
Maximum Drawdown -33.95% -50.95% -34.07%
Standard Deviation 9.96% 14.75% 8.99%
Sharpe Ratio 0.31 0.50 0.27
Correlation 0.89 1.00 0.93
Sortino Ratio 0.45 0.71 0.37

Risk Statistics as of 7/31/17

Portfolio Holdings as of 7/31/17

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Percent Holding Holding Name
2.00% Cash
35.00% SPDR S&P 500
15.00% ISHARES RUSSELL 2000
13.00% POWERSHARES QQQ
10.00% GUGGENHEIM S&P 500 PURE GROWTH
10.00% FIRST TRUST NASDQ 100 EQ WEIGHT
10.00% ISHARES CORE INTL STOCK
5.00% ISHARES RUSSELL 2000 GROWTH

DOM = Domestic equity ETFs | INTL = International equity ETFs | DEF = Defensive allocation: commodity, cash, fixed income | X = Sector/Industry | S= Small Cap | M = Mid Cap | L = Large Cap | FI = Fixed Income | DM = Developed | CM = Commodity | EM = Emerging

Portfolio Holdings as of 7/31/17

All holdings information is provided for informational purposes only and should not be deemed as a recommendation to buy the securities mentioned. The Fund’s holdings are subject to change at any time.

The statistics presented are defined as follows. Standard Deviation measures the average deviation of a return series from its mean, and if often used as a measure of risk. Beta is a measure of systematic risk, or the sensitivity of a manager to movements in the benchmark. A beta of 1 implies that you can expect movement of a manager’s return series to match that of the benchmark used to measure beta. Correlation is a measure of how investments move in relation to one another. A correlation of 1 means the two asset classes move exactly in line with each other, while a correlation of -1 means they move in the exact opposite direction. Downside Risk is calculated in the same manner as Standard Deviation, but only those observations below the mean are used in the calculation. Maximum Drawdown measures the largest percentage decline from a peak to a trough. The Sharpe ratio measures the excess return per unit of deviation, or risk. Correlation is a measure of how investments move in relation to one another. Up market capture is a measure of a portfolio’s performance relative to an index in up markets. Down market capture is a measure of a portfolio’s performance relative to an index in down markets. The Sortino Ratio, a variation of the Sharpe ratio, differentiates harmful volatility from volatility in general by using downside deviation instead of standard deviation in the denominator of the formula. 

Stadion Tactical Defensive Fund

Photo of Brad Thompson, CFA

Brad Thompson, CFA, Chief Investment Officer, Investment Committee member

  • 21 years as a Portfolio Manager
  • 30 years trading experience

Brad Thompson joined Stadion in 2006, bringing 20+ years of financial analysis, investment management, and fund management experience with him to Stadion, where he manages the Stadion Portfolio Management team. Prior to joining Stadion, Brad served as the Chief Investment Officer and Chief Financial Analyst for Global Capital Advisors. Brad has a Bachelor of Business Administration Degree in Finance from the University of Georgia, and also holds the Chartered Financial Analyst designation. Brad is a member of the CFA Institute and the Bermuda Society of Financial Analysts and also holds the Chartered Retirement Plan Specialist Designation. Brad has served on the board of the Executive Leadership Council for the American Cancer Society and on the Board of Trustees for the University of Georgia Terry College of Business Student Managed Investment Fund. Brad enjoys watching UGA football and spending time with his family.

Photo of Will McGough, CFA

Will McGough, CFA, Senior Vice President, Portfolio Manager

  • 6 years as a Portfolio Manager
  • 14 years as a Portfolio Analyst

Will McGough joined Stadion Money Management in 2003. He leads the implementation of model-driven investment decisions and investment/market analysis to fulfill Stadion's investment products’ mandates. Will also helps guide the development of systems and processes critical to achieving scalable growth. A key interface with Stadion's institutional partners, Will is responsible for Stadion's best execution efforts and has played a pivotal role in managing Stadion's operational on-boarding of new products and the Portfolio Management team's launch or integration of them. Will received his BBA in Finance from the University of Georgia and also holds the Chartered Financial Analyst designation. Will is a member of the CFA Institute, the CFA Society of Atlanta, the American Association of Professional Technical Analysts, National Association of Active Investment Managers, the UGA Alumni Association and National Eagle Scout Association. Outside of the office, Will and his wife Casey lead an active community life and stay busy keeping up with their two young daughters and a houseful of dogs.

Photo of Clayton Fresk, CFA

Clayton Fresk, CFA, Portfolio Manager

  • 4 years as a Portfolio Manager
  • 11 years trading experience

Clayton is a portfolio manager on several of Stadion’s portfolios, including the Alternative Income portfolio. He is responsible for managing the fixed income and cash allocations across Stadion’s suite of products. He conducts in-depth model, market, product, and performance analysis and is a key liaison between the department and Sales and Marketing. He is also a regular contributor to etf.com and was named an "ETF Rockstar" in 2013 by ETF Report. Clayton joined Stadion in 2009, before which he was most recently a Sr. Business Analyst at RiverSource Investments, LLC in Minneapolis, MN. Clayton holds the Chartered Financial Analyst designation and is a member of the CFA Institute and the CFA Society of Minnesota. He also received an MBA degree and a Bachelor's degree in Finance & Marketing from the University of Minnesota. Outside of work, Clayton enjoys traveling, golfing, and playing & watching sports.

Short Term Risk Level As of 08/18/2017

The Short Term Risk Level is designed to measure the overall risk levels in the U.S. market. “Green” is the most favorable reading, indicating that risk levels are relatively low. When the level is “Green” the portion of the portfolio that is governed by this measure will be positioned to participate in the market. “Red” means the measure has assessed the market conditions as unfavorable, meaning that risk levels are relatively high. When the level is “Red” the portion of the portfolio that is governed by this measure will be positioned more defensively.

Long Term Risk Level As of 08/18/2017

The Long Term Risk Level is designed to identify cyclical bull and bear market environments in the U.S. When the level is “Green”, the portion of the portfolio that is governed by this measure will be positioned to participate in the market. When the level is “Red”, the portion of the portfolio that is governed by this measure will be positioned more defensively.

 

There is no guarantee that this investment strategy will succeed, the strategy is not an indicator of future performance and investment results may vary. The investment strategy presented is not appropriate for every investor and individual clients should review with their financial advisors the terms and conditions and risk involved with specific products or services. Stadion’s actively managed portfolios may underperform during bull markets.

Performance data quotes represents past performance. Past performance is no guarantee of future results. Investments are subject to risk, and any of Stadion’s investment strategies may lose money. Stadion’s actively managed portfolios may underperform in bull markets. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance data may be lower or higher than the performance data quoted. To review our most recent monthly performance, please visit www.stadionfunds.com. The performance data with sales load reflects the 5.75% maximum sales charge (load) imposed on purchases (as a % of offering price). Return figures include changes in principal value and assume reinvestment of all dividends and capital gain distributions. For periods of less than 1 year, return figures are not annualized and represent cumulative total return.

Prior to 3/28/14, the Stadion Tactical Defensive Fund was named the Stadion Core Advantage Fund. Fixed income investing involves credit risk, interest rate risk and maturity risk.

Investment Risks:
Investment in the Fund is subject to investment risks, including, without limitation, market risk, management style risk, risks related to “fund of funds” structure, sector risk, fixed income risk, tracking risk, risks related to ETF net asset value and market price, foreign securities risk, risks related to portfolio turnover and small capitalization companies risk. Since the Fund is a “fund of funds,” an investor will indirectly bear fees and expenses charged by the underlying ETFs and investment companies in which the Fund invests in addition to the Fund’s direct fees and expenses. More information about these risks and other risks can be found in the Fund’s prospectus.

© 2017 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. The Morningstar Rating for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed end funds, and separate accounts) with at least a three-year history.  Exchange traded funds and open ended mutual funds are considered a single population for comparative purposes.  It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance.  The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars the next 22.5% receive 2 stars, and the bottom 10% receive 1 star.  The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-,five-,and 10 year (if applicable) Morningstar Rating metrics.  The weights are 100% three-year rating for 36-59 months of total returns, 60% five year rating/40%three-year rating for 60-119 months of total returns, and 50% 10 year rating/30%five-year rating/20%three year rating for 120 or more months of total returns.  While the 10 year overall rating formula seems to give the most weight to the 10 year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Stadion Tactical Defensive Fund was rated against the following numbers of U.S.-domiciled Tactical Allocation over the following time periods: 249 funds in the last three years and 176 funds in the last five years. With respect to these Tactical Allocation funds, the Stadion Tactical Defensive Fund received a Morningstar Rating of 4 stars and 4 stars for the three- and five-year periods, respectively. Stadion Tactical Defensive Fund: 4 star overall rating out of 249 Tactical Allocation funds as of 6/30/17. Past performance is no guarantee of future results. Morningstar Rating is for the I share class only; other classes may have different performance characteristics. Extended performance is an estimate based on the performance of the fund’s oldest share class, adjusted for fees. The Morningstar Tactical Allocation Category is a benchmark created and published by Morningstar and is defined as 
“Portfolios seek to provide capital appreciation and income by actively shifting allocations between asset classes.”

The S&P 500 Index is an unmanaged index considered representative of the U.S. stock market. The indexes are not available for direct investment and there are no trading expenses associated with the indexes. In 2011, Long Term Measure was added as a risk management indicator. Prior to 3/28/14, the Stadion Tactical Defensive Fund was named the Stadion Core Advantage Fund.

Click here for a link to the Fund's prospectus.

An investor should consider the investment objectives, risks, and charges and expenses of the Stadion Funds carefully before investing. The prospectus contains this and other information about the Funds. A copy of the prospectus is available by calling Stadion Funds directly at (866) 383-7636 or Stadion Money Management, LLC., the investment advisor, at (800) 222-7636. The prospectus should be read carefully before investing.

The Stadion Funds are distributed by ALPS Distributors, Inc. An investment in the Funds involves risk, including loss of principal.